A big row is breaking out between consumers and the banks. Err, well, that’s not new. But this time, the focus of attention is cash ISAs and greedy banks.

According to Consumer Focus: “A third of the UK population has a cash ISA, and consumers view them as safe and reliable accounts suitable for long-term saving. On average ISA holders are getting less than 0.5 per cent in interest despite the eye catching rates, currently in excess of 3 per cent, at which they are often brought into the market. These ‘bonus’ headline savings rates usually drop after a year, often leaving savers with uncompetitive long-term rates.”

Mike O’Connor CBE, Chief Executive of Consumer Focus, said: “At less than half of one percent interest the average ISA saver is getting a poor deal. Of course, people could vote with their feet and switch to the 3% deals currently on offer but we are concerned that the cumbersome transfer process and poor information provided by the banks inhibits doing this. There is evidence that very few people do actually switch their accounts. It beggars belief that in 21st century Britain it takes a month to transfer information and funds from one bank to another.”

But the British Bankers’ Association has fought back, saying: “Consumer Focus has chosen to launch its super complaint without any discussions with the banking sector. If we had been given the chance, we could have explained the work we are already doing with the regulator to help ISA customers.” It added: “The Consumer Focus ‘investigation’ is also misleading, since it was actually an online poll of just over 400 www.moneysavingexpert.com users rather than a statistically valid survey of a random sample of people, which is what the Office of Fair Trading would expect in a super complaint.” It continued: “Interest rates in general are low, but banks still want to offer competitive rates and attract new customers… Banks are obliged to follow the FSA’s rules on providing a prompt and efficient service to customers wishing to switch their cash ISA…” blah, blah.

The truth is, bankers have never been popular. In fiction from Shakespeare’s Shylock onwards, banks and their greed have been held up as a symptom of all that is wrong. And so, right now, with taxpayers being forced to bail out banks, all that pent up rage against banks is being unleashed. The chancellor’s plan to allow small businesses to appeal against their banks is another example of the banking backlash. Is it justified?

There is a danger that the backlash against the banks is getting out of hand. It is too easy to blame banks, and in the process we are in danger of forgetting our own responsibility for our difficulties.