Current accounts: Owner's views
HSBC current account customers get paid a tiny 0.1% interest when they're in credit
If you’re with one of the big high-street banks, it’s time to move. That’s the verdict from 5,808 Which? members who told us about their current account providers.
High-street banks
Most people still bank on the high street. But our survey reveals there’s little joy to be had there.
Nine high-street banks, including those in Northern Ireland, scored below average for customer satisfaction while two scored even less. The two exceptions to this are the Co-operative Bank, which achieved one of the best scores with 82%, and Nationwide, which scored above average with 79%.
Even though none of their current accounts feature on our list of Best Buys, 63% of people in our survey still bank with one of the big four high-street banks – Barclays, HSBC, Lloyds TSB or NatWest. To add insult to injury, we found that these main players only offer a tiny 0.1% interest on most of their current accounts when you’re in credit.
Satisfied customers
Internet and telephone banks received some of the highest customer satisfaction ratings in our survey.
Alliance & Leicester, Cahoot, Intelligent Finance, Nationwide and Smile, all Best Buys in 2006 and 2007, are top of the pile again this year. Indeed, Cahoot won the Which? award for being the UK’s best current account provider in 2008 and our survey results put Smile in pole position for customer satisfaction.
Time for a change?
Poor service and better credit interest rates are often the main reasons for switching accounts, and 74% of you who've taken the plunge found it easy to do so.
Customers of internet-only banks are more likely to have switched. Perhaps not surprisingly, few members have switched to one of the big four.
If our findings prompt you to move your money, it’s easy to switch to a better bank - see How to switch for a five-step guide to smooth switching.
Improve your service
The main areas of importance to Which? members are competitive interest rates, good customer service, friendly staff and a desire for their bank to get it right first time.
On the flipside, common gripes include the inability to speak to a bank manager, excessive cross selling, overseas call-centres and cash machine charges.
- If you have a problem with customer service or a product, complain to your bank in writing. Under the terms of the Banking Code, it has a maximum of eight weeks to deal with your complaint. If you are still unhappy, go to the Financial Ombudsman.
- Don't put up with poor service or a bad deal from your bank. It’s easy to switch .
- If you are hit with unauthorised bank charges, join the thousands of people who have successfully claimed them back. See our bank charges campaign for further details.
- If you don't want to be bombarded with mail and phone calls from your bank, ask it to take you off its marketing mailing lists.
- If you are fed up with queues in branches, why not try using your bank’s phone or internet service? Most banks now offer both options. If you have to visit your branch and face queues every time, write to the manager and ask for more counter staff.
- Remember you can withdraw cash free from almost all bank or building society cash machines with a debit card. However, watch out for so-called ‘convenience’ cash machines that charge around £1.50 to £2 per transaction.