Britain's Best Bank for Personal Banking, Current Account Services Poll Results

Personal_Finance / Current Accounts May 12, 2007 - 12:05 AM GMT

The poll conducted by the MarketOracle.co.uk shows that out of a selection of 29 choices the highest votes cast for the best bank for UK personal banking services, (primarily current account and linked products) are for the Abbey National.

In total 617 votes were cast between 26th April and 11th May 2007. The top 8 financial institutions for personal banking services are -

Abbey National (60)
Nationwide (56)
Halifax (53)
First Direct (47)
Alliance and Leicester (46)
SMILE (44)
Cahoot (37)
Intelligent Finance (36)

For the full results click here

To analyse why Abbey National was voted the best bank, we have to take a look at the services offered by the Abbey National.

Apart from the usual facilities available from all of the top financial institutions in the poll such as, free online banking, debit card and cheque book. What seems to have set the Abbey National Apart are -

6.3% on Account transfers on the first £1000 for the first 12 months
Optional sweep facility
Preferred 10.9% overdraft rate
Variety of linked products
Abbey National good branch service with extended opening times over other banks.

Even though the Abbey was placed first, the runners up were not far behind and do deserve an analysis of key benefits offered.

Nationwide Building Society - Flex account

Earn 4.25% interest (when paying in more than £1000 per month)
Low authorised overdraft rate of 7.75%
Commission free purchases abroad using the Debit or Credit card.

Halifax - High Interest Current Account

6.17% interest on credit balances (up to £2,500)
Large branch network
Good online banking facilities

Another factor to consider is the size of the bank and the size of the existing customer base that has likely helped a relatively larger bank such as the Halifax come out ahead of say the Alliance and Leicester.

Therefore when looking into a choice for a current account and linked services, one should look to evaluate all 8 of the top financial institutions to fine tune which bank's services fits in with individual needs.

Please feel free to add your comments below.

By Shahla Walayat

The MarketOracle.co.uk is a FREE Daily Financial Markets Forecasting & Analysis online publication. We present in-depth analysis from a range of experienced market analysts on their views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on probable market direction.http://www.marketoracle.co.uk

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Comments

Simon 12 May 07, 11:23	Halifax Review I bank with the Halifax and I am happy with their service. There online banking is good with instant transfers between accounts. Though if you are a longstanding customer you need to call them up to swtich your curent account to the high interest account. They have done a bit of a dirty trick on existing customers, as your interest rate dropped and unless you swtich to the high interest your rate of interest will be poor. You CANNOT do this online, but you can swtich to the ultimate accoutn online and NEW customers can open the high interest account online As I say this is a dirty trick on existing customers, so I recommend all existing halifax current account customers call the bank and get thier account swtich to high interest !
TD 14 May 07, 08:42	I have been with the Abbey for over 10 years now and am happy with their service. Any problems have been resolved by a quick call to their 24 hour call centre.
Kim 07 May 08, 19:02	HSBC Review i'm switching to abbey now after 6 years with HSBC i'm tired of there slow lackluster and inefficient service. they don't offer alot of optional extras and seem to make a bit of a fuss when i ask them for somthing that most other banks offer anyway, when i couldn't order somthing with my card they actually asked me if i could pay for it with somone elses card and give them the money!!! i've been trying to re register my acount to my new adress for the last month or so and it still isn't sorted out. just thought i should share my experiance and have a bit of a rant about it.
sam 17 Oct 08, 15:20	HSBC - probably the worst service of all the banks I agree with Kim. HSBC really make a big deal out of everything. They make is sound as if they are doing you a favour by offering services (which are standard of every bank). I found this site since I was looking for an alternative. I have tried Barclays Premier. The Premier bank manager offers a great service. But is let down by the rest of the organisation. I cant pin my entire hopes of a good service on just one guy. Hence my search for an alternative provider.

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