Best current account?

[lisbapalea]

Hi all,
Just wondered if anyone had any recommendations on best current accounts out there.

Currently DH and I each have our own HSBC current accs, as well as a joint HSBC current acc.

We only use the joint, with small amounts moving from that to the individual accounts to cover small amounts on Standing Order that we haven't yet moved over.

I have no major issue with HSBC - I am used to them as they are the only company I have ever banked with, but that's the only thing that keeps me with them.

Is there a benefit to switching, and if so, which are the best current accounts out there? I definitely would need it to be easy for online banking as that's pretty much the only way I do it now.

Thanks in advance!

Depends entirely on what you define as 'best'. Halifax offer an account which pays you £5 a month for banking with them, however I find the customer service lacking. Natwest offer the best packaged account (advantage gold, £13ish a month) if you would use the benefits of it. Co op are ethical but they don't have the best Internet banking. My own accounts are now with Barclays who I like because they leave me alone, never yet had a phone call selling me anything

First Direct are fantastic. It's a telephone bank, no branches, and the people on the phone are lovely.

First Direct are only fantastic if you either pay in a certain amount per month, have another account or pay a monthly fee.

I ditched them and moved to Smile on principle. FD messed up the account transfer.

I can't fault Smile.

We don't pay a monthly fee, and only have one joint account between us. Two salaries go in each month though.
Been with them almost since they started 20+ years. Under pressure to switch to Nationwide as u work there, but I wouldn't change from First Direct for the world.

That's because you pay in more than £1500 (?) per month.

Thanks for the feedback. Is First Direct not going to be just the same as HSBC? Aren't they one and the same company?

I suppose by 'best' I mean the ones which are going to offer the best perks - I keep hearing about Santander's cashback deals but don't really know whether they're worth the bother of switching when fees are takem into account. We don't have annual travel insurance with anyone, so I guess a perk like that could be valuable? Could it?

I just feel like I should consider 'playing the game' a bit with our current account, but don't really know if / why I would need to bother! This makes me sound totally dim doesn't it?!

We have the Halifax Reward that pays you £5. It works very well as I do most banking on line and get cash from supermarket. Very rarely go into the branch as it is the branch staff that let it down. However, that is true of all banks - I left Natwest because of the dreadful customer service and mistakes they made. I had experience of Barclays when I was PTA treasurer and their service was apalling too, the cashiers seemed to be trained in dimness.

I would not have my current account with Santander. Ever.

Most banks now offer an account with annual travel insurance, mobile phone insurance and car breakdown cover. Particularly if you are using a joint account this can be excellent value for money (my iPhone insurance was £6.99, DH same and we both paid RAC) so for £12.99 we got both lots of phone ins, both lots of breakdown cover and loads of other bits.

You do need to check those kind of deals carefully though. There was a slot on a BBC consumer programme which showed that a lot of people would be better buying the perks separately.

First Direct may be financially linked with HSBC but operationally are very separate. I work as a consultant in financial services and they are consistently at the top of customer surveys regarding satisfaction. I considered switching but didn't because I couldn't guarantee the minimum amount you need to pay in each month for banking to be free at the time I was looking.
Although the money saving sites say you should switch regularly, I think the customer service is so poor across all the majors that I balance whether the incentive is worth the hassle.
For reference I also have the Halifax Reward, which gives you £5 per month if you pay in I think £1000 in the month. I mainly operate the account online and it works really well - no issues so I haven't had to test the customer services.

I have the Halifax reward and BOS reward account, one for all deposits and cash out and one for DDs only. So get £10pm, better than interest rates. I don't buy into all those extras accounts you are paying 10-15pm for things you may/may not use.

Money Saving Expert has quite a good article on current accounts that might help you shop around.

For best customer service, whenever the subject comes up on MN both First Direct and Smile are consistently mentioned. I've banked with both (moved from one to the other for the same reason as SoupDragon) and would recommend them both wholeheartedly in terms of customer service. For me personally, I'm not looking for the most competitive deal for my current account because what I need it to be is reliable when something goes wrong, simple to operate and actually without eye-catching add-ons which would make me switch away from it if/when the add-ons are withdrawn. I want the Skoda of current accounts, basically! But everyone is different and there's nothing wrong with chasing the best deals if that's for you.

Do not switch to Santander. Worst bank ever.

Thanks for all the feedback. Am going to look into First Direct and will steer clear of Santander!!

I have banked with Santander for years and have never once had a problem with them. Recently changed to their 123 account that pays cashback on you direct debits and balance and really like it. Earning about £7 a month on our normal (not very high) outgoings.

Another vote for the Halifax here. £5/month is very welcome and, on the few occasions I've had to contact their customer services desk, they've been pretty good. When I switched account they also gave me money for doing so and the Direct Debit transfers went through very smoothly.

I think First Direct offer a savings account with 8 percent interest if you have a current account with them, which is much higher then I've seen elsewhere. Seem to remember you have to pay in fixed amount per month.