Best bank account switching offers 2024

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

first direct logo
Get £175 when you switch to a 1st 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?

katesteere profile pic
Kate Steere

Editor

Despite a busy couple of months, the amount of switching deals currently available have reduced. Currently the only switching offer available is from first direct. 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.

Latest reviews of new current account switching offers

Get £175 when you switch to first direct

1st Account
Finder score
4.5 ★★★★★
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 £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
  • 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
22 April 2024

  • 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%

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
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 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 is provided by Moneyfacts.

More guides on Finder

Go to site