Best bank account switching offers in the UK for February 2023

Discover which banks pay you up to £200 for switching your current account plus get access to accounts that pay 7% interest as well as other new bank account offers and deals for opening a new bank account in the UK.

Perhaps you’ve had a current account with the same bank since you were a kid and have now decided it’s time to look for a different one. Perhaps you’d like some free money for switching. Here’s our round-up of the latest deals to help you decide which bank deserves your custom.

Best bank switch offers for February 2023 in the UK

These are current accounts where you can get £100 or more plus other incentives for opening a bank account. However, you will need to switch and close your old account to get the bonus.

  • Santander – Everyday Current Account – £200 bonus
  • Lloyds – Platinum and Silver accounts – £200 bonus
  • first direct – 1st account – £175 bonus

What’s the best switching deal right now?

Kate Anderson
Finder banking expert Kate Anderson shares her analysis

Santander’s £200 bonus is the best switching deal if you switch to its Santander Edge current account. Although it has a £3 monthly fee, Santander Edge gives you access to the Santander Edge Saver at 4% on balances up to £4,000. If you deposit the maximum amount, after a year you’ll have £160 in interest. You can also earn up to £10 cashback per month, a maximum of £120 for the year. Add that to the £200 switching bonus and you stand to earn £444 overall, once you have subtracted the monthly fee.

It’s more complicated with the Santander 123 account as it involves cashback, monthly in-credit interest and access to the Santander Regular Saver at 2.75%. If you used all these to the max, you’d get nearly £377 even after deducting the £4 monthly fee. But the cashback eligibility hurdles make it hard to achieve.

If you aren’t interested in switching to Santander, first direct still has a solid £175 switching bonus on offer and access to a Regular Saver account offering 7%. If you save the full amount of £300 per month into the savings account, after a year you’ll have £136.50 in interest. Add that to the £175 switching bonus and you stand to earn £311.50 overall.

Welcome cash deals

From time to time banks and e-money account providers offer cash just for opening an account. Below we have listed a number of current offers.

  • Curve – £15 spend offer
  • Monese – £10 top-up offer
  • Monzo – £5 welcome bonus

Refer-a-friend offers

Providers occasionally run refer-a-friend deals with specific rewards or benefits attached. Here are some current ones.

  • Triodos – £60 shopping voucher or a donation to a charity for the recommended friend plus a £25 charity donation for the recommender
  • Monzo – £5 refer-a-friend bonus
  • Monese – £30 refer-a-friend and earn up to £450

Best high interest rate offers

Some free current accounts come with high interest rates or access to exclusive linked savings accounts. We’ve listed some below.

  • first direct – 1st account – Access to a 7% AER interest Regular Saver Account
  • NatWest – Digital Regular Saver – Access to 5.12% AER on balances up to £5,000 with a Digital Regular Saver account
  • HSBC – Advance Bank Account – Access to a 5% AER HSBC regular saver account
  • Nationwide – FlexDirect Account – 5% AER fixed for 12 months on balances up to £1,500
  • Santander – Edge – Access to a 4% AER interest savings account on balances up to £4,000
  • Chase – Current Account – Access to a 2.70% AER interest Chase saver account
  • Virgin Money – M Plus Account – Access to 2.52% AER on balances up to £25,000 with a linked M Plus Saver account

Best cashback account offers

If you fancy earning a bit of extra cash every time you spend money then a current account with cashback could be the answer. Below we have listed a number of accounts with attractive cashback offerings.

  • Santander – Edge – 1% cashback on household bills, 1% cashback at supermarkets and on travel costs (exclusions apply)
  • Santander – 123 Current Account – Earn cashback every month on selected household bills + interest on your balance
  • Chase – Current Account – 1% cashback on purchases for 12 months

Best student bank account offers

Banks also offer tempting deals for students. From railcards to tastecards to upfront cash, there are multiple incentives a student can choose. We have written a seperate guide on comparing and finding the best student bank account deal for you.

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.

