Find the deal YOU want – and then use switching service

EXPERTS say that consumers should not allow themselves to be sold a bank account. Rather, they should pick one themselves depending on what they want from everyday banking.

Once you have found a favourite use the Current Account Switch Service to automatically transfer all your direct debits from the old account to the new one. The service comes with guarantees that mean you will not be left out of pocket is anything goes wrong.

For more information visit simplerworld.co.uk.

Here are some account suggestions based on different banking priorities.

SAVINGS

THE best current account for savers seeking a top rate of interest depends on how much they have in their nest egg and how much they expect to be able to save in future.

Most accounts demand that a regular sum is paid in every month and two direct debits go out. TSB’s Classic Plus and Nationwide Building Society’s FlexDirect offer 5 per cent on savings, but only up to £2,000 and £2,500 respectively. The latter reverts to 1 per cent after a year. For those with between £4,000 and £5,000 in savings, the Club Lloyds account pays 4 per cent.

Santander’s 123 account is the most generous for those with bigger savings pots. Although the rate of interest is lower, at 3 per cent, this is paid on entire balances of between £3,000 and £20,000. That beats rivals if you have £8,700 or more to set aside, or are likely to reach that amount.

The account also pays between 1 per cent and 3 per cent cashback on utility bill payments, as well as on mortgages with Santander. This reduces the impact of the account’s £5 monthly fee.

Modest savers should look at Halifax’s Reward account. It pays £5 a month for customers who stay in credit. The bank will pay a £125 bonus if you go via the switching service, but this offer lasts only until tomorrow.

CUSTOMER SERVICE

MIKE Petrook, director of policy at the Institute of Customer

Service, says: ‘Banking is a competitive sector that has the spotlight of political, regulatory and consumer focus shining on it.

‘Despite this, our research has shown that some banks appear to take it for granted that customers are with them for the long-haul and, in turn, many customers put up with bad service.

‘Customers should feel empowered to switch accounts, giving their business to banks that prioritise customer experience.’

Those regularly credited with attention to customer service include First Direct, Metro Bank, Handelsbanken and Nationwide. For help finding an account rated on consumer trust and complaints performance, visit the Fairer Finance website.

ETHICS

IF YOU want a bank account built on social responsibility visit the website of Move Your Money (moveyourmoney.org.uk).

This independent, not-for-profit group lists banks and building societies with a different approach.

Among mainstream high street providers it rates Nationwide and The Co-operative Bank as the most responsible.

SOMETHING A BIT DIFFERENT

SHOPPERS at Marks & Spencer might consider banking with the store – its current account offers loyalty points to be redeemed in-store and an automatic £500 overdraft facility, with the first £100 fee-free.

The bank also has late opening hours, seven days a week.

Customer-friendly opening hours are also available at Metro Bank, which offers a debit card that waives fees on transactions on the Continent and dog biscuits in branch for man’s best friend.