CHANGING banks is a faff, isn’t it? It means a new card, a new PIN, new log-in details and ensuring your direct debits and standing orders are still pinging to the right destinations at the right time. But how much of a faff, exactly? £100 worth? £150? £200? If your current bank is paying you little or no interest, can you afford to stay loyal?

Firstly, you don’t actually have to worry about those regular payments going astray (or your salary landing in the old account), as most banks and building societies now use the Current Account Switch Service (www.currentaccountswitch.co.uk), which sorts all of that out for you within seven days and will keep redirecting any funds paid into the old account for three years.

Secondly, switching your current account may unlock access to other benefits, such as savings accounts with competitive rates.

While the recent rises in interest rates are bad news for those with variable-rate mortgages, they should be good news for savers – with inflation rising, you want it to be working as hard as possible for you.

Unfortunately banks aren’t quite as quick to raise the interest they pay as the interest they charge, but there are still some good deals to be found, especially if you have a modest savings pot.

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While comparison sites can give you an overview of savings account rates, be sure to read the small print. The headline interest rates often only apply to the first £1000-£1500 or so, which means if you have a lot more savings you will be better off earning a lower rate on the total sum. Alternatively you might be better off leaving the money in a current account and earning a monthly reward instead of interest.

Further complicating matters are perks such as cashback or fee-free spending abroad. Confused? No wonder. But it’s worth taking a bit of time to assess your options.

A good first step is to check what benefits, if any, you are getting with your current bank and what other accounts they offer. Then decide if you are in the market for an account with a monthly fee that may come with benefits such as a breakdown cover or travel insurance. Don’t be lured by these unless you definitely need them and are sure they will actually cover you (especially if you are older or have pre-existing medical conditions).

If it’s a fee-free account you’re after, check whether the switching incentive is subject to conditions such as a minimum monthly payment (ie your salary) every month or the transfer of some direct debits. You will usually be required to close your old account.

Some accounts with monthly fees may be free if you meet certain conditions but be mindful that your circumstances may change, at which point a different account may better meet your needs.

There is no limit to the number of times you can switch, but you might not be eligible for incentives from the same bank more than once (check the terms and conditions). Be mindful also that new applications may involve credit checks, so are best avoided if you are looking to borrow money in the near future.