When looking for a new bank account the British Bankers' Association (BBA) has advised customers to create a "shopping list".

The association has stated that consumers need to think seriously about exactly what it is they are looking for from a bank.

Brian Capon, spokesperson for the BBA, explained that with the wealth of savings, current and deposit accounts available, things such as headline rates need to be explored in depth.

"Are there any limitations or conditions to getting that interest rate, such as only making a limited number of withdrawals?" he said. "Also look at the protection you are getting."

By checking whether a bank is authorised on the Financial Services Authority website, consumers can check that they are eligible for its compensation scheme limit of £35,000, Mr Capon added.

Research by the National Savings and Investments found that British savers have increased their savings 39-fold in real terms since the 1960s.

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