Best bank account switching offers in the UK 2022

Discover which banks give you £100 or more for opening a bank account and other rewards and deals for opening an account in the UK.

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Perhaps you’ve had an account with the same bank since you were a kid and have now decided it’s time to look for a different one. Perhaps your bank has exhausted your patience after one too many admin blunders. Perhaps you’d like some free money for switching. Here’s our round-up of the latest deals to help you decide which bank deserves your custom.

Top current account switching deals with free sign-up cash January 2022

Michelle Stevens
Finder's deputy editor for banking Michelle Stevens shares her thoughts
It's a competitive market out there for current accounts right now, with several banks offering incentives to encourage customers to switch their provider. Whether you're after a cash bonus or other account benefits, here are some of the best options.
  • Santander is offering £140 to switch to its Everyday Current Account. You'll need to set up two direct debits, pay in £1,000 and log into online or mobile banking within 60 days of instructing the switch. Holders of this account will also be able to use Santander's "Retailer Offers" programme, where up to 15% cashback can be earned from purchases at selected retailers.
  • first direct is running a deal where account switchers get £130 for moving to its 1st Account. Account holders will also benefit from a £250 interest-free overdraft (subject to status) and access to a Regular Saver Account, paying interest of 1% AER gross. You'll need pay in at least £1,000 within three months of opening the 1st Account.
  • HSBC is topping the cash incentive table at the moment with a £150 bonus for switching to its Advance Account. You'll need to pay in at least £1,500 within 60 days of opening the account, plus switch at least two direct debits or standing orders.

Compare switching rewards and deals

From time to time, some banks offer customers a reward or a bonus for switching. Below we have listed some of the best offers currently available.

Table: sorted by interest rate, promoted deals first
Name Product Ratings Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example Link
OFFER
HSBC Advance Bank Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
39.9% EAR variable
£150 for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switching Service within 30 days of account opening and pay in at least £1,500 within 60 days of account opening. Plus earn 1.00% AER / gross interest with the linked HSBC Regular Saver.
Current account switch service guarantee badge
Plus earn 1.00% AER / gross interest with the linked HSBC Regular Saver
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OFFER
First Direct Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
An interest-free, arranged overdraft up to £250, then 39.9% EAR (variable)
£130 when you switch.
Current account switch service guarantee badge
Earn 1.00% AER/gross with the linked Regular Saver Account and access a £250 interest-free overdraft (subject to status)
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 30.5% (0% EAR variable p.a on first £250, 39.9% thereafter).
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Club M Account - Age 18 and over
Not yet rated
£14.5 per month
No minimum funding requirement
2.02% AER
19.9% EAR variable
Apply online from the Virgin Red app or website and complete a full current account switch using the Current Account Switch Service to receive 15,000 points.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 19.9% EAR variable. Account fee of £14.5 per month.
View details
Virgin Money Current Account - Age 18 and over
Not yet rated
£0
No minimum funding requirement
2.02% AER
19.9% EAR variable
Apply online from the Virgin Red app or website and complete a full current account switch using the Current Account Switch Service to receive 15,000 points.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 19.9% EAR variable.
View details
FlexDirect - Funded
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
Min. £1000 Per Month
2% AER
39.9% EAR variable
£100 for new accounts and £125 for existing account holders when a minimum of two active Direct Debits are switched using the Current Account Switching Service within 30 days of account opening.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.
View details
Premier Bank Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
Interest-free buffer of £500, N/A
£150 for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switching Service within 30 days of account opening and pay in at least £1,500 within 60 days of account opening.
Current account switch service guarantee badge
View details
FlexDirect - Non-funded
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
Max £999.99 Per Month
0% AER
39.9% EAR variable
£100 for new accounts and £125 for existing account holders when a minimum of two active Direct Debits are switched using the Current Account Switching Service within 30 days of account opening.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.
View details
FlexAccount - Funded
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
39.9% EAR variable
£100 for new accounts and £125 for existing account holders when a minimum of two active Direct Debits are switched using the Current Account Switching Service within 30 days of account opening.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.
View details
FlexPlus
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£13 per month
No minimum funding requirement
0% AER
39.9% EAR variable
£100 for new accounts and £125 for existing account holders when a minimum of two active Direct Debits are switched using the Current Account Switching Service within 30 days of account opening.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable. Account fee of £13 per month.
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Compare up to 4 providers

Current accounts: 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 bonuses usually apply when you complete a full switch of your current account, and this will often include a minimum number of direct debits that you have to move. 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’ve been too lazy to do the switch so far?
  • 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 seven days. The two 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 are 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.
  • 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 between a nice switching bonus and a reliable bank that offers a good long-term service.

