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Bank charges being waived to entice new customers

British consumers will find more bank charges being waived by the major institutions, as the competition for customers begins to hot up.

According to banking analyst at data firm Defaqto David Black, banks are now "putting their heads above the parapet", This is Money reports.

Some providers are offering zero per cent deals on overdrafts, while others are offering free PPI cover.

Mr Black said that the emergence of some potentially heavyweight players in the industry such as Tesco - which is rumoured to be considering the introduction of current account services - has forced established organisations to make their products more appealing.

"It's quite difficult to lure people away from their current account and these deals are aimed at switchers," Mr Black told the news provider.

Richard Branson's Virgin Money brand could be one company that shakes the banking sector up the most, after the firm assumed control of the failed Northern Rock at the start of the year.

He visited Newcastle-upon-Tyne this week, as part of his attempts to rebrand the organisation.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801263148-ADNFCR



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