BankAccount name(s)OfferDate expired
HSBCAdvance Bank Account£200 switch bonus22 December 2022
HalifaxReward, Ultimate Reward£175 switch bonus19 December 2022
TSBTSB Spend & Save, Spend & Save Plus£100 switch and stay16 December 2022
Co-OpCo-operative Bank Current Account, Everyday Extra account£125 refer-a-friend offer16 December 2022
RevolutAll accounts£10 top-up bonus14 November 2022
NatWestSelect£175 switching bonus3 November 2022
RBSSelect Account£175 switching bonus20 October 2022
UlsterSelect Account£175 switching bonus20 October 2022
Virgin MoneyCurrent Account25% cashback on up to £160 spend on UK supermarket and fuel spend30 September 2022
Chase UKCurrent Account£20 refer-a-friend offer7 June 2022

Latest reviews of current account switching offers

Everyday Current Account plus other selected accounts - £200 cashback when you switch

Everyday Current Account
Finder rating
★★★★★
Customer rating
★★★★★
Read review

£0.01

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Get £200 cashback when you switch your current account.

Requirements to get the bonus
  • You need to complete a full switch from your old account to your new Santander account using the Current Account Switch Service
  • You need to apply and be approved for one of the following accounts: Santander Edge current account, 1|2|3 Current Account, Everyday Current Account, Select Current Account, Private Current Account
  • Within 60 days set up two active direct debits
  • Within 60 days pay in £1,000
  • You need to log into online or mobile banking

Exclusions

  • If you have already claimed a switching offer using a Santander, Cahoot or a Cater Allen account
  • If you switch to a joint account, only one payment of £200 will be made even if you open multiple qualifying accounts
  • No payment will be made if you are suspected of abusing the offer

Offer ends
There is no specified date when this offer ends, except that it is subject to availability and can be withdrawn at any time.

Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable .
  • No monthly fee
  • Arranged overdraft
  • Easy to apply for
  • No interest paid on in-credit balances
  • High interest charged on overdraft
  • Limited features and extras
Interest rate 0% AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £0
Overseas card transactions 2.95%
Overseas cash withdrawals 2.95%

Lloyds - Silver plus other qualifying accounts - £200 when you switch

Silver
Finder rating
★★★★★
Customer rating
★★★★★
Read review

£1

Min. opening balance

£10 per month

Account fees

0% AER

Interest (AER)

Get £200 when you switch.

Requirements to get the bonus
  • You need to be approved for one of the following accounts: Lloyds Silver Account, Club Lloyds Silver Account, Lloyds Platinum Account, Club Lloyds Platinum Account
  • You need to pay a monthly account fee depending on the account you choose
  • You need to start your switch using the Current Account Switch Service by 20 March 2023
  • As part of the switch, you need to close your existing current account held elsewhere

Exclusions

  • You have already received cashback for switching to Lloyds since April 2020
  • You start your switch after the 20 March 2023
  • You are an employee of Lloyds Banking Group, or an employee is named on any bank account held in joint names
  • You are switching to a joint account and one of the parties to the joint account has already received a switching offer since April 2020

Offer ends
20 March 2023

Interest rate 0% AER
Minimum opening balance £1
Minimum operating balance £1
Switch service guarantee Yes
Account fee £10 per month
Overseas card transactions 2.99%
Overseas cash withdrawals 2.99%

first direct Current Account - £175 switch bonus

1st Account
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Switch to first direct and get £175. The account also offers access to a 7.00% AER/gross Regular Saver Account.
Requirements to get the switching bonus
  • Open a first direct Current Account by switching and closing your old account using the Current Account Switch Service
  • Pay in at least £1,000 within three months of opening the account

Exclusions

  • You have opened and held a first direct product before
  • It is not available to existing first direct customers
  • It is not available to HSBC customers with accounts opened on or after 1 January 2020
  • This offer can’t be added to any other joiner or switcher offer

Offer ends
There is no specified date when this offer ends, except that it is subject to availability and can be withdrawn at any time.
Access to Regular Saver Account
Customers signing up to a first direct 1st Account will also gain access to its Regular Saver Account, paying an interest rate of 7% AER/gross fixed for 12 months. You can save between £25 and £300 a month, up to a maximum of £3,600 for the year. The interest is paid at the end of the 12-month period, when the account matures.

