Interest rates offered on internet-only current accounts have actually become less attractive, falling from an average of 3.28 per cent to 3.04 per cent per annum over the last two years, uSwitch.com has warned.

Its research into these accounts also shows that, on average, internet-only current accounts pay 2.27 per cent per annum less than the most competitive current accounts on the high street.

As high street banks’ interest rate offerings rise to rates of five to six per cent per annum, with Abbey, HSBC and Halifax products leading the way, a customer switching £1,000 from an account with First Direct could make £43 in interest in a single year by switching to the six per cent Abbey Current Account, uSwitch.com calculates.

Recent research from MoneyExpert.com revealed that as many as 1.4 million bank customers are expected to switch current accounts over the next six months.

Moreover, the rush to the high street banks could be hastened by the fact that First Direct’s £10 fee imposed on all customers who pay less than £1,500 into their accounts monthly will take effect later this month.

To compare current accounts, click here.