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Regardless of what we’re shopping for – be it groceries, a car or a new mobile phone, having a choice of products vastly improves the chances that the customer’s requirements will be met with a value-for-money purchase.

This has been greatly helped with the advent of the internet era, as it is now easier than ever for bargain hunters to search for the best value deals, thanks to the plethora of price-comparison websites that now exist, covering nearly every product and service imaginable.

With bank accounts though, it’s probably safe to say that many people don’t give a second’s thought to what provider they use or what benefits come with their current account, and switching to a different account may seem like more hassle than it’s worth. After all, a bank account is just a place to have a salary paid into each month, right? Well, yes, but there are some key differences between the myriad of current accounts on offer.

Most people will be familiar with the no-frills, basic current accounts that offer a small amount of interest, online access and a cash card. The main advantage of these basic accounts is that they are usually free to operate and they offer 24-hour access through ATMs or internet banking. This may be fine for those with purely functional needs, but with low interest rates and no additional benefits, it may be worthwhile investigating other options.

For example, some accounts offer travel insurance, car breakdown insurance, mobile phone insurance, interest free overdrafts and many other advantages. Importantly, some bank accounts also offer a much higher level of interest which will benefit those who keep a large portion of their cash in their current account. These accounts often have a monthly fee attached, but with higher interest pay-outs and these other extra add-ons, it can be more cost-effective in the long-run.

Whilst it may seem like an upheaval to switch current accounts, a simple online search will reveal that bank rates can vary greatly between different accounts.

In terms of interest received, it can be anything between 0.1% and 4% per month, depending on the type of bank account. It’s important to look at the amount of interest that is applicable on things such as overdrafts too, as this can vary from 0% to 1.5% per month.

Getting the most from a bank account isn’t difficult and the internet is a valuable resource which will help identify the best current account in terms of interest rates and key benefits on offer. It certainly pays to shop around.

Daniel Collins writes on a number of topics on behalf of a digital marketing agency and a variety of clients. As such, this article is to be considered a professional piece with business interests in mind.