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Current account holders 'missing out on high interest'

Most current account holders could earn greater levels of interest on their product, new research has shown.According to a study published earlier this week (August 31st) by Lloyds TSB, some 64 per ce...

Most current account holders could earn greater levels of interest on their product, new research has shown.

According to a study published earlier this week (August 31st) by Lloyds TSB, some 64 per cent of individuals are unaware of the rate of interest attached to their primary bank account, meaning they could be losing out on as much as £148 every year.

Despite this figure, 42 per cent of respondents to the survey indicated they would be willing to switch their deal to an alternative with a better interest rate, showing there is knowledge among Britons about the benefits changing provider can bring.

Jatin Patel, director of Lloyds TSB current accounts, observed that many people do not realise the "earning power" their main banking product can involve.

This comes after a report by Consumer Focus insisted that all current account holders should be able to manage their financial affairs through the UK's Post Office network.

Meanwhile, Britons should be able to manage their current account in their local Post Office, a report has suggested.

All Britons should be able to manage their current account through the country's Post Office network, a new report has stated.

According to research published by Consumer Focus earlier this week (August 31st), there is significant demand across the UK for people to have complete access to their personal bank account in this way.

Indeed, the Counter Measures document noted that as many as 18 million residents would use such a service on a regular basis, meaning the number of people who control their personal finances from the Post Office would be increased significantly.

For instance, at present, Santander current account holders cannot facilitate this method of banking but, under plans put forward, they would be eligible to withdraw or deposit cash or cheques at the Post Office.

Recently, Lawrence Gold, presenter of the BBC's Bank of Mum & Dad, noted that social media portals such as Twitter and Facebook will become "very, very important" in personal banking in the future.

Elsewhere, all Britons should be able to manage their current account through the country's Post Office network, a new report has stated.

According to research published by Consumer Focus earlier this week (August 31st), there is significant demand across the UK for people to have complete access to their personal bank account in this way.

Indeed, the Counter Measures document noted that as many as 18 million residents would use such a service on a regular basis, meaning the number of people who control their personal finances from the Post Office would be increased significantly.

For instance, at present, Santander current account holders cannot facilitate this method of banking but, under plans put forward, they would be eligible to withdraw or deposit cash or cheques at the Post Office.

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