Friday 29th February 2008
A selection of issues could impact upon the suitability of bank accounts for different consumers, it has been suggested.
Britons should therefore ensure they take the different terms and conditions into consideration when opening a new account, according to the British Bankers Association (BBA).
Spokesperson for the BBA Brian Capon says: "You should do a shopping list - write down what it is you want the account to do for you."
"You may need to look beyond the headline rate when looking at choosing a bank," he adds.
This is due to the limitations which may be imposed on such a rate - for example, a cap on the number of withdrawals which may be made.
An important factor to consider is whether or not the bank is regulated by the Financial Services Authority, he asserts.
Should anything go wrong with the account, Mr Capon explains that this could mean deposits are protected up to the current limit of £35,000.
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