From 16 September, the new Current Account Switch Service will allow customers to move from one provider to another on a date that suits them and the process will take seven working days, an improvement on the current 18 -30 days.

Thirty three bank and building societies brands – accounting for virtually 100% of the current account marketplace – have signed up to the new service.

However, despite the new rules coming into force, bank customers still have a range of concerns that put them off switching. Twenty-eight per cent said there is little point in switching because most accounts are very similar, 15% are concerned that direct debits will not be made and 11% said they have an overdraft and are worried that they would not be offered one elsewhere.

One in 10 are worried that payments would come out of the wrong account, 9% that automated credits would go into the wrong account, and 9% say they don’t have time. Another 5% are worried that changing account would affect their credit rating.

David Black from Consumer Intelligence said: “Though the new rules look set to have some effect on switching there is still a lot of reluctance out there, but a lot of the reasons given really shouldn’t put consumers off switching. The new rules guarantee that direct debits and payments will be transferred to the new account correctly, for example, putting the onus on the banks to carry out the switch promptly and without error.

“A lot of people are reluctant to switch because they think all bank accounts are the same. There are a lot of accounts out there that offer very little by way of returns to customers, but there are a handful that really stand out.”

Consumer Intelligence analysis of the market suggests that the Halifax Reward Current Account and the Santander 123 Current Account provide the best returns for those who remain in credit, depending on their usage.

The research also revealed that cash welcome gifts are the factor that would attract most people to a new provider, followed by longer-term factors like generous in-credit interest, good customer service and a convenient branch location.

Black said: “Switching gifts and incentives can be tempting but if you are going to switch and then stick with one provider for a number of years, which most switchers probably will, then it makes sense to look at the long-term value of the account. Switching gifts tend to have more value for those who have smaller incomes and household bills, who can’t get so much value from their accounts through elements like in-credit interest or rewards.”

Bank customers have historically been reluctant to switch accounts regularly because of a number of fears. Yet, despite a third (32%) of those who have previously switched a current account saying they were worried about the switching process, three quarters (74%) did so without any problems and 71% said they’d recommend switching to others.