  • Interest-free overdraft
  • Award winning customer service
  • No monthly fee
  • Link to savings account
  • Interest-free overdraft is only up to £250
  • No interest paid on in-credit balances
  • Cannot bank in branch
Interest rate 0% AER
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%

Welcome cash deals

Curve - £15 spend offer

About the account
Curve’s big selling point is that you can connect all of your separate debit and credit cards to your Curve account and then spend from any of them using just a single Curve payment card. So you can leave your bulging purse or wallet at home and head out for the day in the UK or on a longer trip abroad and just take your Curve card with you, managing the whole service from its app.

Requirements to get the bonus

  • Open a 'Standard' Curve card on the app
  • Sign up and add a bank card to the wallet
  • Make a single transaction

Exclusions

  • You can only claim the £15 up to 24 hours after the first transaction is made

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

  • Account can be set up quickly online.
  • Virtual card on registration and physical card arrives in the post.
  • Link all your different debit and credit cards to your one Curve card.
  • A complete record of your spending over these multiple accounts.
  • Spending categorisation can help you budget and save money.
  • Cashback rewards from retailers.
  • Safe and secure.
  • Compatible with Apple Pay, Google Pay, Samsung Pay and wearable devices.
  • Limits on free spending and withdrawals.
  • Digital company, so no face-to-face customer support.
  • Is a payments service, not a bank account (if that’s what you’re looking for).
  • Section 75 consumer rights don’t apply to purchases made with a Curve card.

Monese - £30 refer-a-friend offer + £10 top-up bonus

Monese
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Get a free £10 bonus when using your card to make a transaction for the first time using the promo code FINDER plus earn up to £30 from each friend you refer.
Requirements to get the refer-a-friend bonus
  • Both you and your friend must live in a country Monese operates in: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Portugal, Romania, Slovakia, Slovenia, Sweden, the UK.
  • Your friend needs to be at least 18
  • Your friend must get a physical card and perform a transaction before £20 is sent out
  • You get £10 more each once your invited friend has spent a total of £500 in card transactions on their Monese account, or sent this much internationally (outside the EU/EEA)
  • Open a Monese account through the Monese app or website by clicking on the Referral Link or by using the Referral Code when signing up

Exclusions

  • You can earn a maximum of two reffreral bonuses from each friend referred
  • Refer a maximum of 15 people
  • You can earn a maximum of £450 from this offer (£30 x 15)
  • Transactions that count towards the total minimum spend include purchases made on the Monese Mastercard (except as payment for other financial services products including Paypal transactions/paying off credit card debt ), international transfers to non-Monese accounts in any available currency except GBP, EUR or RON.
  • Referred Customer opens an account using a referral code or link, they will have one year in which to meet the eligibility criteria in order to get the bonus

Offer ends
This offer is subject to availability and may be withdrawn at any time.
Requirements to get the top-up bonus

  • You need to be a new Monese customer
  • Sign up to Monese using the invite code FINDER within the app
  • Open a GBP, EUR or RON account
  • You need to order and activate the physical card then make a qualifying transaction in order to claim the bonus

Exclusions

  • One code can be used per customer
  • This can't be used in conjunction with other reward schemes e.g. invite and earn

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

  • UK current account that does all you can expect, including direct debits and standing orders.
  • Fast and easy set-up (no credit check or proof of local address needed).
  • Colourful app that is easy to use, allows you to categorise your transactions and freeze the card if you lose it.
  • Free card payments and ATM withdrawals abroad.
  • You can load cash into the account for free.
  • Can open both a UK and European account and switch instantly.
  • With a free plan, fee-free ATM withdrawals and cash loads are limited to £200 per month.
  • You can’t put your savings in a separate account or earn interest on them.
  • It doesn’t offer anything more than a current account.
  • No physical branches.
Interest rate 0% AER
Minimum opening balance £0
Account fee £0

Monzo - £5 welcome bonus

Monzo
Finder rating
★★★★★
Customer rating
★★★★★
Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Existing Monzo customers can invite their friends to join Monzo and they'll both get £5.
Requirements to get the bonus
  • The friend needs a valid referral code
  • They must download the Monzo app within 30 days of receiving the invite link
  • They need to apply for a personal, joint or business account
  • They must deposit money in the account and make a transaction
  • They must be over 16 and a UK resident without a Monzo account

