A third of customers who plan to switch providers this year will do so because of benefits such as in-credit interest, SMS alerts or longer branch opening hours, according to Santander Current Accounts.

By comparison, only a quarter who have previously switched accounts did so because of specific benefits.

While this may be an indication that growing numbers of people are starting to look at the on-going value they get from their bank accounts more carefully, experts are warning switchers to avoid being swayed by one-off upfront incentives.

David Black of Consumer Intelligence said: “People shouldn’t be afraid to switch their current account by picking the one that works best for their circumstances. There are some very competitive offers around especially in terms of credit interest, where, almost incredibly, some of the accounts are paying better rates than many savings accounts. People tend to keep current accounts for a long period of time so it’s always wise to try and weigh up the long-term value of any alternative account that you’re considering.”

Overcoming fears of a difficult switching process is also a key influencer for those looking to switch, with 9% of those who intend to change provider doing so because the new bank guarantees nothing will go wrong during the switching process.

Hetal Parmar, head of banking at Santander, said: “Do take the time to see if your bank account provides good value. If you plan to switch, it is important to consider the on going and longer term value of a new bank account, not just the up-front incentive that might be available.”