Subscribe to The Money StopNews Feed

Browse > Home / News, News-Banking / Are UK bank services the best?

Are UK bank services the best?

July 24, 2007 by admin  
Filed under News, News-Banking

Leave a Comment

According to a report from on economic consultancy, consumers in the UK receive far better and cheaper banking services than practically any other developed country.

The report comes from Oxera, and claims that when it comes to current accounts, overdrafts, and consumers in the UK have got a food thing going, and fare far better than consumers in other developed countries around the world.

The report also claims that savers in the UK are able to get far better rates that savers in other developed countries. The report comes at a time when banks have come under fire for a variety of things, from lack of security and dishonesty to applying illegal charges and messing up customers’ accounts.

The report goes on to state that UK banks are amongst the best when it comes to being clear about any charges that are applied to the account, as these are always made clear at the time that the account is opened.

Along with Finland and the Netherlands the UK was found to offer the cheapest banking and most competitive services. This included easy access to banking and related facilities, low cost banking, clearly laid out charges and fees, and longer interest free periods on borrowing such a credit cards. With current accounts the fees and total costs were almost the cheapest in the UK, second only to the Netherlands.

Other than for students personal loans in the UK were found to be the lowest rates across the study, and accessibility to savings accounts was also found to be far higher than in other countries such as Italy and the United States.

Tom Smith
24th July 2007

Tags: bank accounts, personal loans, interest rates, banks, Loans

Tags:

Related Entries

  • Banks urged to provide services to those that are excluded
    • A group consisting of charities and local groups is urging banks to extend their services to those that are currently excluded from a wide range of banking services, such as current accounts, basic bank accounts,
  • Charities want banks to extend offer of services
    • A group of charities is urging banks in the UK to extend who they offer their services to, with officials from the charities stating that millions of people are being excluded from using banking services.
  • Villages being affected by bank closures
    • It has been reported recently that many villages in the UK are being affected by bank closures, with many bank branches having closed since the turn of the century. An investigation was carried out by
  • UK banks asked to ’share branches’ to help rural customers
    • Banks in the UK are being urged to share their branches in an effort to provide the required financial services to those in rural parts of the country.It has been claimed that sharing branches would
  • Are premium bank accounts worth the cost?
    • Banking in the UK has come a long way over the years, and these days consumers in the UK can enjoy a choice of bank accounts offering a range of perks. In the past the
  • Co-op: green products not necessarily more popular
    • So-called "green" financial services are not bought if the quality of the product is unacceptable, the Co-operative Bank said today.A spokesperson for the bank said that the consumer "does not want to sacrifice anything in
  • Beware bogus bank
    • Consumers are being warned to avoid the Northern Offshore Trust Bank.The 'bank', which claims to be based in Guernsey, has been highlighted as featuring as part of an international scam, reports the BBC.The Guernsey Financial
  • Financial advisers now under scrutiny
    • UK regulators have been cracking down on all sorts of services and sectors over the past year, from bank and credit card charges to travel insurance and payment protection cover. And the latest sector to

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!