Exclusions

  • Existing customers cannot invite more than 100 people to sign up (i.e. earn over £500 from this offer)
  • You cannot advertise your share code, game the offer in any way or behave in a fraudulent way

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

  • Easy to set up,
  • Good for budgeting and categorising spending,
  • Automatic saving feature,
  • Fee-free spending abroad,
  • Slick app with face login,
  • Overdrafts and loans available
  • Free ATM withdrawals outside the EEA limited to £200,
  • £1 fee for depositing cash at PayPoints,
  • Maximum cash deposit of £1,000 every 6 months
  • No rewards program
Interest rate 0% AER
Minimum opening balance £0
Account fee £0
Overseas cash withdrawals 0%

Triodos - £60 voucher for the Ethical Superstore or Neal’s Yard Remedies or donation to a charity for plus a £25 charity donation for the recommendor

£0

Min. opening balance

£3 per month

Account fees

0% AER

Interest (AER)

£60 voucher or £60 donation to a charity.
Requirements to get the bonus
    The recommender:
  • You need to be over 18 and have one of the following Triodos products in your name: Personal Current Account, Savings Account, Cash ISA, Investment ISA, including joint accounts
  • You must register for the refer-a-friend scheme by using the link within the invitation email

The recommended friend:

  • You must use the same email to register for the scheme and your new Triodos account
  • You need to open a Personal Current Account within 60 days of registering for the scheme
  • You need to deposit £100 within 30 days of opening the account
  • You must be a new customer to Triodos Bank UK and not already hold any accounts with Triodos Bank UK
  • You need to register for the refer-a-friend scheme by using the unique link given to you from the recommender

Exclusions

  • A maximum of 30 donations to a chosen charity within a 12-month period
  • You cannot apply for this offer if you live with or are family members with someone who works for Triodios
  • Joint accounts get one £25 donation

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

Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 18% EAR variable . Account fee of £3 per month.
  • Ethical banking
  • Arranged overdraft available
  • Easy to manage
  • Interest charged on overdrafts
  • Foreign transaction charges
  • No cash deposits
Interest rate 0% AER
Minimum opening balance £0
Minimum operating balance £0
Switch service guarantee Yes
Account fee £3 per month
Overseas card transactions 2.5%
Overseas cash withdrawals 2.5%

High interest offers

HSBC - Advance Account - Access to a 5% HSBC Regular Savings Account

HSBC Advance Bank Account
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Free Emergency Cash Service to withdraw up to USD 10,000 from any HSBC branch worldwide.
This current account gives you access to a linked regular saver account, plus offers and discounts via HSBC’s “Home & Away” loyalty scheme. You can also use the account to make fee-free international transfers to other HSBC accounts. Customers can manage their account online, via a smartphone app, by phone and in branch. The account’s smartphone app allows you to pay cheques into your account by scanning them with your device. Advance customers with arranged overdrafts can sign up to receive text message alerts to tell them when they’re about to enter their overdraft, so they can take action to avoid fees.
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at at 39.9% EAR variable.
  • Exclusive worldwide offers and discounts
  • Access to competitive savings account
  • Fee-free international transfers to other HSBC accounts
  • Cash withdrawal limit of £500 per day
  • No monthly account fee
  • You’ll need to meet set eligibility criteria
  • Interest charged on overdraft
  • Foreign transaction fee applies if you use your card abroad
Interest rate 0% AER
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%

NatWest - Select Account - Access to a 5.12% AER Digital Regular Saver account on balances up to £5,000

