Best bank account switching offers 2024

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

These are free current and e-money accounts where you can get £100 or more plus other incentives for opening an account. However, for some accounts you will need to switch and close your old account to get the bonus. We have a separate guide on banking apps with sign-up bonuses and other ways to earn free money.

Promoted
first direct 1st Account
Get £175 When You Switch
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  • Apply in minutes
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  • first direct – 1st Account – £175 switch offer
  • Santander – Everyday, Edge or Edge Up Current Account – £150 switch offer
  • The Co-operative Bank – Standard Current Account – £75 bonus for switching, plus £25 a month for up to 3 months
  • Nationwide – FlexDirect, FlexPlus or FlexAccount accounts – £175 switch offer
  • Lloyds – Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum accounts – £200 switch offer
  • NatWest – Reward account – £180 switching reward when you switch
  • Revolut – Standard account – £20 sign-up bonus offer for new customers
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Our expert says: What’s the best switching deal right now?

"Lloyds is back with its third switching deal of the year and you can earn £200 from it, which is the highest in the market. It’s paid in a lump sum within 3 working days of completing your switch. You need to open a Club Lloyds Account (£3 a month), Club Lloyds Silver Account (£11.50 a month plus £3 Club Lloyds fee) or Club Lloyds Platinum Account (£22.50 a month plus £3 Club Lloyds fee). The £3 monthly fee is waived on all accounts if you deposit at least £2,000 each month.

All these current accounts also pay interest, so you could earn up to £90 in interest if you keep a balance of £5,000 in your current account and have 2 active direct debits each month. Interest is paid at 1.50% AER (variable) for balances from £1 to £3,999 and 3% AER (variable) on the amount between £4,000 and £5,000. No interest is paid on the amount over £5,000.

These accounts also come with access to the Club Lloyds Monthly Saver, which pays 6.25% AER, fixed for 12 months. You can save between £25 and £400 each month and if you saved the maximum of £400 at the start of each month, you’d earn £161 in interest in a year.

You get to choose a lifestyle benefit as well, which could be a Disney Plus subscription, cinema tickets, Coffee Club and Gourmet Society membership or a magazine subscription.

The Silver and Platinum accounts come with AA breakdown cover, travel insurance and mobile phone insurance.

The switching offer (£200) and the interest (£90 and £161) you could earn in the first year would take you to £451, with the other extras a bonus."

Senior writer

Find refer-a-friend and sign-up offers

Latest reviews of new current account switching offers

first direct 1st Account

first direct 1st Account - £175 switch bonus

Finder Score 4.5★★★★★

Go to site Read review
Minimum opening balance£0
Account fees£0
Interest (AER)0% AER
£175 cashback for accounts switched using the Current Account Switch Service, including at least 2 direct debits or standing orders.

Requirements to get the £175 switching bonus

  • Switch a current account held elsewhere using the Current Account Switch Service into a 1st Account
  • A full CASS switch including at least 2 direct debits or standing orders must be made within 45 days of opening your first direct 1st Account
  • Within 45 days, deposit a minimum of £1,000 into your account
  • Within 45 days, make 5+ debit card payments
  • Within 45 days, register and log onto digital banking

Exclusions

  • You have opened a first direct product, or opened an HSBC current account on or after 1 January 2018.

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

Everyday Current Account

Santander Current Account - £150 switch bonus

Finder Score 4.1★★★★★

Go to site Read review
Minimum opening balance£0.01
Account fees£0
Interest (AER)0% AER
£150 cashback for accounts switched using the Current Account Switching Service provided at least £1.5K credited and 2 direct debits active within 60 days of request.

Requirements to get the £150 switching bonus

  • Switch a current account held elsewhere using the Current Account Switch Service, switching to Santander’s Edge Up, Edge or Everyday account
  • A full Current Account Switch Service (CASS) including at least 2 direct debits
  • Within 60 days, pay in a minimum of £1,500

Exclusions

  • Must be over 18 and live in the UK permanently
  • Must be a UK resident
  • You switch from an account held with Satander, cahoot or Cater Allen
  • Must not have previously received a switch incentive from Santander since September 2021

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 39.94% EAR variable.

Nationwide FlexDirect Account

Nationwide current account - £175 switch bonus

Finder Score 4.3★★★★★

Read review
Minimum opening balance£0
Account fees£0
Interest (AER)5% AER
£175 cashback for accounts switched using the Current Account Switch Service, including at least 2 direct debits.

Requirements to get the £175 switching bonus

  • Switch a non-Nationwide bank account with at least two active direct debits to Nationwide
  • Switch to Nationwide online
  • Close your non-Nationwide bank account
  • Within 28 days, complete the switch
  • Within 31 days of requesting the switch, you must put at least £1,000 into the account and complete a transaction using your debit card

Exclusions

  • Offer applies to Nationwide's three main current accounts - FlexDirect, FlexPlus and FlexAccount.

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

Lloyds Club Lloyds Account

Lloyds Club LLoyds - £200 switch bonus

Finder Score 4.3★★★★★

Read review
Minimum opening balance£1
Account fees£3.00
Interest (AER)1.5% AER
£200 for accounts switched using the Current Account Switch Service before 10.12.2024, including at least 3 direct debits.

Requirements to get the £200 switching bonus

  • Open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account
  • Switch 3 or more active direct debits using the Current Account Switching Service
  • Start your switch by 10 December 2024

Exclusions

  • If you received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account, you won’t be eligible again.

Offer ends
This offer ends 10 December 2024. However, the offer is subject to change and can be withdrawn without notice at any time.

NatWest Reward Account

NatWest Reward account - £180 switch bonus

Finder Score 4.2★★★★★

Minimum opening balance£0.01
Account fees£2 per month
Interest (AER)0% AER
£180 for accounts switched using the Current Account Switch Service.

Requirements to get the £180 switching bonus

  • Apply online or via our mobile app only
  • Open and be approved for an eligible Reward account
  • Switch an existing current account held elsewhere using the Current Account Switch Service
  • Pay in £1,250. This can be made of multiple payments and must remain in the account for 24 hours
  • Log in to our mobile app. If you already have the app, you’ll need to be on the latest version

Exclusions

  • If you've previously received a switch incentive from NatWest Group, you won't be eligible for this offer

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 39.49% EAR variable. Account fee of £2 per month.

New customer account offers

Revolut Standard Account

Revolut - £20 sign-up offer

Finder Score 4.3★★★★★

See dealRead review
Minimum opening balance£0
Account fees£0
Interest (AER)0% 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

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

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 account for you. But 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).

In the unlikely event that anything goes wrong with the transfer, you’ll be protected under the Current Account Switch Guarantee. This means that if you incur any fees or interest because of the switch, you’ll be reimbursed.

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.
  • You’re protected by the Current Account Switch Guarantee if anything goes wrong with the transfer.

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.

Banks rarely reward customers for their loyalty, so if you can get paid to switch to a better current account, it could be a win-win.”

Katherine Denham, award-winning personal finance expert

Frequently asked questions

Banking scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

To find out more, read our full methodology.

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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To make sure you get accurate and helpful information, this guide has been edited by Liz Edwards and reviewed by Katherine Denham, a member of Finder's Editorial Review Board.
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Written by

Editor

Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio

Kate's expertise
Kate has written 176 Finder guides across topics including:
  • Fintech
  • Banking
  • Cryptocurrency
  • Mortgages
  • Payments

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