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BBA: It's easy to switch your account

Customers should always be on the look-out for better bank rates, the British Bankers' Association (BBA) said yesterday.

Increasing competitiveness in the current accounts market has led to banks trying to out- do each other by offering more advantageous in-credit and savings rates.

This was most recently in evidence with Barclays' entrance into the 'Isa wars' this week, with their introduction of a 'best buy' tax free savings account.

Brain Capon, a spokesperson for the BBA, said: "It's easy to move bank accounts and a lot of people will choose to open a new account, but if you are looking around for rates, then it is an on-going exercise.

"Nowadays, people have a much more sophisticated approach to their finances and a lot of people will look around for the best rates and savings."

BBA figures show that over seven billion transactions are cleared by UK banks each year.

Around 2.3 billion cash withdrawals through 30,000 ATMs are also enabled annually.

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