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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Sun May 13, 2007 12:50 am Post subject: Britain's Best Bank for Personal Banking, Current Account Se |
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Britain's Best Bank for Personal Banking, Current Account Services Poll Results
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 -
1. Abbey National (60)
2. Nationwide (56)
3. Halifax (53)
4. First Direct (47)
5. Alliance and Leicester (46)
6. SMILE (44)
7. Cahoot (37)
8. Intelligent Finance (36)
For the full results click here http://www.marketoracle.co.uk/Poll-5results.html
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
Copyright © MarketOracle.co.uk 2007
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
Disclaimer - MarketOracle.co.uk does not guarantee the accuracy of the information provided, and does not accept any liabiliity for its accuracy, which is for general information purposes only as a starting point for your own research. |
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