Shop around for the best current account deal

Consumers should regularly review their current accounts to ensure they’re getting the best deal available, according to financial product research company Defaqto.

Competition in the current accounts market has been hotting up, leading to increased opportunities for account switching as providers fight to increase their market share.

With LloydsTSB being the latest provider to boost their credit rate, David Black, Defaqto’s Principal consultant – Banking, believes that now is the time for consumers to shop around for the best deal.

Black, who authored Defaqto’s market report Current Accounts 2007: The storm before the calm, says: “The highest free-in-credit current account rates available all require a minimum monthly deposit to be made. This is intended to ensure that the account becomes the customer’s primary current account.”

He says: “Now that it’s possible to switch current accounts relatively easily it’s worth reviewing your current account to ensure that you’re getting the best deal.”