A new customer guarantee aims to give the UK’s 49 million current account holders a hassle-free experience if they decide to change provider. Vicky Shaw looks at the switching process and how to get the best deal

IT is sometimes said that people are more likely to divorce than change their bank. Indeed, a recent report found people typically stick with their bank for 17 years – the average British marriage lasts 11-and-a-half.

Perhaps this loyalty is because of some long-forgotten incentive, or perhaps you are still with your bank because they offered a good deal when you were a student.

Current account providers also use the all-important relationship they have with you to offer extra products such as credit cards and personal loans.

But now, it is time to break free, thanks to the introduction of rules which will cut the time it takes to switch current account providers.

The move, overseen by The Payments Council, aims to shake-up competition and stop consumers having to put up with their bank.

Having the wrong account is not only frustrating, it is also expensive. You can waste large amounts of money through charges, and could also be missing out on interest you could have gained putting cash elsewhere.

There have already been signs of providers ramping up competition to tempt in new customers, but with an array of charges and benefits on offer, it pays to look before you leap.

If you are considering switching, you need to decide what you want and need from a current account. Do you tend to be in credit or are you often overdrawn? How highly would you place good customer service on your priority list?

If you are looking for an added perk when switching, there are several to choose from. First Direct, which regularly comes out top in customer service surveys, recently increased its cash incentive to switch to £125.

Halifax is offering £100 to make the jump and M&S Bank is handing out £100- worth of gift cards to new customers.

Despite all the incentives on offer, be sure that the account you are considering works for you in the longer term.

If you are someone who normally has cash sitting in their current account, check you are getting paid interest on this. According to financial information website Moneyfacts, more than half of current accounts do not pay interest, meaning consumers who use them are losing money due to the eroding effects of inflation.

Many people may not even realise they are not earning anything for being in credit – three-quarters of current account holders recently surveyed by the Office of Fair Trading (OFT) did not know their credit interest rate.

For those who tend to be in credit and are looking for an account which pays interest, the Halifax Reward account and the Santander 123 account stand out as giving particularly good returns, according to market research firm Consumer Intelligence.

Halifax’s Reward account pays £5 a month to customers who put £750 a month into their account and remain in credit throughout the previous month, while Santander’s 123 account offers cashback on household bills paid through the account, as well as up to three per cent incredit interest.

Lloyds’ Vantage account also offers in-credit interest of up to three per cent, while Nationwide’s FlexDirect Account offers five per cent interest on balances up to £2,500 for the first year, reverting to one per cent afterwards.

A paid-for packaged account which bundles in a range of products such as insurance in return for a regular fee may also be something to consider. But you will need to weigh up the costs against how likely you are to actually use the potential benefits to see if a packaged account is the right choice.

If you are someone who is often overdrawn, minimising your charges is key. The Post Office has a relatively low overdraft rate of 14.9 per cent, while First Direct offers an overdraft at 15.9 per cent.

Some people might want to wait and see how competition hots up in the coming months, rather than making an immediate jump. Tesco Bank and Virgin Money both plan to launch onto the current account market soon.

Finally, there is no point switching for switching’s sake. If you are already getting a good deal, changing to another provider just because the new rules are in place could cause a financial headache in the long run.