Statistically, we are more likely to get divorced than change banks. But loyalty does not always pay when it comes to money management.

Changing banks can be good for your wealth. According to the Consumers’ Association, nearly half of the customers of the big four high street banks – HSBC (www.hsbc.co.uk), NatWest (www.natwest.com), Lloyds TSB (www.lloydstsb.com) and Barclays (www.barclays.co.uk) – don’t realise that on average they earn a measly 0.1per cent interest on their current accounts.

With a little shopping around, you’ll find a higher rate of interest. Some banks offer up to three per cent interest on current accounts. That’s 30 times more than some of the rates offered by the Big Four, meaning an annual salary of £25,000 would earn interest of £75 a year in a higher rate account. And for higher earners the rewards are even greater.

These higher rates are usually offered by no-frills Internet banks; a selection of which you can find on our list of Online Banking sites (www.uknetguide.co.uk/Finance/Banks_and_Banking/Online_Banking.html).

If you are regularly overdrawn (and, let’s face it, a lot of us are), you’ll want an institution offering low rates on authorised overdrafts. Some of the cheapest on offer are about six per cent - around half or a third the rate of the big four banks. A number of banks offer fee-free or interest-free overdraft buffers for cases in which you accidentally go into the red, a welcome change to the 30 per cent-plus interest charged by some big financial institutions.

You must be aware that not all banks offer the same level of service. For instance, the quality and variety of financial packages like mortgages, loans and insurance often differ from institution to institution. Ask lots of questions before committing to a new bank and a new account.

The British Bankers’ Association recommends you make absolutely certain you really want to change before you embark on an exercise that involves everyone you pay money to. If you’re moving because you feel you have received poor service, make a complaint and wait for the reply before going ahead with a switch.

However, a Which? survey found that 95 per cent of people who switched banks did so with little or no difficulty. You are likely to experience the same smooth ride. Recently revised rules aimed at making it easier to change accounts mean your old financial institution must provide your new bank with information on your direct debits and standing orders within three working days of being asked to do so. These changes are backed with a pledge to waive any charges incurred as a result of mistakes or unnecessary delay.

Once you’ve decided on a new bank, fill in an application form for your chosen current account. This can usually be done online in the case of Internet banks, or with one phone call to telephone banks. You will have to provide some sort of official identification, such as a passport or driving licence, or at least a “wet” signature (one written on a piece of paper, as opposed to a fax copy or to an agreement offered verbally or electronically).

Once you’ve been accepted, you will be asked sign a mandate allowing the transfer of your direct debits and standing orders. Your new financial provider may offer to contact the individuals and organisations you pay by these methods, to inform them of your new banking details.

It is wise to keep your old account open for a while, with money still in it, in case a company tries to take payment from it instead of your new account.

For a list of high street and Internet banks offering their services in the UK, visit our Banking section (www.uknetguide.co.uk/Finance/Banks_and_Banking/ ).