According to research in the British Bankers Association's annual report, the UK offers cheaper banking to customers compared to almost all other countries in the developed world.
As part of the research, the independent economic consultancy Oxera studied banking services in a cross-section of 11 developed countries and found that a typical UK customer with a current account, an overdraft, personal loan and a credit card has these services considerably cheaper than in nearly every other major developed country.
British Bankers Association (BBA) chief executive Angela Knight CBE said: The international comparisons make it clear: banking is good news for the UK. Besides contributing GBP50 billion to the economy and creating jobs for four million people, UK banks provide consumers with transparent, diverse services that are good value for money. These are services that consumers in many countries could only wish for.
The annual report also provides an update on efforts to reunite consumers with forgotten or dormant bank accounts. The BBA has been placing greater efforts to reunite customers with their money in the run-up to the government’s unclaimed assets scheme. The association is also working with the Building Societies Association and National Savings & Investment to help customers reclaim their money.
Since the launch of this scheme, the BBA has handled 40,000 claims and has fielded more than 80,000 enquiries on its telephone helpline.