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Account switch could save £4,000

Britons are getting little or no return for staying with their current account provider, with many only earning £1 in int-erest each year, according

to Virgin One.

The flexible loan specialist claims a typical UK worker with a salary of £21,382 could be saving almost £4,000 in mortgage interest if they offset their wages against their loan.

If this average figure were to be applied to all UK homeowners, Virgin One claims more than £43bn of interest payments would be saved. It points to the annual fees that many people now pay on their current accounts for a range of facilities including overdrafts, travel insurance and loans.

Virgin One says it can help customers reduce these costs as its loans also offer the facility of discount deals with travel insurers and cheaper

flights through its association with Virgin Holidays.

Marketing manager Scott Mowbray says: “With interest rates being slashed, savers are losing out where borrowers gain. This need not be the case with current account mortgages such as Virgin One, where you get the best of both worlds by earning a mortgage-style interest rate on both savings and salary.”

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