Best bank account switching offers 2023

Discover which banks pay you up to £200 for switching your current account.

Which banks are currently running switch offers in 2023?

BankSwitching offer
Nationwide BSNationwide£200 for customers that switch to a FlexPlus, FlexDirect or FlexAccount account
first directfirst direct£175 for customers that switch to the 1st account
The Co-operative BankCo-operative BankRefer a friend & both get £125 when switching to the Current Account or Everyday Extra Account

New customer account offers

ProviderIncentive
RevolutRevolut£20 sign-up bonus for new customers

Expert analysis: What’s the best switching deal right now?

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Kate Steere

Deputy editor

Nationwide’s £200 switch bonus is the best overall. If you opt for the FlexDirect account, you could earn 5% on balances of up to £1,500 for 12 months and potentially pocket another £75. There’s also access to Nationwide’s Flex Regular Saver at 8% AER. If you save the full amount of £200 per month, after a year you’ll have £104 in interest. Add that to the switch bonus and in-credit interest and you stand to earn £379 overall.

If Nationwide's deal isn't the one for you, first direct’s long-running £175 switching bonus is still a good option. It also gives you access to its Regular Saver account at 7%. If you save the maximum monthly amount of £300, after a year you’ll have £136.50 in interest. Overall that’s £311.50.

Latest reviews of new current account switching offers

Get £200 when you switch to Nationwide

FlexDirect
Finder rating
★★★★★
Customer rating
★★★★★
Read review

£0

Min. opening balance

£0

Account fees

5% AER

Interest (AER)

£200 for accounts switched when at least 2 direct debits are switched using the Current Account Switch Service.

Requirements to get the switching bonus
  • Apply for FlexAccount, FlexPlus, FlexDirect current account online between 18 September 2023 and before the offer is withdrawn
  • Complete a full switch using the Current Account Switching Service within 60 days
  • You new account needs to have 2 or more active direct debits
  • You must close your previous bank account during the switch

Exclusions

  • You will not be eligible if you have already received a switching offer on a sole or joint account since 18 August 2021 from Nationwide
  • You will not be eligible if you have switched from one Nationwide account to another

Access to the Flex Regular Saver
Customers signing up to an eligible Nationwide current account will also get access to its Flex Regular Saver account, paying an interest rate of 8% AER/gross (variable) for 12 months. You can save up to £200 a month, up to a maximum of £2,400 for the year. The interest is paid at the end of the 12-month period, when the account matures.

Offer ends
No date has been specified for when this offer will end.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable .
  • Pays interest on in-credit balances
  • Interest-free overdraft for the first 12 months
  • No monthly fee
  • Account can easily be opened online
  • Interest rate drops after the first 12 months
  • Interest is charged on overdrafts after the first 12 months
  • Account can only be managed online
Minimum opening balance £0
Minimum operating balance £0
Switch service guarantee Yes
Account fee £0
Overseas card transactions 2.99%
Overseas cash withdrawals 2.99%

first direct 1st 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 plus get access to a 7.00% AER/gross Regular Saver Account.
Requirements to get the switching bonus
  • Open the first direct 1st Account current account by switching and closing your old account using the Current Account Switch Service
  • Pay in at least £1,000 within 3 months of opening the account

Exclusions

  • You have opened and held a first direct product before
  • It's not available to existing first direct customers
  • It's 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's no specified date when this offer ends, but it's 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 get 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.

  • No monthly fee
  • Easy to apply
  • Access to regular saver account
  • Excellent customer service – 24/7 support
  • FSCS protection
  • Interest-free overdraft is only up to £250
  • No interest paid on in-credit balances
  • Cannot bank in branch
Minimum opening balance £0
Minimum operating balance £0
Switch service guarantee Yes
Account fee £0
Overseas card transactions 0%
Overseas cash withdrawals 0%

Refer a friend & both get £125

Current Account
Customer rating
★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

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

Revolut Standard
Finder rating
★★★★★
Customer rating
★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

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.

I am always shopping around for the best deals, if that’s a new savings account or getting a better mortgage rate when my last fixed one expired. I use Finder for advice on the best incentives for switching bank accounts, credit cards etc. Due to the cost of living crisis, I have been actively managing my finances even more”

Finder member Nicola Frapwell, West Sussex

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

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 7 working days.

Cons

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

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.

BankAccount name(s)OfferDate expired
NatWestSelect & Reward accounts£200 switch offer11 September 2023
RBSSelect & Reward accounts£200 switch offer11 September 2023
HalifaxReward & Ultimate Reward£150 switch offer31 August 2023
HSBCAdvanced Account£200 switch offer3 June 2023
Virgin MoneyCurrent Account25% cashback on up to £160 spend on UK supermarket and fuel spend30 September 2022

Finder's bank account switching survey

We surveyed UK adults to find out the main reasons for people not switching bank accounts, despite lucrative switching deals.

  • Over a third of Brits (34%) have not switched bank accounts due to loyalty to their current banking provider.
  • Only 14% of Brits have switched banks to take advantage of a switching deal.
  • Around a fifth of Brits (21%) have not switched bank accounts because they believe it will be too stressful or time-consuming.

All the content may be republished with a link to this page. Finder commissioned Censuswide to survey 2,000 adults between 09.10.2023 and 11.10.2023.
Press enquiries

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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2 Responses

    AvatarFinder
    KateFebruary 7, 2023Finder

    Hi Joe,

    Thanks for getting in touch.

    If you sign up for our email, you’ll receive a monthly money newsletter which covers the newest switching deals available. You can find the sign up box on our homepage.

    Alternatively, we regularly update our best bank account switching offers page. So please do check back to see if there is anything new.

    Thanks,

    Kate

    Default Gravatar
    JoeFebruary 7, 2023

    Hi

    Is there any way to get notified by your website when there’s a new bank switch offers available?

    Many thanks
    Joe Fox

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