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Credit crunch equals "good offers" on bank accounts

Banks are offering a "plethora" of good deals on current accounts as the global credit crunch forces them to seek alternative ways of attracting funds, a financial expert has said.

David Kuo, head of personal finance at Fool.co.uk, said thanks to the choice of bank accounts currently on offer, consumers who 'keep their eyes peeled' for the best deals can find one that suits their lifestyle.

However, he added, there is no "one size fits all" current account and people need to consider how they will use a bank account before their make their choice.

Those who regularly go overdrawn, he said, may like to consider an account with an interest-free "buffer" that will accommodate small amounts of overspending.

Meanwhile, those looking for better interest rates should check the small print, as some banks offer different interest rates for different amounts - one pays 8.5 per cent on the first £2,500, but this drops to 0.1 per cent after that.

Yet, despite the offers available on the market, many Britons may be missing out on a better deal, as recent research by Mintel found that people in the UK are more likely to get divorced than change bank account.