A third of banking customers are throwing away the incentives handed out for switching accounts on expensive overdraft fees, according to research by Co-operative Bank.
Thisismoney reports that while banks are offering cash incentives currently worth up to £220 in the first year, account holders who stray into the red fork out an average £6.93 each month in authorised overdraft fees, which quickly eats into profits.Bonds The Times reports that government borrowing costs jumped on the back of strong growth figures yesterday as investors ruled out a rate cut by the Bank of England next week. Yields on ten-year bonds rose 0.1 percentage points to 1.254 per cent, one of the biggest daily rises of the past 18 months. The Office for National Statistics said that the economy had grown 0.5 per cent in the three months to September, well above predicted forecasts of 0.3 per cent. Co-operative Energy
Co-operative Energy has agreed to pay £1.8 million to its customers because it let them down in resolving complaints, call handling and billing processes.