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Top five banks 'are not best buys'
20 February 2008
The top five high street banks do not offer the best buys, according to consumer campaigner Which?
The firm, which issued a report entitled 'Switch your bank and save thousands' maintains that the best rates and overall packages on credit cards, savings accounts and mortgages are not to be found in the top five banks.
It is a view which building society Nationwide echoes.
Mathew Carter, savings and mortgages director for Nationwide said: "Which?'s report highlights how many of the banks' products fail to deliver genuine value.
"Some of our competitors deliberately manipulate their products to make them appear better than they actually are, so consumers need to be careful and choose an organisation that has a reputation for transparency and good value. Now might be a good time to shop around and switch."
Consumers should be aware that some credit card providers require customers to pay off the cheapest debt first, meaning higher rate loans are left to accumulate interest.
