National Australia Bank has grabbed headlines with its cheeky “break up” advertising campaign, encouraging customers to dump their current bank and take up with NAB. Think about your relationship with your current bank. If it’s turned sour maybe you should jump into bed with another lender?

We’re finally starting to see some real competition between the big four banks. NAB is offering to pay mortgage exit fees for Commonwealth Bank and Westpac customers that switch over. Westpac has hit back with discounts on home loan rates and offers to waive annual fees on some mortgages. This is a great opportunity for you to shop around for a better deal.

Start by working out exactly how big a bank customer you are. List all the products you have with your bank; loans, deposit accounts, insurance policies, credit cards, superannuation and other investments. Check your statements and add up all the interest, bank fees, and premiums you paid. Also work out how much you earned in interest and investment returns. This information will help you negotiate a better deal with financial institutions.

Let your fingers do the walking and go online to start your research. Use websites like ratecity.com.au and infochoice.com.au to help you compare all the loan and deposit accounts on offer. Late last year consumer advocate Choice also started a rate comparison site ‘Compare, Ditch and Switch’ at betterbanking.choice.com.au.

Don’t just consider the big four banks. Smaller banks, building societies and credit unions can offer better deals and rank higher in customer service. Choice says mortgage holders can save up to $2,500 a year by switching from the big four banks to other financial institutions. You can also save up to $425 a year on your credit card and up to $330 a year on standard savings accounts.

If you find a good option online or like the sound of a deal advertised in the media go into a branch and check it out. Make sure it’s as good as it seems and read the fine print, especially if you’re look at a new mortgage. Is there an application fee? What’s the penalty if you make late repayments? Do they charge a monthly administration fee? Will you have to pay any fees if you pay off your loan early?

Now you know what you can get elsewhere go to your current bank and give them a chance to match it and save your relationship. Make an appointment with customer services and use your research to negotiate a better deal. A survey by Choice found a third of transaction account and home loan customers who asked their financial institution for a better rate got it. If your bank doesn’t come to the party add up all your exit fees to double check a switch is worthwhile.

I hope this month’s war of words between the big four banks is a sign that we’ll see much more competition between lenders. We’ll be the winners.