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