HIGH-STREET banks have been slammed for offering its highest interest rates and best deals on current accounts for richer customers. A current account can be a great way to earn extra bucks as they sometimes offer inflation-beating interest rates, but some of the best deals are reserved for those on salaries of at least £21,500 a year. In fact, providers are setting minimum monthly deposits requirements as high as £1,500 in order to unlock benefits like interest and cashback, consumer champion Which? has found. If you earn less than this per month, you can still pick up beneficial deals, but they’re often not as good. Gareth Shaw, Which? money expert, told The Sun: “Many banks offer eye-catching perks on their current accounts such as cashback and interest, but often these can only be unlocked by those who earn above a certain threshold. “It’s important to pay close attention to the small print on the top accounts to ensure your monthly income is enough to allow you to take advantage of the full range of benefits on offer.” The Sun has also asked a few experts whether they think paying higher interest rates to people with a better income is fair,… Read full this story
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