Brits in the dark when it comes to current accounts

Ignorance and disinterest are costing Britons dear when it comes to earning extra interest by banking with the most competitive current account providers.

The research from moneysupermarket.com found over a quarter of Brits have only ever had one current account, showing apathy can be a costly exercise.

Almost three in four Brits failed to nominate Alliance & Leicester, Abbey or Halifax as having the best interest rates on their current account, despite all three heavily publicising their rates of 8.5, 8.0 and 6.17 per cent, respectively.

Those in London and East Anglia are least savvy when it comes to current accounts, with only one in five nominating either Abbey, A&L or HBOS as having the highest rate. They are costing themselves dear with, for example, a change from Barclays to Alliance & Leicester having the potential to earn most Brits an extra £210 a year in interest.

Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said: "Consumers are increasingly looking at ways to save money in the current environment, but forgetting to look at ways to make money. It is astonishing a quarter of people have only ever had one current account, when providers are continually introducing new rates to compete with each other."

Northerners are the least likely to have changed their current account, with 31 per cent of them having stuck with the one provider.

Kevin Mountford added: "It's a shame consumers seem hesitant to change current accounts as most providers make the process as easy as possible. If you could buy the same tv for £210 less somewhere else, you wouldn't think twice, however when it comes to current accounts, it seems consumers are happy to miss out."