Perhaps this is because changing current accounts is often seen as a process littered with potential minefields. After finding the best saving rate, consumers need to consider overdraft charges and customer service quality.

Then there is the matter of smoothly transferring direct debits and standing orders as well as making sure your employer doesn't put your pay in the old account.

However, with First Direct kicking off 2008 by announcing £100 for every account switcher, there are clearly huge financial savings to be made.

Saving rates

Shop around and let your savings make you money. Alliance and Leicester is currently offering an AER (annual equivalent rate) of 8.5 per cent and only requires a minimum deposit of £1.

However, if you are lucky enough to be in a position to be thinking about saving rates, make sure you aren't keeping too much of your hard earned cash in a current account. These funds would be much better placed in a high-interest savings account.

Overdrawn and over charged?

According to a study, conducted by BBC consumer programme Watchdog, 46.8 per cent of consumers do not think they should be charged for going over their overdraft limit without authorisation.

Some banks have wised-up to this. Abbey National now offers a zero per cent overdraft for current account customers for their first 12 months with the bank.

Things to look out for

Hidden charges - some banks are now charging consumers for their accounts. First Direct, for example, has a £10 monthly fee, even for bankers in credit.

Strings attached to introductory offers – the high interest earning rates many banks offer only apply if you deposit a certain amount of cash when you join.

Online banking – this can make life a lot easier, so it is worth checking if your bank has this facility before making the switch.

Comparison websites

Fortunately, help is at hand. Over recent years a number of websites have sprung up that amalgamate all the essential information for consumers, helping them discern between the good and the bad.

Sites such as uSwitch and Moneysupermarket.com do the hard work, forming handy tables with the different pros and cons accounts offer.

In order to make use of these facilities, however, you must first decide what it is you are looking for from a current account.

Kevin Mountford, head of savings and current accounts at Moneysupermarket.com, said: "Make sure that the product which you choose is right for your circumstances and you are not just being seduced by headline rates."

He added: "The second thing is make sure that you deal with a bank who gives you the right promises in terms of the switching process."

Some banks offer the services of a dedicated team that will handle that switching process, to make sure that joining their bank is painless. As it should be.