Banks work harder to entice sceptical consumers
The effect of the worldwide credit squeeze has caused some British Banks to offer “better than average” deals on a wide variety of different products, in a bid to persuade cautious consumers to use their services.
A spokesperson for the Motley Fool price comparison site commented that consumers were in a very strong position with regards to sourcing a good bank account deal, and “preferred” customers were also able to still find good offers on a wide range of Bank Loans.
The representative also mentioned that with respect to current and savings accounts, consumers needed to also be aware that no one product was suitable for everyone and shoppers should only consider an account based on its ability to satisfy individual needs, and not the mass market.
Another factor to consider when shopping for current accounts in particular is the way in which interest is calculated. At the moment, there are quite a few high street banks that are promoting exceptional rates of interest on their accounts, however, when inspected more closely, these rates are often only applicable for the short term or reduce substantially once a certain fund threshold has been achieved.
In short, consumers should be aware that Banks are very much dangling a baited hook in an attempt to counteract a slowing economy, and it is wise to pay close attention to the terms of any deal which may have lured you in.
