You are here: Home - Saving & Banking - News -

Moneyfacts announces top-rated current accounts

Written by:
Moneyfacts has issued its annual Star Ratings for current accounts, with 17 banks receiving the top 5-star rating for the standard current accounts.

The ratings are based on look at all features and benefits of a current account compared against the whole market, allowing customers to narrow their search.

The group said they are designed to allow people to choose a current account that ‘most suits their needs and has the best quality’.

Samantha Owens, insight manager from Moneyfacts, said: “The current focus on the personal banking market has highlighted how important it is for customers to shop around to find the most cost-efficient accounts with the offers and benefits they would find of use. With the vast number of options available, it can be confusing finding an account that has all the features needed for smooth day-to-day banking as well as the best rates and offers.”

Lots of banks offer sweeteners for switching, including up to £200 in cash. In practice, many will also do a lot of the work in terms of moving direct debts. However, consumers remain disinclined to switch. Data from BACS show that around 60,000-90,000 customers switch their current accounts each month.

The FCA has expressed concern over this, proposing to require firms who offer personal current accounts and business current accounts to publish service information about how long it takes to open accounts, replace lost or stolen cards, or other features.

5-star-rated current accounts: 

Bank of Scotland – Classic with Vantage

Clydesdale Bank – Current Account Control

first direct – 1st Account without First Directory

Halifax – Reward Current Account

HSBC – Advance, Bank Account Pay Monthly, Bank Account

Lloyds Bank – Club Lloyds with Control, Club Lloyds, Classic, Classic with Control

M&S Bank – M&S Current Account

Metro Bank – Current Account

Nationwide BS – FlexAccount, FlexDirect

NatWest – Select Account with Control

Royal Bank of Scotland – Select Account with Control

Smile – Current

Tesco Bank – Current Account

The Co-operative Bank – Current Account

TSB – Classic Plus with Control, Classic Plus, Classic with Control, Classic

Ulster Bank – Standard Current Account

Yorkshire Bank – Current Account Control

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Comments are closed.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
First Direct halves product fees but reprices rates

First Direct has halved the booking and arrangement fees on its mortgage range, reducing them from £1,450 to £725 until...