Customers are getting stung on overdrafts and savings while mortgage lenders are changing rates by the day. Here we show you how to find the diamonds in the rough.

Can I still get a good rate on my current account without paying a fee?

Higher credit interest rates are available — but these rates are usually capped at £2,500 and have minimum funding requirements. For example, Halifax pays 5% on its High Interest current account, but after £2,500 pays just 1.2% and requires a minimum monthly deposit of £1,000.

Alliance & Leicester’s Premier Direct current account offers 8.19% and only requires a £500 minimum monthly deposit, but the rate reverts to Bank rate less 1% — currently 4% — after a year.

Likewise, Abbey pays 7.72% including a one-year bonus, but the rate reverts to 2.47%.

Intelligent Finance and Cahoot have no minimum monthly deposit, no bonus and no cap on their best rate, paying 2.5% and 3.65% respectively.

Don’t banks offer some decent mortgage deals?

Last week some of Britain’s biggest lenders, including Abbey and Woolwich, announced they were again raising the cost of new home loans even though Bank rate is on hold. HBOS and Alliance & Leicester are expected to raise rates this week.

Abbey’s two-year fix went from 5.95% to 6.14%, adding £23 to the monthly cost of a £200,000 loan. After cutting its five-year fix by 0.17 points last month, it hiked the cost of this deal by 0.44% to 6.19%.

However, the big banks are still offering among the best deals. HSBC is currently offering to match fixed-rate deals, which are due to expire for customers who have a 20% deposit, to a minimum of 4.54%. Escalating fees, though, mean the best deals tend to be available for loans of less than £250,000.

The best two-year fixed rate deal available is at 5.69% from ING Direct.

What about savings?

The best rates are from foreign banks rather than the high street. First Save, from Nigeria, pay 7.10% while Icesave, from Iceland, and ICICI, from India, are at 7.01% and 7% respectively on one-year bonds.

And payment protection?

If you think you have been mis-sold payment protection insurance, write to the provider for a refund. If you fail, request a refund from the Financial Ombudsman Service, if you bought the insurance before January 2005.

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