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November 2008


03/11/08	Consumers prepared to vote with their feet on end of free banking, reveals Moneynet.co.uk survey 72% would switch banks to escape charges – but little choice expected as all will follow suit THE INTRODUCTION of fixed monthly fees just for having a bank account would be enough to drive a consumer stampede to find a cost-free alternative, a Moneynet.co.uk survey* has revealed. With the banks back in court this week to challenge the High Court’s May ruling on the fairness of bank overdraft charges, the possibility of an end to free banking is firmly back on the agenda. “People have been traditionally apathetic when it comes to switching their current account to another bank, despite the incentive of attractive credit interest rates or even a £100 signing on fee,” says Hagger. “But the prospect of having to pay a fee every month just for the privilege of having a bank account, regardless of how they use it, is hugely unpopular and would result in a massive switching exercise.” Nearly three quarters of respondents to the Moneynet.co.uk survey said they would take their custom elsewhere if their bank imposed a monthly fee, even if it were set at £5.

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Press enquiries:

   Andrew Hagger, PR & Communications Manager 07887 717763
   (Also available for enquiries outside office hours)

   David Andrews/Cathy Tully, David Andrews Media Ltd: 07941 255855 /
   01273 774109 / 07747196854

   Richard Brown, Chief Executive: 0208 313 9030

Consumer enquiries: 0208 460 2833 / info@moneynet.co.uk

Moneynet.co.uk is the UK's longest established online personal finance research and data analyst company. The company offers consumers a choice of thousands of low cost financial services products. From mortgages, personal loans to motor, home and medical insurance, credit cards, savings accounts and best buy products, Founded by chief executive Richard Brown, Moneynet is one of the most comprehensive consumer finance online services of its kind in the UK.

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