Bank Accounts

Bank accounts are getting more complicated all the time. Long gone are the days when you simply opened the only account that was on offer and stuck with it for the rest of your life. Now a raft of new providers are offering current and other accounts while the existing banks all offer a wide choice of deals. So how do you find the bank account for you? And how do you avoid being ripped off with terms and conditions that benefit the provider far more than the customer?

The first thing to do is to get all the latest information on how bank accounts are changing. This independently researched and written website is designed to help do just that. Follow our tips to and you’ll get the account you need. Whether you are a high earner wanting great service and plenty or perks or a first-time accountholder with a poor credit record there will be an account for you. Read on to help find it.

Banks urged to improve basic accounts

A consumer group has called for banks to step up their customer service for basic bank accounts ahead of the banks' profit announcements, scheduled for the coming weeks.

The National Consumer Council (NCC) claimed that many people using basic bank accounts felt "intimidated and unwanted".

Basic bank accounts were introduced by the government in 2000 in an attempt to increase the number of adults in the UK with access to mainstream banking services.

In November, the NCC suggested a number of changes for basic bank accounts including making account opening easier and more hassle-free with help from a branch specialist, introducing a standard set of features for all basic accounts and introducing innovations to improve accounts, for instance to reduce the risk of default charges.

Consumers want "banks with a heart", particularly those who are most dependent on these sort of accounts such as the elderly, disabled and those on a low income, the group said.

NCC chief executive Ed Mayo commented: "While some banks, such as Barclays, have taken significant steps to make their basic bank accounts work well, by working with consumer groups to improve account features and staff training, others fail to make sure their accounts meet the needs of people's everyday lives."

Singletons vow to remain financially independent

Fears of financial dependence are prompting many young people to keep their money separate from partners when entering a new relationship.

Nearly a third of single people in Britain are determined that they will not pool their finances in their next relationship, according to research by Alliance & Leicester.

Even those who are already settled are opting to keep their distance, as more than half of those with partners are still financially independent.

Only three per cent of people plan to operate their finances solely from a joint account when they become a couple.

And respondents of both sexes believed that women were more able to keep finances in order than men.

Helen Palmer, current accounts manager at Alliance & Leicester, commented: "It is no surprise to see that many people wish to maintain their financial independence.

"It seems that money issues, whether discussing them or sharing them, remain an uncomfortable subject for many couples," she continued.

When couples get married, their credit history can affect the finances of the other party, making finance an issue which needs to be tackled together.
Neil Simpson is a former Personal Finance Journalist of the Year and writes regularly on property, mortgage and insurance issues for the Mail on Sunday, City AM newspaper and many other publications.

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