Select Account
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0.01

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Fee-free current account. No monthly account fee plus free local cash withdrawals.
The Select account from NatWest is an everyday bank account with no monthly fee. If you’re looking for a straightforward, fuss-free bank account, this could be the choice for you. The account offers an arranged overdraft and allows you to pay with Apple Pay, Google Pay and contactless Visa debit card. It also offers an emergency cash service, which means if your debit card is lost or stolen, you can cancel your card and still withdraw a set amount of cash from an RBS, NatWest or Tesco Bank ATM. You can apply for the account if you’re aged 18 or over and a UK resident. The account can be opened online and managed via online banking or the mobile app.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable .
  • No monthly fee
  • Emergency cash option
  • Easy to open and manage
  • Arranged overdraft available
  • No interest paid on in-credit balances
  • Interest charged on overdrafts
  • Limited features and benefits
Interest rate 0% AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £0
Overseas card transactions 2.75%
Overseas cash withdrawals 2.75%

Cashback offers

Chase - Current Account - Access to a 2.7% AER gross linked saver account and 1% cashback on purchases for 12 months

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

Receive 1% cashback on everyday purchases for 12 months from account opening.
This account from digital bank Chase offers a range of rewards with no monthly fee. Whenever you spend on your Chase debit card, whether at home or abroad, you’ll earn 1% cashback for the first year. You can transfer your cashback whenever you like. Plus, you can round up your spending to the nearest £1 and the difference will automatically be saved for you - your round-up balance will even earn 5% interest. You’ll also have access to the Chase Saver account which pays a competitive rate of interest, and you’ll be able to spend on your debit card fee-free across the globe.
  • No monthly account charge
  • No fees for spending or making cash withdrawals abroad
  • 1% cashback on a wide range of purchases
  • 5% interest on savings generated by the “round ups” feature
  • 1.5% interest on balances in the linked Chase saver account
  • 24/7 in-app customer support
  • 1% cashback and 5% interest offers only run for 12 months
  • No branches if you prefer face-to-face banking
  • Can’t deposit cash or cheques into the account
  • Overdrafts not available yet
Interest rate 0% AER
Minimum opening balance £0
Minimum operating balance £0
Switch service guarantee No
Account fee £0
Overseas card transactions 0%
Overseas cash withdrawals 0%

Santander Edge - 1% cashback on household bills and 1% cashback at supermarkets and on travel costs (exclusions apply) plus access to a 4% AER savings account

Edge Current Account
Finder rating
★★★★★
Customer rating
★★★★★
Read review

£0.01

Min. opening balance

£3 per month

Account fees

0% AER

Interest (AER)

£200 cashback for accounts switched when 2 direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching using the Current Account Switch Service.
Santander Edge is an everyday current account which allows you to earn cashback on selected household bills and essential spending. You can earn 1% cashback on selected household bills when you pay by direct debit (up to £10 a month) and 1% cashback at supermarkets and on travel costs when you use your debit card (up to £10 a month). Plus, you’ll have access to the Santander Edge saver account which pays a competitive rate of interest. In return, you’ll need to pay a £3 monthly fee to maintain the account and meet certain eligibility criteria.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable . Account fee of £3 per month.
  • 1% cashback on selected household bills and essential spend
  • Optional linked savings account
  • Fee-free ATM withdrawals abroad (at Santander cash machines)
  • Arranged overdraft
  • Dedicated 24-hour customer support
  • £3 account management fee
  • Strict eligibility criteria
  • Interest on overdraft is 39.94% EAR
Interest rate 0% AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £3 per month
Overseas card transactions 2.95%
Overseas cash withdrawals 2.95%

123 Current Account - Earn cashback every month on selected household bills

123 Current Account
Finder rating
★★★★★
Customer rating
★★★★★
Read review

£0.01

Min. opening balance

£4 per month

Account fees

1.75% AER

Interest (AER)

Earn cashback every month on selected household bills + 1.5% interest on your balance.
The Santander 123 current account has long been a popular account. As well as paying interest on in-credit balances, it also pays cashback on selected household bills. Account holders can earn tiered rates of cashback on bills including council tax, water, mobile and home phone, broadband and paid-for TV packages, Santander mortgage payments, Santander home and life insurance, plus gas and electricity. In return, you’ll need to meet set qualifying criteria and pay a monthly account fee. Account holders can also take advantage of an arranged overdraft. The account can be applied for online or in branch, but account holders must be at least 18 years old and a UK resident.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable . Account fee of £4 per month.
  • Interest paid on in-credit balances
  • Earn cashback on selected household bills
  • Easy to apply for
  • Monthly account fee
  • High interest rate charged on overdraft
  • You’ll need to meet certain criteria to earn interest and cashback
Interest rate 1.75% AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £4 per month
Overseas card transactions 2.95%
Overseas cash withdrawals 2.95%

What’s a switching bonus?

