Get £175 to switch with first direct

With the first direct 1st Account, you’ll enjoy access to its Regular Saver Account at 7% AER/gross, no debit card fees when spending abroad and a £250 interest-free overdraft (subject to status).

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Finder Award

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Monthly rewards
Available as a joint account
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Finder Award

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£175 to switch

No monthly fee
Easy to apply
Access to regular saver account

Promoted for welcome bonus

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£20 sign-up bonus

Low overseas fees
Quick application
Earn cashback on spending

Compare the latest bank switch offers

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Name	Product	Finder Score	Account fees	Funding requirement	Interest (AER)	Arranged overdraft	Incentive	Representative example	Link
CASHBACK Spend & Save Plus Account Spend & Save Plus Account Finder Award	CASHBACK	4.5 ★★★★★	£3 per month	No minimum funding requirement	0% AER	N/A	Earn £5 cashback a month when making 20 or more debit card payments each month.	Account fee of £3 per month.	Go to site View details	loading Fetching your data...
OFFER 1st Account 1st Account Finder Award	OFFER	4.5 ★★★★★	£0	No minimum funding requirement	0% AER	N/A	£175 when you switch to a first direct 1st Account current account. T&Cs apply.	Complete a full switch using the Current Account Switch Service, including at least 2 Direct Debits or standing orders. Then deposit £1,000, make 5+ debit card payments, and log on to digital banking, within 30 days of your account opening. New customers only, who haven’t previously held a first direct product. T&Cs apply.	Go to site View details	loading Fetching your data...
Current Account Current Account Finder Award		4.0 ★★★★★	£0	No minimum funding requirement	0% AER	35.9% EAR variable		Aged 16 or over, or 18 or over when requesting the optional overdraft. Subject to status and eligibility. Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 35.9% EAR variable.	View details	loading Fetching your data...
CASHBACK Spend & Save Account Spend & Save Account Finder Award	CASHBACK	4.3 ★★★★★	£0	No minimum funding requirement	0% AER	39.9% EAR variable	Earn £5 cashback a month when making 20 or more debit card payments each month.	If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable/APR representative.	Go to site View details	loading Fetching your data...

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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 bonus deals typically require you to complete a full switch of your current account, including moving a minimum number of direct debits to your new account. 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 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.

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.