UK Bank

If you’re looking for a new bank account, you’re already making a wise choice by bothering to hunt for deals in the first place.

After much consolidation in the past 20 years, the UK bank and financial services industry is as lean as it can be, and despite market jitters, is performing well globally. You have a fine choice of banks and banking products at your disposal, so shop around, compare deals, and don’t be afraid of the jargon.

The British Banker’s Association, the trade body (not a regulatory body) for the UK bank and retail financial services sector, says that over one million transactions pass through UK bank systems every day. The UK remains the centre of the world’s international banking industry, accounting for over 21% of global transactions. As such it will be of no surprise that the top 8 British banks also perform within the top 30 banks worldwide. That means you’re both in very safe and secure hands, but also subject to global economic movement and sometimes the banks are the last to embrace new technology.

We’re also borrowing more than ever (which worries the new Bank of England governor, Mervyn King) with mortgage lending by UK bank and building society lenders up by a record £78 billion).

So if you’re looking for a bank account, expect a fiscally sound service, but not exceptional customer service (although many online banks are changing that!) and go with a bank which will cut you some slack when you need to borrow money: it seems that we all need to these days! And don’t feel you need to stick with the same bank year after year, or indeed that you need to use the same bank for all your financial services. You wouldn’t get garden furniture from the same shop as you buy your groceries, and the same applies to money.