A recent article published the results of a survey by Which? Money magazine of the best buy current bank accounts surprisingly does not feature the “BIG 4” UK high street banks.
Five of the seven bank accounts it revealed as best buys were online and telephone services, with Smile coming top with regards to customer feedback. Seven high street banks including Lloyds TSB, HSBC, Barclays, and NatWest/RBS scraped only 2 out of 5 for their customer satisfaction.
For more information about Smile internet banking
According to Which? consumers borrowing and/or saving with the aforementioned high street banks are also receiving poor interest rates which range from nil – nothing, squat diddly to the heady NO lowly 0.1% on the majority of current accounts,
Other banks – First Direct, Intelligent Finance and Cahoot rated highly in the survey along with Alliance & Leicester’s Premier Direct and Nationwide’s Flex Account which were also well received.
Martyn Hocking, editor of Which? Money, said: “If you’re still with one of the big four high street banks, then now is the time to move. Internet and telephone banks seem to treat their customers better and you can get much higher interest too.”
The survey found that 50% of people now bank online or by telephone, but 93% had not used a mobile phone for banking.
Don’t be a dummy – look after your money.
Nine out of 10 people still visit their branch, but half of people do so once a month or less. When people do go to their branch it is generally to amend personal details or pay in a cheque.
Of the 4,600 consumers surveyed, 61% still bank with the top 4 banks and Which? suggests that many have concerns about the problems when switching bank accounts. However, 72% of respondents who had switched found the process straightforward, with poor service cited as the main reason for switching, while 33% of people said they moved to get better interest rates.