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Home loans provider issues current account warning

27 June 2005

Customers are missing out on the best current account deals by not shopping around.

According to Alliance & Leicester (A&L) Current Accounts, people are reluctant to change current accounts because of a number of financial 'myths'.

Figures revealed that 47 per cent of people feel switching their current account is too time consuming and 51 per similarly overestimate the number of forms they will need to complete a switch.

However when people do make the switch they are pleased they did, with results showing 77 per cent of participants were glad when they changed their account.

Simon Ripton, current accounts manager at A&L, commented: "There remains a great deal of confusion about the switching process and yet there are now so many great accounts available - all of which easily beat those offered by the Big Four.

"Switching these days really is a simple and painless process."

The firm highlighted the fact that if consumers move to A&L they will only need to fill in two forms.