moneysupermarket.com: OFT current accounts report

Commenting on today's OFT report, Kevin Mountford, head of current accounts at moneysupermarket.com, said: "This study should be a £4.1 billion wake-up call to over 50 per cent of the UK population languishing on 0.1 per cent interest or no interest at all.

"The OFT wouldn't be writing about a £4.1 billion interest windfall for the banks if people actively sought out high interest accounts with providers such as Alliance & Leicester and Abbey, which pay 8.5 and 8.0 per cent respectively.

"But over half of us obviously love banks with a passion because £4.1 billion in lost interest is a very generous gift indeed from us to them."