Although any current account serves much the same purpose to tend to your day-to-day banking needs, there are some important differences to consider when choosing one. Thanks to the new Current Account Switch Guarantee service, launched in September, 2013, it is now easier and quicker than ever to switch bank accounts. The new automated process allows you to switch to a new bank account in seven working days, or if you so wish, on any day after this. Up until the day of the switchover, you will be able to continue using your old current account as normal. During the process, any direct debits, standing orders or salaries should be transferred automatically to the new account.

While now is probably the best time of all to switch bank accounts, you should first determine your requirements and see if you can benefit by changing over to a new bank or building society. The following provides some useful tips on choosing a better current account.

Monthly Fees and Packaged Accounts

In the UK, standard current accounts generally don't charge any monthly fees to keep them open. You may or may not receive an overdraft facility, depending on your credit score. Bank accounts which charge monthly fees normally do so because they provide a range of extra features which may or may not be useful to you. These are known as packaged accounts, and they often include things like insurance coverage for travel and car breakdowns. While it can be convenient and cheaper to have these services included with a packaged account, this might not always be the case.

High-Interest Accounts

Interest rates on balances held in current accounts have long ranged from nothing to negligible in most cases. However, there is now a wider range of options on the market, with a few current account deals presenting you with an opportunity to earn a worthwhile amount of interest on your money. If you are in the habit of keeping a large amount of money in your current account and you never, or almost never, go overdrawn, then a high-interest account might be just what you are looking for. Nationwide is presently offering the best high-interest rate current account, paying rates of 5% AER, subject to certain terms and conditions.

Student Bank Accounts

Once you leave college and start preparing for university, one of the first things that you will need to do is find an effective way to manage your finances and make your money and your borrowings work for you in the best way possible. Student bank accounts feature special features aimed for those going on to higher education, such as generous interest-free overdraft facilities and memberships to various student-orientated discount schemes. Most of the banks and building societies in the UK provide accounts tailored specifically to students and graduates. Overdraft facilities offering credit limits of up to £3,000 are widely available, subject to your individual status.

Basic Current Accounts

If all you need is a basic current account with no additional features, no monthly fees and no high overdraft facility to gather debt on, then a basic bank account may be precisely what you need. Such bank accounts still provide you with everything you need for managing your day-to-day finances, including making direct debits and standing orders and withdrawing money on your debit card both at home and abroad.

Customer Service and Account Accessibility

One of the common reasons to switch bank accounts is to escape poor customer service. Particularly since the introduction of the new switching service, many people are ditching the UK's largest banks and going for something different. If service is particularly important to you, then you should spend some time reading customer reviews to determine whether or not it is worth switching. One UK bank which has consistently topped the customer service polls in recent years is First Direct. They're even offering a £100 cashback reward to all new customers who open a current account with them.

Finally, you will need to consider accessibility options. Consider how you prefer to manage your accounts. Do you prefer online banking, telephone banking or dealing with someone face-to-face at a local branch?