Transparency of current account costs

Commenting on the Office of Fair Trading's announcement that banks have agreed to make personal current account costs more transparent, Kevin Mountford, head of banking at moneysupermarket.com, said; "This is welcome news, and should enable consumers to make more informed decisions when comparing current accounts. It's vital that customers looking to compare current accounts consider the ways in which they will use the account before opting for any provider. For example it may be more important for them to have a high interest rate on in credit balances, or conversely they may need good terms on overdraft usage. The only way they can do this is if banks are open about how their different fee structures work.

"Whilst it's clear that greater transparency in current account charging will make life easier for consumers who have a tendency to dip into the red on a regular basis, nevertheless there is a separate issue in the ongoing OFT case against the banks with regards to their penalty fees, and consumers should look out for a further announcement on this matter."