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Consumers should not be distracted by attractive short-term rates on current accounts, moneyfacts.co.uk has warned.

Research from the price comparison site has shown that while many current accounts offer competitive interest rates, they often require minimum funding and will only pay out the high interest rate for a limited time period.

Esther James, personal finance expert at moneyfacts.co.uk, said: You tend to stick with your current account provider for a number of years, so dont be lulled in by short-term deals without knowing the full terms and conditions. Look (Frankfurt: 867225 - news) for switcher incentives, such as an initial 0% overdraft rate, to counter any timing discrepancies between the transfer of your credits and debits.

She added: Some of the deals are almost unbelievable in the short term, offering rates far in excess of any found on a savings account. But remember its not always about having the best return on your current account but how you will operate the account too.

Consumers are also advised not to take the decision to switch current account lightly.

According to moneyfacts, it takes a number of weeks before a new account is fully operational.