Michelle Slade, from money search engine moneyfacts.co.uk, said that if consumers were dissatisfied with the service offered by their existing current account provider, or simply if a better deal could be found elsewhere, nothing should stop them from moving.

“The current account war shows little sign of abating, with several providers battling to offer the best current account rates and deals,” she explained.

“So why not reap the rewards from switching? You will certainly find some great rates and perhaps an additional financial incentive too.”

Ms Slade pointed to Alliance & Leicester as a traditional market leader for offering the best in credit and debit interest rates.

However, she acknowledged that deals from the likes of Halifax, Coventry Building Society and Abbey where looking increasingly enticing.

Aside from competitive interest rates, those looking to change current accounts could be swayed by fee-free overdrafts and the ability to manage the account online.

Find out more about how you can compare current accounts

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