- 03
- Apr
Britons are warming to the concept of fee-based banking, new figures reveal.
According to a study by MoneyExpert, about one in three adults are willing to pay for banking services that are currently free of charge if their financial provider operates on a fairer basis.
Meanwhile, 33.6 million claim that free banking is unfair as it is being subsidised by those who regularly have to pay penalty fees.
Chief executive Sean Gardner claimed that although it can impact upon debt management, "opposition to paid-for banking may not be so severe if banks can prove it’ll result in a fairer system".
He added that providers also "have to be careful about how they pitch any fee-based service" as those consumers who pay extra charges on current accounts and personal loans expect a higher level service for their money.
A report by moneysupermarket.com revealed that some 73 per cent of dormant credit card holders are prepared to close their account if they incur charges for not using the product.
Interfinancial providing you with breaking general finance news.
