No interest paid on most current accounts

Interest rates on current accounts are dropping, whilst the number of current accounts charging monthly fees, in exchange for benefits, is rising. According to Michelle Slade, spokeswoman for Moneyfacts.co.uk, even a 0.10% interest loss will be a significant cost saving for banks. Big names such as Royal Bank of Scotland, HSBC and Barclays are known to follow this trend. On the other hand, accounts offering benefits, such as travel insurance, in exchange for monthly fees no longer come alongside better overdraft and credit interest rates.

Lena Kaliningondo