Although current accounts are not the most profitable products for banks, they are viewed as a gateway service by providers, because they usually lead to customers taking out credit cards and loans or mortgages with the bank, too.

This means providers often offer attractive deals in the hope of bagging you as a loyal customer, which can include cash when you sign up, interest on your balance, fee-free overdrafts, insurance perks and even free overseas spending.

Although some of these deals may be tempting, choosing the right current account to suit your needs will depend on your habits.

For example, an interest-paying current account or one which offers free money may sound appealing, but the downside can be high overdraft fees, which means it may not suit someone that frequently strays into the red.



Some banks will reward you for switching to their current account with a cash incentive.