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Bank accounts worth a minute of anyone’s time

Bank accounts worth a minute of anyone’s time

Category: Banking

Updated: 16/07/2010
First Published: 16/07/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Ten people opened basic bank accounts every ten minutes of every day last year.

The statistic is just one of a number revealed by the British Bankers' Association as part of its annual round up of banking statistics.

Around 35,000 people every ten minutes of every day of the year used the internet to check the balances on their bank accounts or a statement on-line.

In that time, another 4,500 paid bills from their bank accounts via an internet or telephone service.

Meanwhile, 48,000 visits were made to bank ATMs every ten minutes, where people withdrew over £3.2 million in cash from their bank accounts.

They are all impressive figures, and each demonstrates that bank accounts are a major part of our every day lives.

Yet despite their obvious importance, we pay our bank accounts very little attention.

Taking a little time to consider what your bank account offers you, and maybe switching your bank account to a new provider could put extra pounds in your pocket.

Not only could you find a better rate of interest or lower charges, some bank accounts even reward you with cash just for transferring.

The banks will arrange for your direct debits and standing orders to be moved. All you'll need to do is tell your employer, pension provider and anyone else who pays money into your account your new details.

Transfers typically take less than a month, while you'll be covered for any losses incurred in the unlikely event that anything should go wrong.

So you can see there really is no reason not to make a change.

Why not check out our banking best buy charts to see if you could be getting a better deal?

Barclays Basic Bank Account is a straightforward account that could be just what you are looking for.

Our best buy charts also list some other bank accounts that are well worth considering, including the Halifax Reward Current Account, the Lloyds TSB Classic Plus, Nationwide's Flex Account and Santander's Preferred In-Credit Rate Account.

Find the best bank account for you - compare bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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