Refer a friend & both get £125

Customer rating

★★★★★

Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Refer A Friend and get £125 for you, £125 for your friend if they switch.

Requirements to get the bonus for the person you are referring

• Open a new Co-operative Bank standard Current Account or Everyday Extra account
• Not have held a Co-operative Bank current account or smile account of any type since 1 November 2022
• Within 60 days they need to complete a full switch from their main current account to their new Co-operative Bank account using the Current Account Switch Service
• Within 60 days they need to deposit £800, set-up 2 direct debits, make a minimum of 5 card payments, and register for Co-operative Bank's online banking services
• Within 60 days they need to complete a referral form when they receive their new Co-operative Bank account details, including their switch end date

Exclusions

• smile current accounts, Student Accounts, and Cashminder accounts are excluded from this offer

Offer ends
There's no specified date when this offer ends, but it's subject to availability and can be withdrawn at any time.

Offer is subject to eligibility criteria, which includes completing a full account switch, registering for online banking, making a minimum of five debit card payments, depositing at least £800 and having two active Direct Debits within 60 days of account opening. T&Cs apply.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 35.9% EAR variable. T&Cs apply.

• Monthly rewards
• Available as a joint account
• Easy to open and manage

• Interest charged on overdrafts
• Foreign transaction charges
• No interest paid on in-credit balances

Minimum opening balance	£0
Minimum operating balance	£0
Switch service guarantee	Yes
Account fee	£0
Overseas card transactions	2.75%
Overseas cash withdrawals	2.75%

New customer account offers

Revolut - £20 top-up offer

Finder rating

★★★★★

Customer rating

★★★★★

Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

• Account info
• Pros/cons
• Details

Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).

Requirements to get the bonus

• Sign up using the unique link sent to your mobile number from Revolut's website
• Pass the identity and verification checks
• Top up your account and spend £20 using the app within 1 month of opening the account

Exclusions

• You must not already have a Revolut account

Offer ends
This offer is subject to availability and may be withdrawn at any time.

• Low overseas fees
• Quick application
• Earn cashback on spending
• Set budgets for financial goals,
• Virtual cards for online purchases,
• Easy to transfer money internationally,
• Linked 'Junior' account available for one child

• 1% currency conversion charge on weekend spending abroad,
• Free cash withdrawals in the UK and abroad both limited to £200 per month,
• Cannot deposit cash or cheques into the account,
• Charged a fee to receive your bank card

Minimum opening balance	£0
Account fee	£0
Overseas card transactions	0% Mon-Fri (max. £1,000 per month)
Overseas cash withdrawals	0% Mon-Fri (max. £1,000 per month)

Should I switch current accounts?

The answer depends on your circumstances, so only you can determine that. But here are a few things to think about:

• Are you with your existing bank because it offers good service? Or are you with it because you just haven’t thought about moving?
• Switching current account is pretty easy. Thanks to the Current Account Switch Service (CASS), all your payments and direct debits will be transferred automatically within 7 working days. The 2 banks involved will handle the process and you’ll barely have to lift a finger.
• A switching bonus is a temporary benefit. Whereas your current account is something you use pretty much every day, even if you don’t really think about it. If the bank you’re considering has a really juicy switching bonus offer but an awful mobile banking app, it may not be worth putting yourself through that kind of misery for a few quid. The customer star ratings we show can help you see which banks treat customers well.
• Banks are awful at rewarding customers for their loyalty. Banks know that people really don’t want to go through the hassle of getting a new account; once they’ve got someone as a customer, they don’t need to do much to keep them. So switching is more likely to land you a better deal.

So, weigh up the pros and cons carefully. If you do decide to switch, ideally you want to pin down the best combination of a nice switching bonus and a reliable bank that offers a good long-term service. You can see a full comparison in our current account guide here.

What happens when you switch?

If you go through with a switch, all your incoming and outgoing payments are automatically transferred to your new account via the Current Account Switch Service (CASS) process. This includes your salary, all your bills – as long as they’re paid by direct debit or standing order – and, most importantly, any future payments you might receive from someone who has your old banking details (the service will also contact them to let them know the new ones!).

You can pick your switching date in advance, and even transfer an overdraft as long as your new bank agrees to it. Once it’s all done, your old bank will close your old account, and you’ll be all set with your new one. If your new bank offers a switching bonus, you’ll receive it once the switch is complete.

Using CASS is free and easy and you’re likely to end up with a better deal or a better banking experience if you’ve picked the right deal for you. However, keep in mind that this service only works for current accounts, so savings accounts won’t be transferred.

You’ll also need to update any regular payments made via debit card manually, and these can be a lot (for example, your PayPal or Amazon accounts will have memorised your debit card details, not your current account details, so you’ll need to change them when you get your new debit card).

Pros and cons of switching

Bottom line

You can earn a handsome reward if you switch your current account to a bank that’s offering one but don’t switch to it just because you’ll get a reward. Make sure you choose a bank that offers a good service and has the features and benefits that are right for you. If you do switch, the Current Account Switch Service, which most banks are signed up to, will make the process quick and easy.

Expired offers

Banks run switching deals as promotional offers and these often expire. We have listed below a number of such expired deals, however, we will update this guide if and when they come back.

Frequently asked questions

• Why do banks offer switching bonuses?

  Banks want your money. Customer deposits are how they're able to provide lending services such as mortgages and loans, which in return generate their profits.

  But, as we mentioned above, some people hate moving bank accounts. With the notable exception of a few personal finance junkies like yours truly, most people just want to have a bank account that works and then not to think about it ever again.

  So, for banks, getting new customers is quite hard. Switching bonuses are one of the marketing tools available to them to entice people to transfer their accounts and money to them.

• How do I compare current accounts?

  We've got a full answer to this question in our compare current accounts guide.

• Can I switch a joint current account?

  You can switch from a joint current account to another joint current account as long as the other person agrees. You can also switch from a one-person current account to a joint current account (but not the other way around).

• Do banks offer switching rewards for student accounts?

  Yes! A range of large high street banks offer student accounts packed with rewards, including free railcards, vouchers, generous overdraft terms, and even cold, hard cash as an incentive to get you to bank with them.

• What other switching rewards can I get?

  Apart from cash, there are other perks you can secure by switching current accounts. Some examples are a better deal on your overdraft, cashback on certain payments and a better interest rate on in-credit balances (with the current account itself or for a linked savings account). From time to time, there are also business banking switching offers.

• Does switching banks affect your credit score?

  Switching banks will have an impact on your credit score, as your new bank will run a credit check before approving your application. Learn more about credit scores and switching banks.

• Can I still switch bank account if I’m overdrawn?

  Yes, but your new bank will need to agree to giving you the overdraft amount you need and transferring your existing one across. Otherwise, you may need to agree a way to pay off the overdraft with the new bank instead or pay it off before you switch.

• What should I do if there’s a problem with my switch?

  If something goes wrong with the switching process, such as a direct debit isn’t transferred over, you should contact the bank you’re moving to so it can sort out the problem. Any charges or interest you have to pay because of the problem will be refunded under the Current Account Switch Guarantee with CASS.