Savvy customers are taking advantage of a swifter switching service to get a better deal on their current account.

More than one million people switched their bank account in 2014, according to the Payments Council. Most banks and building societies can now complete a switch in seven working days, so there's really no excuse for putting up with poor service or low credit interest. Here are some of the best deals on the market.

High interest current accounts

A number of current accounts pay interest on credit balances of up to 5%, but there are plenty of catches, and remember the headline rate will be 20per cent lower if you are a basic rate taxpayer, 40per cent for those on higher rate.

The FlexDirect account from Nationwide building society pays credit interest of 5% on balances up to £2500, but only for the first year. After 12 months, the interest rate drops to just 1%. You must also pay in a minimum monthly income of £1000 to qualify for the high interest, and bank by phone or internet.

TSB's Classic Plus account also pays credit interest of 5%, but the minimum monthly funding is lower at £500. You also have to register for Internet banking. The high interest rate applies only up to £2000. There is no interest at all on amounts above £2000.

The Club Lloyds account is open to both new and existing customers who set up at least two direct debits. You must also pay at least £1500 into the account each month, or a monthly fee of £5 applies.

The account pays interest of up to 4% on balances up to £5000. You earn 1% on amounts between £1 and £1999, 2% when the balance hits £2000 to £3999 and the top rate of 4% when you have a balance of between £4000 and £5000. The highest rate is paid on the whole balance. For example, if you have £3000 in the account, you will earn interest of 2% on the whole amount.

The Santander 123 current account is popular because it pays both cashback on spending and interest on balances. However, it charges a fee of £2 a month so it does not suit everybody. You must also set up a minimum of two direct debits and pay in at least £500 every month.

The account pays interest of 1% on credit balances of £1000 or more, 2% when your balance reaches £2000 and 3% at £3000 and up to £20,000.

The account also pays cashback of between 1% and 3% on a range of household bills, such as council tax, utilities and broadband.

Cash rewards

The Halifax Reward Current Account doesn't pay interest, but instead offers a monthly cash reward. You get £5 a month if you pay in at least £750 a month and switch over at least two direct debits to the new account. However, there is no reward in any month you go overdrawn.

Several banks also offer cash incentives to switch accounts. Clydesdale Bank is the most generous, with an offer of £150 to people who switch. First Direct pays £125 cashback to new customers who switch to its 1st Account and pay in at least £1000 within three months. The bank is so confident that you will be happy that it will give you a further £100 if you close the account after six months and within the first 12 months.

Or, you can get £100 from Halifax if you are a new customer and sign up to its Reward account using the switching service.

Loyal M&S shoppers might be more interested in M&S Bank's offer of £100 in vouchers if you switch to its Current Account. There is no minimum monthly deposit or annual fee and an interest-free overdraft of £100. Customers can also collect M&S reward points when they use their debit card in stores. Plus, they can access the bank's 6% regular saver.

Low cost overdrafts

A low-cost overdraft might be more important than high credit interest to many customers. But it's not always easy to calculate overdraft costs. More accounts now charge flat rate daily fees rather than interest, which look simple but can quickly add up. The cost of your overdraft will also depend on the size and frequency of your borrowings. Remember always to agree an overdraft with your bank as the cost of unauthorised borrowing is always high.

If you can deposit £1800 a month into your bank account, Citibank's Plus Current account includes a £500 interest-free and fee-free overdraft, one of the biggest available.

The interest rate on authorised overdrafts over £500 is 16.9%.

First Direct's 1st Account comes with a £250 interest and fee-free overdraft. However, the account charges a fee of £10 a month. But the fee is waived for the first six months. You can also avoid the fee if you pay in at least £1000 a month, maintain an average monthly balance of £1000 or hold a qualifying additional account with the bank.

Nationwide's FlexDirect account offers a fee-free overdraft for the first 12 months. The building society does not charge interest on overdrafts. Instead, after the first year, you pay 50p a day for an arranged overdraft over £10.

Clydesdale Bank's Current Account Direct charges 9.9% on authorised overdrafts, which is lower than the typical rate of about 19%.

Account holders also earn interest of 2% on credit balances up to £3000. However, you must pay in at least £1000 a month to qualify.