Switching to a new bank account could result in paying lower fees, earning more interest, or accessing better features. But on top of this, some banks will actually give you free cash if you transfer your account to them.
What's more, the process is quick and simple thanks to the Current Account Switch Service.
We researched and identified the best bank switch offers available right now. Here’s a quick recap:
Bank | Switch Offer | Important info |
|---|---|---|
£200 | You must deposit £1,250 and log into mobile banking within 60 days. You won't be eligible if you've received a NatWest switch offer since 1 January 2020. | |
£175 | Requires opening a Club Lloyds bank account, which is free if you pay in over £2,000 per month. If not, it starts at £3/month. Requires minimum two direct debits to be transferred. Expires soon! |
Wondering why there aren't more switch deals listed?
Put simply, offers like these don't come around that often. You'll rarely find a time with dozens of switch offers to choose from.
They're also usually available for a limited time only, typically a few weeks to a few months. If you're in the market for switching, and find a good offer, it's best to act fast.
If the switch offers are lacking right now, you might want to consider switching anyway. Online/app-based banks can offer attractive interest rates on current account balances. It's not a switching offer, but it could put cash in your pocket over the coming months. Worth considering!
Looking for a bank account with perks or interest?
If you want a bank account that will help your money go further, you might want to check out the following guides.
Best Switch Bank Accounts – Our Recommendation
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 7.5 | Visitwww.lloydsbank.com/ |
Best Bank Account Switch Offers Reviewed
Let’s jump right into examining each bank’s switch account offers and why they stand out among other banks.
Best overall: First Direct
Best for flexibility: Nationwide
NOW EXPIRED!
Although certain banks offer as much as £200 as a switch bonus, First Direct’s £175 switching bonus proves to be the best overall switching deal in the long run when you switch to the bank's 1st Account. This is because you get access to the Regular Saver Account, with a monthly interest rate of 7% for 12 months. You can save a maximum of £3,600 in a year in the Regular Saver Account or £300 per month.
If you do save £300 per month for a whole year, you would have earned £136.50 as interest at the end of the year. When you add this to the £175 switch bonus, it gives you a total of £311.50 extra in one year! Other banks have a lower interest rate so switching to First Direct is more lucrative in the long term.
This offer is only available when you switch to the first account and is not available to existing First Direct customers or HSBC account holders who opened accounts on or after the 1st of January, 2020.
First Direct also has excellent customer service that keeps topping the polls despite the fact that it does not offer any physical bank branch services. Other perks of the 1st Account include tailored spending insights, budgeting tools, and free debit card transactions abroad.
- Get 7% interest on your savings
- You could receive an interest-free overdraft
- No monthly fees or minimum opening balance required
- First Direct’s customer service is top-notch
- There is no interest paid on in-credit balances
- You can only get an interest-free overdraft for £250 or less
- You cannot save more than £3,600 in the Regular Saver Account
- No physical banking services
NOW EXPIRED!
If you decide to switch to Nationwide and claim £200, you'll have three different current accounts to choose from. There's the everyday fee-free FlexAccount, the interest FlexDirect account, or the packaged FlexPlus account.
FlexDirect is free to maintain and provides 5% interest and an interest-free arranged overdraft. FlexPlus has a £13 monthly fee and comes with phone insurance, travel insurance, and breakdown cover.
Once you've chosen a Nationwide account, you just need to switch online and complete your switch within 60 days. You'll also need to have at least 2 active Direct Debits in your non-Nationwide account to be eligible for the £200.
- Choice of 3 current accounts
- Earn 5% interest with the FlexDirect account
- No monthly fees for FlexAccount or FlexDirect
- You need at least 2 active Direct Debits to qualify
- The 5% interest rate only lasts for 12 months
- Fee for using your debit card abroad (except FlexPlus)
How We Rate and Review the Best Bank Accounts for Switching
With many banks offering seemingly great bank switch offers, it can be hard to decide which to choose. However, we’ve been able to curate some of the top banks offering the best switch bank accounts.
There are bound to be disparities in personal choices, but we believe these banks provide attractive offers when it comes to switching bank accounts. Here are the criteria we have used for selecting and ranking the best banks:
Switch bonus offers – Naturally, we have carefully selected banks offering the best switch bonus offers across the UK.
Interest rates – An important factor we considered when selecting banks is the interest rates offered on deposited funds, as well as the interest you'll have to pay on overdrafts. We ensured to select banks with commendable interest rates that will let you earn the most from your saved funds.
Account perks and features – Some of the banks we researched are packaged bank accounts, meaning you'll get more than just basic banking services when you switch. We prioritised banks that offer extra to their customers in the form of cashback, discounts, free tickets, and even insurance.
FSCS Protection – The Financial Services Compensation Scheme (FSCS) is the UK's insurance and compensation scheme for banks and other financial service providers. We have ensured to only select banks that are FSCS protected so that you can be sure your funds will always be secured even in the event of unfortunate situations.
