11 June 2002 - It's a familiar scenario - you take out a new bank account, paying the top rate of interest, only for that rate that attracted you to be steadily eroded over time, and often without you noticing... . Well, now Zurich Bank has laid down a challenge to consumers to try out its account for savings and /or current account banking to experience what it calls "fairer banking".
Some people don't believe it's worth their while to make the change, however recent research by Zurich Bank has identified that households could save £2001 by switching banks for current and savings accounts and paying utility bills by direct debit. When questioned on what they would do with the saving, people became more interested citing the following ways to spend their money for nothing:
- 30 per cent would take a short break away
- 29 per cent would save it for a rainy day or special purchase
- 15 per cent would spend it on going out and enjoying themselves
- 12 per cent would spend it on clothes and
- 6 per cent on a present for their partner
Multiply this figure year on year and by all those whose funds currently languish in High Street accounts paying 0.1% or less and the figures begin to evoke more interest. Zurich's "Fairer Banking" policy offers a guarantee of competitive interest and overdraft rates, permanently linked to the Bank of England base rate, by a differential that won't change, the online provider believes that few other banks can beat it for long-term good value.
Chris Gillies Managing Director of Zurich bank comments "Banks often launch accounts with high interest rates, only to covertly reduce them over time or they set such stringent and prohibitive criteria that very few customers qualify for their best deal. We are inviting customers to compare our 'no strings' fairer deal with their current bank and if their account doesn't come up to the same standards, it may be time to change, saving or even making money as a result."
Chris adds "Many people are put off from moving accounts by the thought of having to spend time transferring direct debits and standing orders. But with Zurich bank one signature allows us to do that for you - and add to that the fact that we will also give you a case of wine if you maintain a balance of £500 or more over three months and we think that people will begin to see the obvious benefits, but don't just take my word for it, try it and see..."
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The Zurich Bank "Fairer Banking" challenge is touring London railway stations and airports. For more information, please contact Debi Isaac.
For more information on Zurich Bank please contact:
| Debi Isaac, Zurich Financial services |
01793 503810 |
| James White, GCI |
020 7072 4127 or mobile: 07887 848896 |
|
NOTES TO EDITORS
Other Account Benefits include -
- Automatic £250 fee-free overdraft
- No minimum balance to open an account
- 24 Hour access to your account and telephone support
- Combined cash, debit and cheque guarantee card
- Ability to create sub accounts to budget or save for something special
Wine offer
Customers that open an account and maintain an average balance of £500 for three months* will be sent a case of quality wine from Laithwaites. Twelve bottles- six red, six white - a selection of wines from the old and new world. And it's all delivered straight to the customer's door complete with tasting notes.
1 £200 breakdown: financial cost of banking on the high street £39.95; financial cost of savings in a low interest saving account £155.21 and financial cost of not paying utility bills by direct debit £10.50. |
