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Posted by Emily Jones

Consumers who struggle to keep on top of the varying rates charged by the high street banks could find themselves hit by unwelcome charges, one personal finance expert has warned.

New research carried out by Barclays has served to highlight the difficulty many Britons have with keeping on top of all things money-related, with three in four people found to regularly overestimate they actually have in their account.

As such, when combined with the fact that competing banks offer varying levels of interest or charge different rates for their products, it can be hard for even some money-savvy adults to keep on top of their finances, with many thereby leaving themselves at risk of being hit by bank charges, Alessandra Quartucci, head of current accounts at Confused.com, has explained.

"Whilst the credit crunch has undoubtedly raised the profile of personal finance across the UK, keeping up with the different rates and charges associated with an account can be time consuming and tricky," she noted.

These comments come just days after the Bank of England announced its decision to keep interest rates held at 0.5 per cent for the time being.

Confused.com: Keeping up with the different rates and charges associated with a bank account can be time consuming and tricky
 

17/09/2010 14:30