Top five reasons for switching your bank account

Most people live very busy lives and finding time to even think about things like bank accounts, simply isn't a priority. But actually, investing a bit of time in finding the best bank account for you can save a lot of time – and even money – in the long run. It's a classic case of a stitch in time saving nine.

Not all UK bank accounts are the same and there can be a whole load of reasons why it makes sense to swap from your existing provider to a new one. Here we outline our top five reasons for switching:

Reason number 1: Convenience

Internet bank accounts are great but sometimes there can be little substitute for actually speaking to someone in branch. And for those times, two things are really important – the location of the bank and its opening hours. So look for a bank that has branches in convenient locations and the kind of opening hours that suit you. Halifax, for example, has branches all over the country, which even open on Saturdays. So if you're tied to your desk Monday to Friday like many people, you can still get the personal touch from your bank.

Reason number 2: A better overdraft

Whatever type of bank account you're looking for – from a standard account to a packaged bank account – it's important to weigh up what your financial needs might be in the future. Sometimes, having an overdraft can be really handy – especially at times when you have more expenses than usual, such as Christmas or family birthdays. So try to assess not only whether you might need an overdraft facility, but also how much you could need – then look for a bank that can match want you want.

Reason number 3: A packaged account

Sometimes you might want an account that gives you more than the standard features. Try to decide what you might want – from travel insurance to breakdown cover – and find a bank that offers an account with those features. You might even find there are handy extras that you didn't know you needed.

Reason number 4: Better online banking

There's no denying it, online bank accounts have hugely changed the way most people look after their finances. It's incredibly convenient for busy people to be able to do their banking on their terms, whether they're on their lunch break at work, at home or even out and about. And it gives those people who have a good internet connection in rural locations the opportunity to stay very close to their finances, without having to travel long distances. But do look at the different banks' websites before you switch accounts to see what's on offer.

Reason number 5: Better value

Perhaps most importantly of all, make sure you get good value from your bank account. Check that it gives you clear information about how much it's charging you for things such as overdrafts. Look at the rates of interest and make an informed decision.