A switching bonus is an incentive (usually cash) that you can get for transferring your current account to a new bank. So it’s basically a bank “giving you free money” for becoming a new current account customer.

Switching bonuses are usually offered by the big traditional banks, and they can be temporary offers valid for just a few months.

The bonuses usually apply when you complete a full switch of your current account, and this will often include a minimum number of direct debits that you have to move. You won’t usually get a bonus just for opening a new account – you’ll need to transfer from your existing current account provider (that’s why it’s called a “switching” bonus).

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’ve been too lazy to do the switch so far?
  • 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 seven days. The two 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 are 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.
  • 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 between a nice switching bonus and a reliable bank that offers a good long-term service. You can make a full comparison on 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 are 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, easy and you are 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 will not be transferred.

You will also need to update all your 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

Pros

  • You can get a nice cash switching bonus (and use it to treat yourself!).
  • You can choose a bank that offers better customer service or a better mobile app… whatever you don’t like about your current bank, you don’t have to put up with it!
  • All payments are automatically transferred to your new current account thanks to CASS.
  • It’s free and fairly quick; the switch has to be completed within seven days.

Cons

  • Other accounts you might have with the same bank, such as savings accounts, will not be transferred.
  • You will need to amend your debit card details wherever you have them stored as your regular payment method.

The bottom line

If you’re looking to switch your current account then it makes sense to take advantage of any cash incentives on offer for doing so when the time is right. But as well as eyeing up any cash reward, make sure the current account you’re switching to has the right features, benefits and banking options for you. The Current Account Switch Service (CASS), which the vast majority of UK banks are signed up to, should also make your switching experience a quick and easy process.

Which banks are people switching to?

As we’ve explained in this guide, UK banking customers can use the Current Account Switch Service (CASS) to easily switch their current account to a new provider. Every three months, CASS publishes its switching figures, revealing which banks customers are choosing to switch to and which banks customers are opting to leave.

The latest figures available at a bank specific level are for between 1 July and 30 September 2022 (Q3 2022). Overall, Santander gained the largest number of customers (29,105), followed by HSBC (13,119). Barclays registered the highest number of net losses (18,646) in this particular quarter.

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Banking news & launches

Current account switches hit a record

Current account switches hit a record

The latest data from the Current Account Switch Service shows record numbers of people are switching bank accounts.

Read more…
Santander introduces new £200 switching deal

Santander introduces new £200 switching deal

Santander has launched a new £200 switching bonus for its Santander Edge, Santander 123, Everyday, Select and Private current accounts.

Read more…
Chase looks to add Nutmeg account linking to its app

Chase looks to add Nutmeg account linking to its app

Chase has redesigned its UK banking app ahead of its integration with robo-investment platform, Nutmeg.

Read more…

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3 Responses

    Default Gravatar
    KevinJanuary 18, 2023

    I want to open a CO-OP bank account to get the £125 switching bonus. But I need someone to refer me. Anybody about to help.Cheers.

      Avatarfinder Customer Care
      KateJanuary 19, 2023Staff

      Hi Kevin,

      Unfortunately, The Co-operative Bank’s Refer a Friend switching offer ended on 16 December 2022.

      We update our best bank account switching offers page regularly, so please keep checking to see if any new switching bonuses are launched.

      Thanks,

      Kate

    Avatarfinder Customer Care
    KateDecember 15, 2022Staff

    Hi Alvin,

    Thanks for getting in touch with Finder.

    Unfortunately, Chase is not signed up to the Current Account Switch Service. As a result, you can’t use the Current Account Switch Service to switch your current account from Chase to TSB.

    In order to qualify for TSB’s switch bonus, you need to complete a full switch using the Current Account Switch Service. So a manual switch from Chase to TSB would not be eligible for the cash incentive.

    Thanks,

    Kate

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