By Daniel Hunter
With changes to the way the industry is run, as of today (Monday) bank account customers should be able to switch to another provider in just one week.
The UK's 46 million bank customers are being told they could save up to £600 by switching their current accounts to another provider.
Previously it has taken up to 30 days to change accounts, however, with the changes there will be better competition amongst the banks as customers can switch far more easily.
"It is definitely worth switching," Mark Fiander from the Money Advice Service told the BBC.
"It's not uncommon to save £500 or £600 by switching your bank. Now whether that's because you're not paying fees or charges, or equally if you're not getting interest that's sitting in your current account, it can really add up."
Those who use a bank overdraft frequently could be amongst the biggest gainers. But some banks also operate cash-back deals, which can provide hundreds of pounds of income.
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