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Consumers advised to 'shop around' when banking

Published: 13/01/2010

Consumers have been advised to check out the 'January sales' at the banks as well as on the high street.

Banking specialist David Black from Defaqto, has advised consumers to look around in order to find the best rates when choosing a new bank account.

He said: "Just because it is better or cheaper than their [the bank's] standard offer, it doesn't mean you can't get it better elsewhere."

Mr Black advised against loyalty to banks when considering savings and credit cards saying "you're much better off not being loyal to anyone, because of all the introductory offers around".

He highlighted a particularly strong introductory offer from the American Express Platinum Cashback Credit Card.

The card has no annual fee, a typical 19.9 per cent APR and offers 5 per cent cash back in the first three months up to £100.

Consumers are able to choose how they would like to spend their cashback.

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Last Updated: 11-02-2012