His comments followed the publication of research by the group showing that across the UK, an estimated 68 per cent of people said they’d feel perfectly confident in taking action if they were not getting the level of service they deserved. By region, it was found that people in Northern Ireland were most adamant about this, as 85 per cent said they would switch bank accounts if they were unhappy. But although this region topped the survey, it seems the majority of people everywhere else in Britain felt the same way. Even those in Wales, which was the area that came bottom of the study, had well over half those polled happy to make the switch with 58 per cent. This shows just how natural the practice seems to the general public.

But exactly what type of other things might you want to seek out when looking for a new current account? Well, for many the focus might be on going to a bank that is able to offer them a better level of customer services. In fact, a recent survey conducted by Onepoll showed this had been a reason to switch for some 29 per cent of switchers. Elsewhere, 23 per cent said they had decided to shop around for a new bank account because they needed access to an online bank account. A provider that could offer more local high street branches forced a further 19 per cent of respondents to change, while 14 per cent cited a more transparent charging structure. For 10 per cent, a more ethical focus was listed as a major priority.

But no matter what your reasons, it seems that with more people comfortable to shop around for the right savings or current account, providers will have to make sure they can continue to give people what they need in a way that suits them. Many banks now have dedicated switching services set up to help this process along and fee-free overdrafts while the transfer takes place. As a consumer, this can only be a good thing and might encourage even more people to consider their options.

However, it is important to remember that an arranged overdraft should be used not as a credit facility, but instead as a buffer for your account when you need a little financial help over the course of the month.

One particular type of consumer which may place particular emphasis on having such a function available to them would be students. As with all types of user, this particular group should exercise a level of care with their overdraft to ensure they are able to pay it back when required. Therefore, the attitude you have towards your overdraft limit will be very important once you have one in place, as although these are designed to help when you are short of cash, it is not free money and will eventually need to be repaid.

The key to successfully managing your overdraft is to all of keep this in mind and remember that the function is part of the same current account that probably allows you to manage your day-to-day finances. Direct Debits, standing orders, cheques and card payments may also form part of this particular account, so making sure it is never too far in the red would be wise.

In general, your bank account allows you to manage how your money is spent and as such the overdraft can play a big part. It is therefore important to put a budget in place so you can see where your money is going and where changes can be made to improve your financial health. If you find you are spending too much time with a negative number on your account, perhaps it is time to reconsider your monthly expenditure – which could mean switching to cheaper utility providers or just generally altering your lifestyle.

If you’re typically the type of person who stays in credit, you may an overdraft is not something you will ever need, but having the option there might just come in handy when you least expect it. Some providers allow you to apply for an overdraft online, over the phone or in one of their branches if you prefer. You will find that for the most part, once an agreed a limit has been set, you will not incur charges. But should you breach this allowance you may find yourself open to daily charges until the money is repaid. Of course, there might also be authorised overdraft interest rates you need to consider, but again this depends on the individual account. So, as ever, checking the terms and conditions are very important.

Finally, your eligibility for an overdraft may be dependent on a number of things. The first of these might be how your account has been managed in the past, while another might be your general credit history. But many banks will also ask that a certain amount is paid into the facility on a monthly basis. This could be anything from £500 to £1,000 depending on the provider and what kind of limit you are looking at. In addition, if this level of input is not maintained you may find that you lose the feature.

For most of us, it’s month where we batten down the financial hatches and cut our spending after a month of splurges over the festive season.

Whether this means dealing with debts on credit cards or overdrafts or simply slashing our food bills, most of us have to look at ways to keep a closer hold on the purse strings at this time of year.

One of the best ways to get back on track is to give yourself a full financial audit, looking at your income and outgoings, then working out a way to create more of a balance between the two.

Your credit card is a good place to start – many providers offer great 0% introductory deals on APR then hike this up after a few months.

If this sounds familiar, it’s time to look for a transfer to another provider to ensure you’re not paying out more than you should each month.

Another thing to look at is your monthly bills for utilities and necessities.

