Banking customers urged to switch providers

The money search engine suggests that consumers can take advantage of the growing competition among various banks to secure the best deals available and makes clear that having an overdraft does not restrict people from switching their current account provider.

Moneyfacts.co.uk’s Michelle Slade said: “Current accounts are big business for the banks and this has been made clear by several banks who over the last six months have been offering deals to entice you to switch.”

“Switching is simple. Often your bank will either insist on managing the switch for you or give you the option to do it yourself,” she added.

However, Ms Slade also urged consumers to be wary of headline current account offers that may not represent a better deal when the relevant small print is properly understood.

The Office of Fair Trading is currently investigating whether bank charges, which have added to the debt management problems of thousands of UK consumers, are being fairly levied against banking customers around the country.