By Chris McDonald, of the Cumberland Building Society

Last updated at 15:48, Saturday, 20 September 2008

According to recent research carried out by the Office of Fair Trading (OFT), the most important factor to us when choosing a current account provider is whether the bank of building society has got a branch near to where we live or work.

• Vist the Cumberland Building Society website

The real thing: Most of us prefer a bricks and mortar bank to internet banking, and even if we aren’t happy with our bank, we don’t change

The research suggests that, despite the growth in our use of internet banking, as important as it is, we still need to know we can pop into a branch and talk to a real person when we need to.

In fact, similar research shows that 73 per cent of customers regard being able to speak to their branch as the most important aspect of their account, with 53 per cent continuing to use a branch at least one a month.

We want choice and convenience.

Interestingly, 71 per cent of us don’t actually trust our bank, with the six worst-faring examples being those without any branches on the high street.

People cited respect, customer satisfaction, quality of service and community investment among the most important factors in a bank gaining their trust.

All of this suggests that, despite quality, personal service and trust being particularly important to us, there is a growing sense of frustration with the level of service many customers feel they receive from their bank.

Why is it then that 86 per cent of customers who are dissatisfied with their current account consider moving to another bank or building society – but few ever do?

In fact, more than nine million bank customers who are unhappy with their current accounts don’t switch because of the perceived hassle involved.

If you talk to people who have made the switch, a very different picture emerges. In an effort to take their share of dissatisfied customers, many banks and building societies now handle the entire process.

This includes transferring standing orders and informing the companies you pay direct debits to, of your new account details. In most cases you won’t even have to notify your current bank, as dedicated ‘switching teams’ will do this for you, handling the transfer from beginning to end.

According to the OFT, the second least-important factor in us choosing a current account is the interest rate it pays. You are likely to use your current account on a regular basis, so it is important that you feel your bank will treat you fairly and be there when, and where, you need them.

So, if you are looking to open your first current account or are thinking about switching from one provider to another, who is going to be the right current account provider for you?

Look beyond the headline interest rates and you will discover the real essence of a quality current account.

Unlike a mortgage or a savings account, you will probably use your current account every day, so it is important you choose the right account, from the right bank.

Does your bank offer you the choice and convenience of popping into a handy, local branch as well as internet banking?

Do you trust your bank?

Are you happy with the service you receive?

Do you expect more?

I thought so.

• For more details on the Cumberland’s range of current accounts, internet banking and its account switching service, call (0845) 601 8396 or pop into any one of its 33 local branches.
• Chris McDonald is head of marketing at the Cumberland Building Society.
• Visit the website at www.cumberland.co.uk
• This article should not be relied upon when making investment decisions. Always obtain financial advice.

First published at 05:47, Friday, 19 September 2008
Published by http://www.cumberlandnews.co.uk