Brits who have accounts with the big four High Street banks could have lost out on billions in credit interest and high overdraft charges, a new report claims.

Barclays, HSBC, Lloyds TSB and NatWest offer their customers as little as 0.01 per cent a year and paying as much as double the authorised overdraft rates as those available from other providers, according to Halifax.

It claims that if the banks had paid these 28 million customers credit interest at 2.5 per cent and reduced their authorised overdraft rate to 9.9 per cent over the past 5 years, customers could have benefited from £2.2 billion.

Whilst some of the big four have made efforts to improve their current account offerings for existing customers over the last five years, others still reserve their best deals to attract prospective customers.

In contrast Halifax says smaller banks offer substantially better rates than those of the big four.

Over the past 5 years millions of people have chosen to switch current accounts to get a better deal on their money.

Peter Jackson, managing director, banking and savings at HBOS, said: "We have taken on the High Street banks in their own back yard, current accounts, and have taken market share by offering real alternatives that reward them for their loyalty.

"We have seen the benefits of this approach and will continue to offer customers a fair deal in the future."

Switch your bank account today to get a better deals on all your banking needs.