Traffic light ratings for your bank account?

Written by Lisa Stanley Mann on 5th October 2015

It’s long been debated in the food industry whether a traffic light system is the best way to help consumers decide what’s good for them to eat or not. The debate continues.

But what about a traffic light system to help you choose a bank account? Our Good Money Expert Andrew Hagger has been doing some research to see how this could work in practice.

Here’s a link to his research paper which has been sent to the Competition and Markets Authority as part of its ongoing review of the UK current account market.

He says: “I’ve spent a bit of time this year exploring ways to make it easier for people to figure out which bank account would work best for the way they run their current account finances.

“The red, amber, green colour coding idea seems like a straightforward way to quickly narrow down the account(s) which tie in with the way you manage your bank balance.

“It’s a method that’s been used in the food industry for some years and there’s no reason why it can’t give people the confidence to switch to a more suitable current account.”

And if you’d like to know which current accounts we think are GOOD, then don’t forget about our blog here, on where to put your salary that’s better than the Big Four, and here if you’re looking for student current accounts.