Do you know if your bank account is giving you the best deal? Most people don’t and tend to stick to their current arrangements without realizing that by moving to a different bank or even a different kind of account with the same bank they could either earn better interest or save themselves money in charges.

One of the simplest changes to make is to convert their current account to an Internet account. This means instead of visiting their local branch or using the phone, they use Internet access to check up on their balance, print their statements, pay their bills and move their money between accounts. Since this saves banks money in the longer term as they can reduce staffing requirements, most banks are anxious for their clients to make this shift and will pay higher interest on the account or lower charges.

A lot of consumers however are reluctant to put their trust in the Internet for the security of their bank details – there are too many horror stories around. However, you should forget the horror stories, the Internet and banking computer systems are as, if not more secure, than branch banking. Thieves do not steal your bank details as they travel the Internet (the details are encrypted) but try to corrupt or pressure bank staff or steal your postal mail (with its many credit card offers that include your details) instead.

A more radical move is to consider moving your account to a different kind of offering. Some accounts offer free overdrafts as standard up to set limits. A more rare but useful offering is the budget account which allows customers to balance the highs and lows of their account incomings and outgoings over the year. Some accounts come as package deals offering various perks – travel or health insurance, free foreign exchange transactions.

Another option to consider is tying your finances into an Intelligent Finance deal where your mortgage, credit card, personal loans, savings and current accounts are managed under one roof. This has the advantage of offsetting interest charges against interest earned and loan repayments are also generally more flexible – for example, allowing payment holidays, re-borrowing and extensible loan periods.

Whatever deal you are looking for, the basic things to check are -

What charges are levied

What if any interest can be earned on the account

What level of overdraft is offered and what the interest rate on it is

What are the consequences of going over your overdraft limit, especially by minor amounts (for which some banks appear to charge unjustifiably high amounts)

You also need to consider what best suits your financial circumstances. A joint account can be suitable for married couples or long term partners. Although they should also consider keeping separate personal accounts either to maximise benefits (such as available overdraft facilities) or just to simplify liabilities (and buy the odd Christmas present). A base account will suit someone who has a poorer credit record. Students should get accounts designed for them with free overdrafts, freebies and lots of discounts. Package and premier deals probably best suit singles and couples without children as they can gain the maximum advantages from the perks.

Once you have shopped around and decided what the right account is for you, switching should be easy. Both your current bank and the one you choose to move your business to are obliged cooperate in moving regular payments (like direct debits) across.