Bank fees – Exorbitant bank fees are the fastest way to lose the interest and cashback you’ve been earning on your account. The banks we have selected have very nominal monthly bank fees while most do not demand any fees at all.
What Is a Switching Bonus?
A switching bonus is a compelling incentive, mostly cash that you get when you switch and transfer your bank account to a new bank. It is granted as a free gift to new customers in order to entice them to open a bank account with the bank.
However, you do not get a switch bonus just for opening a new account with a bank, you have to apply for a switch and move your bank transactions from an old account (often with a separate bank) to your new bank account.
Most switch offers promise a one-time cash gift of about £45 to £200 as a switch bonus. Some banks may also offer you a higher interest rate for a certain period of time after making a switch, while others offer bonuses for every referral you make.
It is mostly traditional banks that offer switching bonuses although it is no longer uncommon to find strictly online banks also offering amazing bonuses.
Most banks will require you to meet some eligibility requirements to benefit from their switching bonus such as ensuring to close down your old account, using the Current Account Switch Service, and depositing a certain amount or transacting with the account within a certain period of time. Some banks will also have other strict regulations like the type of account you can open to be eligible or the type of account you’ve had with the bank in times past.
Things to think about when switching current accounts
There are key considerations that may help you decide whether you should switch your bank:
Are you satisfied with your current bank? Do they offer a good service, reasonable fees, and a robust banking app?
Switch offers are temporary – But you will probably use your current account quite frequently. So, if you're thinking of switching, you need to evaluate whether the bank’s services offer good value. If they offer a very attractive switch offer but have an awful banking app or hefty fees, it’s just not worth it.
Switching could impact your credit score – You'll need to check the fine print of the bank you want to switch to. In some cases, there won't be any impact. In other cases, the bank will do a hard credit check. This will only have a small and short-lived impact on your score, but might want to avoid hard credit checks if you're hoping to take out a loan soon.
Switching accounts is very easy now – The Current Account Switch Service (CASS) makes switching bank accounts a breeze. All your payments and direct debits will be transferred within 7 days, all carried out by your old and new bank, meaning that you don’t have to worry about anything.
The CASS was introduced in 2013 and has served millions of customers since. It ensures that whilst switching banks, all your incoming and outgoing payments are automatically transferred to your new account.
This includes;
Your salary
Bills set up as direct debits or standing orders
Future payments you may receive from someone who has your old banking details
The service will also contact them to inform them that your bank details have changed now. You should note that any payments you make via your debit card, such as an Amazon subscription, need to be updated manually. Also, this service is only applicable for current accounts—you'll need to transfer any individual or linked savings account yourself.
You can pick your switching date in advance, and once it's done, your old bank will close your account. The whole process takes seven days and is completely free of charge.
How to Switch Bank Accounts
Switching bank accounts is simpler than you might think thanks to the Current Account Switch Service (CASS). You should check with the bank you want to switch to, in case they require that you apply and/or meet certain eligibility criteria before you can set up your bank account.
However, for most banks, the process will be pretty similar, with CASS doing most of the legwork for you. Below you'll find the general steps for switching your current account.
Step 1: Decide on the Bank You Want to Switch To
Step 2: Review Your Transactions
Step 3: Choose a Switch Date
Step 4: Start the Switch
Step 5: Start Using Your New Account
Hunting for the Best Switch Offer in 2024
A big switching bonus is great, but that shouldn't be the only thing on your mind when choosing a new bank. You want to ensure that you find a bank account that will serve you well in the long run. Bonuses are short-term and are mostly a one-time thing. The real deal will be your experience using the bank and the features it provides.
Here are factors to consider in order to choose the best bank account in 2024:
Interest rates
Minimum transaction requirements
The Bonus Offer Period
Customer service and ease of use
Interest Rates
Depending on your account needs, you should consider the interest rate offered by a bank before you switch to it. Some banks offer seemingly nice switching bonuses but do not offer you any interest on your balance—they may even charge a fee. Choosing a bank that pays interest could stand you in better stead in the long run.
It's also wise to consider the interest charged on overdrafts. If you end up being overdrawn, a hefty interest rate could quickly eat away at any money you received as a switching bonus.
Minimum Transaction Requirements
Some banks will require that you have a certain amount of money flowing into and/or out of your current account. They may insist on a minimum deposit to open an account, or that you have a minimum amount of money entering your account each month. You may also be required to have a certain number of active Direct Debits.
You should make sure that you meet these minimum requirements before switching your account. Otherwise, you may not receive the switching bonus, or even have your account closed.
Bonus Offer Period
Banks periodically update their switching bonus. Some offer bonuses that are not bound by time while others only offer their switching bonus up to a specified time. You should check with your prospective bank that their switching offer is still active.
Customer Service and Ease of Use
Needless to say, a bank’s customer service can significantly affect your experience of using it. Go for a bank with a track record of excellent customer service, reviews, and ratings. Also consider the bank’s procedures (strict online banking, for example) to see if they would be compatible and easy for you to use.
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