Best bank account switching offers 2024

Discover which banks pay you up to £175 for switching your current account.

Barclays logo
Get £175 when you switch to a Barclays Bank Account or Premier Current Account
first direct logo
Get £175 when you switch to a 1st Account
Lloyds logo
Get £175 when you switch to a Club Lloyds account

New customer account offers

These offers are available even if you’re not switching your main current account.

Revolut logo
£20 sign-up bonus for new customers

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

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Kate Steere

Editor

first direct’s £175 deal is a strong offer. You get £175 in cash, plus access to its Regular Saver Account at 7%. If you save the maximum amount of £300 per month into the savings account, after a year you’ll have £136.50 in interest. Overall, that’s £311.50.

Lloyds has a £175 incentive if you switch to Club Lloyds, with further cashback opportunities via their Everyday Offers. When making the switch, you can also choose from family-friendly perks like free cinema tickets or a 12-month Disney+ subscription - perfect to keep the kids happy. Eligible accounts come with monthly fees, including a £3 Club Lloyds fee which is waived if you deposit £2,000 or more each month. All accounts come with access to the Club Lloyds Monthly Saver where you can earn 6.25% interest if you save between £25 and £400 per month. If you save £400 each month, that’s £166.64 over the year, for a total of £341.64 when you include the £175 switching bonus.

Barclays is also running a £175 switch bonus, but there could be monthly fees involved. You can either open a Barclays Bank account and sign up for Blue Rewards, which costs £5 per month, or open a Premier Current Account, where you could pay £20 a month if your balance drops below £100,000 or your salary falls under £75,000. Blue Rewards gives you the chance to get Apple TV+ and an MLS Season Pass to watch every MLS game in the UK. This isn’t for everyone, but if you’re paying for those things anyway, Blue Rewards - and therefore this switch bonus - could be a good fit for you. Plus, you’ll get access to higher-interest-rate savings accounts and cashback on spending.

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Latest reviews of new current account switching offers

first direct 1st Account - £175 switch bonus
1st Account
Finder score
4.5 ★★★★★
Go to site Read review

£0

Min. opening balance

£0

Account fees

0% AER

Interest (AER)

£175 when you switch to a first direct 1st Account current account. T&Cs apply.

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 30 days of opening your first direct 1st Account
  • Within 30 days, deposit a minimum of £1,000 into your account
  • Witin 30 days, make 5+ debit card payments
  • Within 30 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
There's no specified date when this offer ends, but it's subject to availability and can be withdrawn at any time.

  • 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
Interest rate 0% AER
Minimum opening balance £0
Minimum operating balance £0
Switch service guarantee Yes
Account fee £0
Overseas cash withdrawals 0%
Club Lloyds - Up to £175 switch bonus

£1

Min. opening balance

£3 per month

Account fees

1.5% AER

Interest (AER)

£175 for accounts switched using the Current Account Switch Service including 3 active direct debits until 30.7.24.

Requirements to get the £175 switch bonus
  • Open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum Account
  • Use the Current Account Switch Service to close your current account held with another bank to one of the applicable Lloyds bank accounts
  • Transfer a minimum of 3 active direct debits

Exclusions

  • You've received an incentive for switching to a Lloyds Bank account or Halifax current account since April 2020
  • You're switching to any other Lloyds Bank current account which does not qualify
  • You switch into an existing account

Offer ends
Offer ends 30 July 2024

  • Worldwide family travel insurance, breakdown cover and mobile phone insurance
  • Overdraft available
  • Option to choose extra rewards to suit you
  • Monthly fee
  • Need to meet strict eligibility criteria to benefit from rewards
  • Interest charged on overdraft
Interest rate 0% AER
Minimum opening balance £1
Minimum operating balance £1
Switch service guarantee Yes
Account fee £3 per month (Account fee waived if account credit with at least £2000 per month). £22.5 per month
Overseas cash withdrawals 2.99%

New customer account offers

Revolut - £20 top-up offer
Revolut Standard
Finder score
4.2 ★★★★★
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
Interest rate 0% AER
Minimum opening balance £0
Account fee £0
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 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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Katherine Denham's headshot
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 175 Finder guides across topics including:
  • Fintech
  • Banking
  • Cryptocurrency
  • Mortgages
  • Payments

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