By Matt Ayres

With competition to offer current account perks picking up, the big four high street banks are facing increasing competition.

The £8bn-a-year market has traditionally been dominated by Lloyds Banking Group, HSBC, Barclays and RBS, who collectively control 75% of accounts.

Now smaller providers are widening the elements of competition by including current account deals such as interest payments of up to 5% for customers that stay in credit and cashback on utility bills and shopping.

Speaking to BBC Radio 5 live, Kevin Mountford of said: "There has always been a perception that the current account is a valuable asset because clearly then the banks have our transactional data.

"But what we have seen with the start of the [seven-day] current account switching service, is greater awareness and a political agenda to bring in more competition.

"I think the big four banks have now realised they can no longer rest on their laurels. Ultimately we as consumers are going to get more choice and that can only be a good thing."