UK banks are among the world’s cheapest

The UK offers cheaper banking to customers than almost any other country in the developed world, according to independent research in the British Bankers Association annual report.

The independent economic consultancy Oxera studied banking services in a cross-section of eleven developed countries and found that a typical UK customer with a current account, an overdraft, personal loan and a credit card has these services considerably cheaper than in nearly every other major developed country.

Launching the annual report today, BBA Chief Executive Angela Knight CBE says: “The international comparisons make it clear: banking is good news for the UK. Besides contributing £50 billion to the economy and creating jobs for four million people, UK banks provide consumers with transparent, diverse services that are good value for money. These are services that consumers in many countries could only wish for.”

The annual report also provides an update on efforts to reunite consumers with forgotten or dormant bank accounts. The BBA is stepping up its efforts to reunite customers with their money, in the run-up to the Government’s unclaimed assets scheme. It is also working with the Building Societies Association and National Savings & Investment, to help customers reclaim their money.

The BBA scheme has already handled 40,000 claims, and the BBA has fielded over 80,000 enquiries on its telephone helpline. Last year there were 149,000 visits to the dormant account pages of the BBA website.