'Dump the rip-off big banks'

PEOPLE are being urged to turn their backs on the four main High Street banks and switch accounts. The Consumers' Association said that the 23m Britons who bank with the 'Big Four' are being ripped off. If they switch to one of the new banks which have appeared in recent months, they could save a total of £500m.

The four banks are accused of offering only 0.1% interest on current accounts while many of the new operators, such as internet banks, offer up to 3%, with overdraft rates often double that offered by some of their smaller competitors.

Consumer magazine Which? has a website, www.switchwithwhich.co.uk which helps find good deals.

Switching banks is easy