Royal Bank of Scotland (RBS) and Clydesdale Bank have been named as the banks that offer the worst overall quality of current account service in an official poll published by the Competition and Markets Authority (CMA).

The survey asked how likely customers would be to recommend their current account provider to friends and family and Clydesdale Bank and Royal Bank of Scotland came joint bottom of the league table with a score of just 49%. First Direct was the winner, scoring 85%. Clydesdale Bank was again at the bottom of the table for online and mobile banking services, with RBS ranked 14 out of 16. The two banks put in a similarly dismal performance for overdraft services and services in branches.

There were mixed results for Bank of Scotland, which was ranked 12th for overall service quality, but came in sixth place for branch services.

Under new rules which came into effect on August 15, the bigger banks and building societies must publish prominently on websites and in branches information on how likely people would be to recommend their bank – as well its online and mobile banking, branch and overdraft services – to friends and relatives. Adam Land, senior director at the CMA, says: “For the first time, people will now be able to easily compare banks on the quality of the service they provide, and so judge if they’re getting the most for their money or could do better elsewhere.”

It is one of a number of measures introduced this month by the CMA and the Financial Conduct Authority (FCA), which are intended to improve transparency and make it easier for customers to compare current accounts.

Customers must also be able to easily find standard information on providers’ websites about:

how and when services and helplines are available

contact details for help, including for 24-hour helplines

how often the firm has had to report major operational and security incidents

the published level of complaints made against the firm

The FCA will also insist from 15 February 2019 that providers publish information quarterly on how long it takes to open a current account and how long it takes to replace a debit card.

The new rules have been broadly welcomed. Kevin Pratt of MoneySuperMarket, the comparison website, says: “Forcing banks to display information that helps customers get a full picture of a bank’s service is a welcome move, as it supports consumer choice and decision making. No matter how great a product is, poor service can cause unnecessary stress, especially when issues with banks can include fraud and not being able to access your accounts. For many people, it’s a big barrier to switching current accounts – so hopefully this move from the CMA will encourage more consumers to look for better deals.”

But experts also point out that service is only one consideration when choosing a current account. Andrew Hagger of Moneycomms, the personal finance site, says: “Service is only one part of the jigsaw when seeking out a new current account – finding a bank with a tariff that fits with the way you run your finances month to month is equally important. There is not one account that works out as the best for everybody, it’s more about weighing up the individual elements that are most important to you. For some people a low-cost overdraft will be the priority, while for others interest payable on credit balances or a debit card offering low cost transactions abroad will be key.”

Perhaps the most important factor when choosing a current account is whether you are more likely to be in credit or debit. If you never dip into the red, there are several accounts that pay interest on credit balances. For example, Nationwide building society’s FlexDirect pays 5% on balances up to £2,500 for the first 12 months; the rate then drops to 1%. You must be happy to manage your account online or through an automated telephone system and be able to pay in at least £1,000 a month.

TSB’s Classic Plus account also pays 5% credit interest, but only on the first £1,500. The minimum funding is £500 a month.

Tesco Bank pays a slightly lower rate of 3% on balances up to £3,000 until 1 April 2019. You must pay at least £750 a month into the account and pay at last three direct debits each statement month. Your debit card is also your Clubcard and you pick up two Clubcard points for every £1 you spend on the card in Tesco until 1 April 2019 – double the usual amount.

If you are more likely to need an overdraft, you should pay closer attention to overdraft charges. However, Hagger says: “Unfortunately, it’s not that easy as the banks use different charging tariffs – some charge interest at a set rate, others charge a daily fee whilst some charge a combination of a monthly fee and interest, so it’s no wonder people get confused.”

Moneycomms cites First Direct and M&S Bank as among the cheapest accounts for overdrafts. First Direct does not charge any interest on the first £250 of an arranged overdraft. The first £100 of an arranged overdraft is interest-free at M&S Bank. Hagger says: “To put it into perspective, if you had an agreed overdraft balance of £600 for four days, First Direct and M&S Bank would charge you less than £1. However, bank with Santander and you’d pay £4 and with TSB, NatWest and RBS your bill would be over £7 for the same overdraft.”

A number of banks offer incentives to attract new customers. M&S Bank, for example, offers a £125 M&S gift card when you switch with the current account switch service, plus up to an additional £60 if you stay with the bank for 12 months. MoneySuperMarket’s Kevin Pratt says: “There is nothing wrong with incentives, as long as the account is right for your needs and the bank or building society provides a good level of customer service. It’s as close as most of us ever get to money for nothing.”