While a lot of folks are with their bank because they're used to them or since it seems like an unwanted headache to change accounts, there may be benefits to shopping around.

And just because you keep your main account in one financial institution, there's no need to keep all your accounts or charge cards with one firm.

Ease

Depending on your circumstances, you may find that you'd be much better off with one of the new internet banks, like the new zealand finance company, Smile or even Cahoot. These can give far better interest rates, because they have lower overheads than high street financial institutions that have to run branches in 'real time'.

On the other hand, you may rather stick with a big bank you know and trust. Perhaps you've got a great relationship with your fsp (financial services provider) and can expect extra support whenever you need it. The larger banks also have plenty nearby branches, which could be a plus point when you need to pay in checks frequently.

Terms

While interest rates are an important concern, you'll find other factors to take into account when picking a bank, like bank charges. Some banks will charge more than others, for instance, if you exceed your overdraft limit or if a check bounces.

Bear in mind too, that some banks will provide superb terms for new customers to be able to attract your business, so it could be worthwhile swapping just to take advantage of these. You might find a lower-interest loan, for example, with a new bank.

Bank policy and corporate ethos

Some establishments provide 'ethical' banking, so that you are able to make sure your money are not becoming used to fund companies who do not conform to particular criteria. The Co-operative Bank led the way in ethical banking, but there are other banks and investment businesses to select from.

As well as the larger high street banks, you can find smaller banks like the new zealand offshore banks, building societies and friendly societies to consider. While typically associated with savings, some offer present accounts with appealing rates, and many of the new building societies are actually indistinguishable from banks.

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