'Look at bigger picture when switching accounts,' says expert

Rather than looking for the quick-fix of a short-term deal when choosing to switch current account, customers should look at the bigger picture, one expert has advised.

Esther James of Moneyfacts has urged account holders to see changing their bank as the start of a long relationship, rather than being lured in with tempting offers.

She commented: "Keep your eyes open when shopping for your new current account.

"Some of the deals are almost unbelievable in the short term, offering rates far in excess of any found on a savings account.

"But remember it’s not always about having the best return on your current account but how you will operate the account too."

Of the deals assessed by Moneyfacts, Abbey boasts the best deal on a current account holding at least £1,000 in the short term, however Halifax was found to be the most attractive over a three-year period.