Current account customers in the dark

Two thirds of UK bank customers do not know the rate of interest that is paid on their current account.

07:30 19 January 2005

Two thirds of UK bank customers do not know the rate of interest that is paid on their current account, Norwich and Peterborough Building Society (N&P) has found.

N&P is today urging everyone to look into what they are getting, as there are more than 60 products on the market with interest rates paid on balances varying from 0.1 to 4.89 per cent.

N&P found that two in three women and three in four men have never switched current accounts, with most of these saying they are "perfectly happy" with their provider.

The building society also found that most of the people (62 per cent) who were unhappy with their service believed it would be easy to change accounts, with one person in five (19 per cent) saying they thought it would be "very easy".

And yet one person in four said that they simply could not be bothered to change accounts.