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&#39High street banks offer poor value for money&#39

Leading high-street banks are being accused of offering products which are


“appalling value for money”.


Which?, the magazine for the Consumers&#39 Association, analysed mortgage,


investment and insurance products offered by eight leading high-street


players and found they were all guilty of cross-selling poor- value


products across the range.


The report, which featured Abbey National, Barclays, First Direct, HSBC,


Lloyds TSB, NatWest, Royal Bank of Scotland and Nationwide Building


Society, concluded that all eight institutions were cross-selling products


which were leaving consumers out of pocket and in some cases “were nothing


short of a rip-off”.


The report found families could be wasting as much as £1,000 a year by


buying products from Barclays and NatWest rather than choosing products


from its best buys.


It awarded the wooden spoon for consistent mediocrity of products to


Barclays but says the other seven institutions featured “were not much


better”.


Which? editor Helen Parker says: “Our research proves that most big banks


offer appalling value for money.”

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