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'Look beyond headline rates'
28 February 2008
Britons looking for a current or savings account should make a shopping list of their priorities before they decide who to bank with, according to an industry body.
The British Bankers' Association (BBA) warned consumers not to simply go with headline rates, but to consider what it was they wanted from their bank account.
While the arrival of international banks offering UK customers savings accounts is "good" for competition, BBA spokesman Brian Capon said that Britons should always be aware of what they want.
He said: "You may need to look beyond the headline rate when looking at choosing a bank; are there any limitations or conditions to getting that interest rate?."
Bank customers should also be aware that UK banks are regulated by the Financial Services Authority (FSA), while overseas banks are mainly governed by the governments of their respective bases.
But, he added that he had faith in the British consumers' financial nous.
He said: "Nowadays, people have a much more sophisticated approach to their finances and a lot of people will look around for the best rates and savings."
