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Is there such thing as a free bank account?

Free banking is a myth according to Andrew Bailey, one of the UK’s most senior bank figures.

It is his view that the acquisition of free bank accounts from consumers leads to banks trying to make up the difference elsewhere, and in some cases even promoting products that aren’t needed, encouraging mis-selling.

To put it simply, if banks are not charging their customers for their accounts, then they must find an alternative source of profit.

Current accounts have been free in the UK for 28 years, and consumer groups are becoming increasingly irate with hidden costs and inappropriate sales of unneeded products. However we are one of the few countries worldwide that still offer this service free of charge, and increasing amounts of consumers have been opting for accounts where there is a monthly charge to pay, often with selling points such as mobile phone insurance or breakdown cover.

It is however considered risky to introduce charges to all customers from the banks point of view, especially at a time when consumer trust is low and dislike of the banks is rife.

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