Find the best bank accounts

About three out of four adults with a current account bank with one of the Big Four banks: Barclays, HSBC, Lloyds TSB and RBS/NatWest. Many of us are still with the same bank we first signed up with as an eighteen year old or younger. If you have an old-style bank account with one of these four banks, you're probably getting a bad deal.

Through this website you can compare over 300 different current accounts and see who offers the best bank accounts.

When looking for the best current account deals there are essentially two main choices: Whether you're looking for a current account that rewards you for being in credit or are looking for a bank account that offers interest free overdraft facilities.

Low rates of interest on balances, hefty charges and poor service

The vast majority of the old style accounts pay only 0.1% a year before tax on credit balances, meaning you would earn just one pound each year if you had a credit balance of 1,000.  Furthermore UK banks make around 3 billion a year from interest and fines on unauthorised borrowing, with an old style account you'll be  charged annual interest rates of 30% or more on unauthorised overdrafts, which is daylight robbery! 

Switch current accounts and get a better deal

Current accounts have changed over the last ten or so years, meaning that we no longer have to put up with poor service, unfair charges and extortionate overdraft fees.  With the market leading current accounts, you could increase your interest rate on balances to between 3% and 5% a year, earning you 30 to 50 a year on a 1,000 balance and pay much less for overdrafts or slipping into the red.

Switching is easy

Contrary to the beliefs of many, switching bank account is not at all difficult. It used to be said that people were more likely to get divorced than move  bank account, but today more and more customers are finding it easier to switch.

All you really need to do is open your new account and tell your new bank the details of your old one. Your new bank will then carry out the necessary transfers and get those direct debits and salary mandates moved over - all you'll need to do is sign a few forms. As long as you make sure that you leave some cash in both accounts until the switch has fully completed, you should find the process easy and straightforward.

Choosing the best current account for you

Bank accounts each have their strengths and weaknesses; the trick is finding the one that's best suited to your needs. If you typically call your bank regularly and expect top customer service, an account with Smile or First Direct will be perfect for you as both banks are renowned for these skills. However, if you prefer to bank online and need an overdraft every now and again, but want to earn as much interest as you possibly can on any balance, Alliance and Leicester will be more suitable for you with their market leading rates of interest on current accounts.

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