Report: 'One in six Brits can't afford account fee'

Around one in six Brits say they could not afford to have a current account if "free" banking were ended, a study has found.

Around one in six Brits have said they won't be able to afford the the 'account fee' Credit: Gareth Fuller/PA Wire

Some 16% of people surveyed said they would be unable to pay a regular fee to hold a bank account, while more than eight in 10 (81%) said they would not be prepared to pay even a small flat monthly or annual amount, comparison website found.

Three-quarters said they were against the idea of being charged a fee, while nearly a third (32%) said they would think twice about having a current account at all if they had to pay a regular fee to use it.

However, less than half (41%) believed that banking would still be free in a year.