Why do banks offer switching bonuses?

To put it (very) simply, banks want your money. Customer deposits are how they are able to provide lending services such as mortgages and loans, which in return generate their profits.

But, as we mentioned above, 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.

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 are 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, easy and you are 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 will not be transferred.

You will also need to update all your 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).

Latest reviews of switching deals

Santander - Everyday Current Account

£0.01

Minimum opening balance

£0

Account fees

0% AER

Interest (AER)

£140 cashback to switch to a simple and straightforward current account, with no monthly fee.
This everyday account from Santander has no monthly fee and no minimum funding requirements to maintain it, making it ideal for those who are looking for a straightforward, fuss-free bank account. The account offers an arranged overdraft facility and enables you to earn up to 15% cashback with the bank’s Retailer Offers scheme. To activate the scheme, simply switch it on in mobile banking or online banking and spend at certain retailers including the Co-op, Morrisons, Just Eat and Costa. The account can be easily opened online or in branch if you prefer, and it can be managed online, in branch, over the phone or via the app. To qualify you will need to be at least 18 years old and a UK resident.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable .
  • No monthly fee
  • Earn cashback at certain retailers
  • Arranged overdraft
  • Easy to apply for
  • No interest paid on in-credit balances
  • High interest charged on overdraft
  • Limited features and extras
Interest rate 0%
AER

Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £0
Overseas card transactions 2.95%
Overseas cash withdrawals 2.95%

HSBC - HSBC Advance Bank Account

£0.01

Minimum opening balance

£0

Account fees

0% AER

Interest (AER)

£150 for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switching Service within 30 days of account opening and pay in at least £1,500 within 60 days of account opening. Plus earn 1.00% AER / gross interest with the linked HSBC Regular Saver.
This premium current account gives you access to a linked regular saver account, plus offers and discounts via HSBC’s “Home & Away” loyalty scheme. You can also use the account to make fee-free international transfers. Customers can manage their account online, via a smartphone app, by phone and in branch. The account’s smartphone app allows you to pay cheques into your account by scanning them with your device. Advance customers with arranged overdrafts can sign up to receive text message alerts to tell them when they’re about to enter their overdraft, so they can take action to avoid fees.
  • Exclusive worldwide offers and discounts
  • Access to competitive savings account
  • Fee-free international transfers to other HSBC accounts
  • Cash withdrawal limit of £500 per day
  • No monthly account fee
  • You’ll need to meet set eligibility criteria
  • Interest charged on overdraft
  • Foreign transaction fee applies if you use your card abroad
Interest rate
0%
AER

Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £0
Overseas card transactions 2.75%
Overseas cash withdrawals 2.75%

first direct - First Direct Current Account

£0

Minimum opening balance

£0

Account fees

0% AER

Interest (AER)

£130 when you switch.
This online fee-free current account contains a range of features, including the option to open a linked regular savings account, pay in cash and cheques in branches of HSBC and the Post Office, and manage your account online and via app. You can also set up “sweep” payments, transferring any remaining money in your account on a given day to a First Direct savings account. The bank boasts a strong customer service reputation, especially when it comes to telephone banking services. First Direct regularly offers incentive payments to encourage people to switch to them.
Representative example: Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 30.5% (0% EAR variable p.a on first £250, 39.9% thereafter).
  • Interest-free overdraft
  • Award winning customer service
  • No monthly fee
  • Link to savings account
  • 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 card transactions 2.75%
Overseas cash withdrawals 2.75%

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 a 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 seven days.

Cons

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

The bottom line

If you’re looking to switch your current account then it makes sense to take advantage of any cash incentives on offer for doing so when the time is right. But as well as eyeing up any cash reward, make sure the current account you’re switching to has the right features, benefits and banking options for you. The Current Account Switch Service (CASS), which the vast majority of UK banks are signed up to, should also make your switching experience a quick and easy process.

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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