Bank bonuses many of us are missing out on

Millions sticking with banks despite poor customer service and better offers elsewhere

bank bonuses we're missing out on

Last week's statistics from the Payments Council showed that, despite the launch of the seven-day Current Account Switch, switches only increased by 19% between October 2013 and August 2014 compared to the same period a year before.

Either millions of us are happy with our banks and our current accounts, which seems unlikely given the millions of complaints made every year, or we're frustrated but don't want to switch, despite it being easier than ever and the likelihood that a new account could be better.

The old guard banks and building societies have been improving their current account offers in response to the quicker switching time as they try to capture each other's customers. And the likes of Tesco, the Post Office and Virgin Money have also waded into the banking war.

So if you want decent interest, better customer service or fancy some cashback on your household bills, there's no reason not to move your money. Here's what's on offer.

Want a better deal? Compare current accounts

Best for high interest

Many current accounts have been paying better rates of interest than the top savings accounts for some time now. That's mainly because banks and building societies want your main current account so they sell you things such as savings accounts, mortgages and insurance. So why not take advantage?

TSB's Classic Plus account pays 5% on balances up to £2,000, although you need to pay in a minimum of £500 a month.

Nationwide's FlexDirect account also pays 5% on balances up to £2,500, but only for a year. You need to pay in at least £1,000 a month.

Lloyds Bank's Club Lloyds account pays 4% on balances between £4,000 and £5,000, with lower interest rates on smaller amounts. You'll need to pay in at least £1,500 a month though or you'll be charged a £5 monthly fee.

Tesco Bank's current account pays 3% on balances up to £3,000. In this case you need to pay in at least £750 a month or pay a £5 monthly account fee.

Santander's 123 account also pays 3% on balances between £3,000 and £20,000. You need to pay in at least £500 a month and set up two direct debits from the account. You also need to pay a monthly fee of £2, although you can earn cashback on household bills such as water, council tax, gas, electricity and broadband, providing they're paid by direct debit from your account.

Best for customer service

First Direct's 1st Account wins pretty much every customer service award going, including the Lovemoney Award. And if you switch your main current account, First Direct will pay you a nice £100 'golden hello'. Note that you have to pay in at least £1,000 a month to avoid paying a monthly fee of £10.

Best for cashback and rewards

If you're a Tesco shopper, the Tesco Current Account pays Clubcard points if you pay for your purchases using the account's debit card.

If you prefer M&S, then the M&S Bank Current Account offers a £100 M&S gift card when you switch your current account. You can also earn M&S points by spending using your debit card in M&S stores and online.

As previously mentioned, Santander's 123 account also pays cashback on direct debits paid out from the account. As well as covering the account's £2 monthly fee you can also make a nice little profit on top.

Want a better deal? Compare current accounts

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