Current accounts help poor save money, union says
August 18, 2007 by admin
Filed under News, News-Banking
Current accounts are the safest way for those on low incomes to save money, credit unions said today.
ABCUL, the main trade association for the unions, said that these accounts also give lower-income customers access to direct debit, allowing utility bills to be paid more cheaply.
Spokesperson Lucia Webster said that they offered “a safe and accessible option for many people in the UK.
“It offers much more than a basic bank account from a high street bank.”
Ms Webster added that unions “offer a wide range of services to all sectors of the community, including people who may have difficulty accessing high street banking services.”
The Family Resources Survey from 2005/06 shows that 97 per cent of British households have some form of saving account, with fully 90 per cent of the population hold a current account.
