Which? comments as HSBC says it could charge for current accounts

Gareth Shaw, Head of Money at Which?, said:

“Bank customers in the UK are used to free banking as long as their current account is in credit – so it would be a huge and risky move for one of the major banks to start charging for an ordinary account.

“The danger for consumers is that if one of the big banks opens the door to charging fees, the others may follow suit – but competition for customers would hopefully dictate that there will be a range of attractive free accounts available for the foreseeable future.

“The good news for anyone unhappy with their current account provider is that most banks are signed up to the current account switching service, which means it should take just seven days and minimal hassle to make the switch to a new account.”