Reason 1
You have moved or changed jobs and your bank no longer has branches and/or cash machines near to where you need them. Convenience is the most important factor when choosing a current account.
Reason 2
You can't remember the last time you set foot in a branch and you would be quite happy running your account by phone or over the Internet. Accounts from branchless banks tend to pay much better rates of interest than those offered on the high street.
Reason 3
You have a 'packaged' current account that gives you a range of extras - such as free travel insurance or shopping discounts - in exchange for a monthly fee (that you have to pay even when you're in credit). The extras are rarely worth the £60 to £150 a year that these accounts can cost.
Reason 4
You tend to stay in credit and your bank pays no interest or only a paltry amount. On a balance of £500, for example, switching from the worst rate to the best could mean receiving £25 a year in interest rather than 50p.
Reason 5
You run an overdraft and your bank charges a high rate of interest. Many banks charge around 18%, but you could easily halve this. On an overdraft of £500, this would bring the interest charged down from £90 a year to £45.
Reason 6
You regularly overdraw and your bank charges a monthly fee as well as interest. Although rare these days, this kind of charge can cost up to £100 a year, assuming you overdraw every month.