No one gas and/or electricity provider is the cheapest for long – and with such fierce competition in the market, you’d be daft not to look at whether there’s better deals out there.

If you’ve already done all this and are still in a financial hole, it’s time to get really savvy with your spending and work out ways to cut wherever possible.

Taking Money Saving Expert’s Downshift Challenge could be a good place to start – this involves looking at the things you buy at the supermarket and moving down a level in terms of brand and price to see if you notice the difference in quality.

This means if you currently buy Kellogg’s Corn Flakes, switching to the supermarket’s own budget brand.

Also keep your eye on voucher code sites – if you really can’t face cutting back on eating out or treating yourself to the odd DVD, at least check that you’re not a few clicks away from a significant saving.

The key in any case is to set yourself financial targets you can stick to – there’s no point getting to next January in even more of a financial hole than the year before.

Celebrities are just as eager to make sure their mansions are designed to cater to their every personal taste – even if sometimes these improvements might seem a little outlandish!

You may intend to indulge your love for cooking with a custom-made kitchen, or you might have always dreamed of a conservatory. But while some people will be happy with a property that offers simple comforts, others opt for more elaborate extra features – something celebrities have down to a fine art.

While it’s difficult to imagine Tom Cruise and Katie Holmes mulling over a mortgage calculator or haggling over valuation figures, it’s always nice to take some inspiration from the stars. For example, Hollywood icon George Clooney has spent wisely on his summer house in Northern Italy, investing in the original decor of the building and opting for a gym. The $6 million pad does, however, come with one addition which might be a bit impractical for some – its very own dedicated pizza room.

Skateboard legend Tony Hawk has gone perhaps one stage further than Clooney though, building a 4,000 square-foot skate park outside his California home. Of course, while your new house might not be able to cope with this, it does highlight the fact that people like to be able to do their job from the comfort of their own home. Bill Gates has even done a little of his own technical wizardry on his $150 million Washington mansion, with cutting-edge heating, lighting and security technology that adjust automatically to an individual’s personal settings.

If you face plumbing repairs when you move in to your dream property spare a thought for poor Brad Pitt and Angelina Jolie. The Hollywood mega-couple have a moat fed by streams running beneath their $70 million south of France home. Luckily, they also have indoor and outdoor gyms and a forest surrounding their grounds.

But perhaps the award for the most elaborate celebrity house addition has to go to John Travolta. The Pulp Fiction star is a fully qualified pilot who often flies all over the world between film shoots, interviews and glitzy premieres. So, what better investment for his Florida mansion than a private runway with miniature airport terminal? After all, a man has to have somewhere to keep his Boeing 707 airliner.

However, although you may be inspired by the excesses of the celebrity lifestyle, the most important thing to remember is that the home you buy is suited to you. Being realistic about this is key and using tools like the Halifax mortgage calculator will help you get a deal that best suits you. And with the right mortgage in place, you can turn your attention to home improvements – whether this means a lick of fresh paint or a private swimming pool!

One can seriously damage your credit rating, while the other can be used to improve your chances of getting anything from a credit card to a mortgage – but what do you need to know about each?

Good debt is generally considered to be borrowings that can help to create value. These can include products such as student loans – your aim is to gain qualifications which will allow you to command a higher salary – or a business loan (spending money to make money).

With good debt, there is always a plan in place of how the money will be repaid and what difference the service will make to your life.

An easy way to think about this is by considering what happens when you take out a mortgage on a family home – a popular form of good debt. Unless you win the lottery, you’re unlikely to be able to buy the property outright, but by purchasing a chunk and lending money to cover the rest, you can generate wealth if the property is sold for more than you bought it for.

On the other hand, bad debt refers to a situation where there is negligible gain from borrowing money to buy something. For example, if you spend hundreds or thousands of pounds on a credit card on disposable goods such as designer clothes, you need to have a plan in place of how you will pay this back.

Never mind the fact that the clothes will instantly dip dramatically in value once they’ve left the shop; without a plan in place of how you will pay back the money, you could end up in a spiral of debt that could lead you to insolvency or even bankruptcy.

