How to switch banks: From cheap overdrafts to interest, weigh up what is most important to you

Santander, the Halifax, Nationwide and Tesco Bank are winning the biggest share of account transfers, while Barclays and NatWest continue to lose the most customers

Too long with a bank? Marilyn Monroe in The Seven Year Itch (Alamy)

According to the latest switching numbers from Bacs, more than one million people have transferred their bank account in the last 12 months.

With an 11 per cent increase in activity in the last quarter of 2015, that means 2.5 million customers have changed banks since the Current Account Switch Service was introduced.

The figures are encouraging, but there are still many people reluctant to budge from their existing bank even if the account doesn't offer good value and the service is not up to scratch

Santander, the Halifax, Nationwide and Tesco Bank are winning the biggest share of account transfers, while Barclays and NatWest continue to lose the most customers.

One of the biggest problems, though, is that even with the rules on faster switching, people remain confused about which account to choose and fear they may end up with a product that isn't any better than they already have.

That's understandable. Although each bank and building society has its own tariff and rate details listed on its website and in its marketing literature, it still isn't easy to work out how the different products measure up.

No two accounts are the same, and difficulty in trying to compare the various rates and charging structures is probably one of the main reasons why customers have stayed put, even if they're not overly happy with their existing bank.

There is not one account that works out the best for everybody; the key is to weigh up the individual elements of an account that are most important to you.

For some, a low-cost overdraft will be the priority, while for others the key factor will be interest on balances in credit or a debit card offering low- cost transactions abroad.

If a cheap overdraft is most important, it's worth having a look at First Direct (where the first £250 you go into the red is interest free) or M&S Bank (first £100 free).

For those seeking interest on credit balances or reward for their custom, consider Halifax Reward or TSB Classic Plus for balances of £2,000 or less. For up to £3,000, take a look at Tesco Bank.

Lloyds and Santander 123 are tops for those with balances of £3,000 plus, although the latter is less competitive below £7,500 since it increased its monthly fee from £2 to £5.

While you may be put off the Santander 123 account because of the fee, remember that it also pays cashback on your utilities direct debits, which in many cases will more than offset the cost.

If you want a cheap debit card to use overseas then Norwich & Peterborough offers the facility for free worldwide, while Nationwide and Metro Bank are cheaper than the main banks.

Yet for others it's not the nuts and bolts of the account that concerns them; they just want to talk to a human being at a British call centre and receive a good level of customer service.

The most consistent top performers for service continue to be First Direct and the Co-operative Bank.

If you think it's time you gave your bank the elbow, make sure you check out the rates and fees before jumping ship, and pick an account that reflect the way you run your finances; try not to be swayed by the offer of short-term cash bribes.