Do credit cards create good or bad debt?

The above does not mean that credit cards entirely generate bad debt. Indeed, a credit card can create good debt if you manage your money properly.

Credit cards afford far more protection than debit cards or paying in cash, meaning they can be a safer bet for large purchases such as holidays. If a travel firm goes bust, you’re far more likely to get your money back with a credit card than a debit card.

If you simply pay off the credit card bill with money from your current account or savings, you’ll be able to enjoy the freedom of spending in the black while taking advantage of the spending protection afforded by a credit card – the best of both worlds.

Everyone likes to treat themselves every now and again – there’s some areas of holiday spending where’s there’s no point in splashing out more than you need to. Getting the best deals on flights and accommodation – along with other aspects such as transfers and currency – will leave you with more money to spend on presents and souvenirs.

As ever, the golden piece of money saving advice applies: shopping around as many providers as possible. There’s no hard and fast way to securing the best deal these days – you could get a holiday as cheaply by booking many months in advance as grabbing a last-minute deal. Similarly, get a good package break and it could turn out to be cheaper than booking your accommodation and travel separately.

Don’t be afraid to play hardball with travel agents and play one off against another. If one agent offers you a deal on a specific hotel and flights, challenge others to beat it. If you’re flexible about where you’ll stay, mention this when booking – you could be offered a better deal on a hotel or apartment block nearby. Spending money is another area where you can make big savings, especially if you’re planning to let your hair down financially on the trip. Generally speaking, the worst deals are available at the last minute in airports, while the best require a little planning.

Check with your bank to see what they charge for taking money out abroad – many accounts now include this in their deals and offers. This also has an added security advantage, meaning you only get money as and when you need it, or pay by chip and pin. Another option could be to sign up for a pre-paid debit card – there’s many of these on the market now which are designed solely for holidaymakers. Although they offer more security than carrying ready cash, their rates may not beat some banks’ credit or debit cards, so read the small print before you put pen to paper on your contract.

Follow this money saving advice and, with the cash you’ll save, you may just be able to squeeze another holiday in this year – so what are you waiting for?

Whether we’ve been frugal or flashing the cash throughout the year, Christmas is the time many of us let go of the purse strings for a few weeks – which means a bit of smart financial advice in advance can be handy.

There are numerous options when it comes to funding a festive splurge – and many things to consider before hitting the stores for a bit of retail therapy. One of the ways that many high street shops encourage us to part with our cash is through tempting store card offers.

These pieces of plastic draw shoppers in with impressive introductory offers of a 10, 20 or even 30 per cent discount on the final bill. In many cases, consumers don’t go into a store with the intention of buying items on a store card – and walk out the door with one after the hard sell at the counter.

However, the interest rates can be extremely uncompetitive compared to credit cards – read the small print and you’ll realise you could be paying up to 30 per cent interest. Miss a repayment or forget about the card and that saving could be far outweighed by the interest.

That’s not to say that using store cards can’t be a savvy way to shop – if you’re good with money and organised, they can lead to big savings. The trick is to take advantage of the introductory discounts, pay off the balance immediately, then close the account.

Of course, at Christmas it’s easy to lose sight of what you’ve spent and where, meaning a credit card could be a better option.  Although you may not make as big a saving on purchases, if you go for a zero per cent deal, you won’t be paying large interest on your monthly bill. Keep an eye out for cashback credit cards – if you’re planning to make many purchases from the same superstore or supermarket, many products offer a flat discount on all purchases within that store.

Once again, being disorganised is one of the biggest dangers with a credit card – as with any financial product, the key is to be realistic about what you can afford and how you plan to pay your borrowings back.

If you’re determined to stay in the black at Christmas, one of the best ways is to save throughout the year and spend only from this pot of money. Spending on a debit card may not give you impressive discounts – and in cases where the item is large, adequate financial protection – but it can be one way to ensure that you’re not pay for your festive purchases well into next summer.