Switching bank accounts got a whole lot easier on 16 September 2013 thanks to the Current Account Switch Service (CASS), brought in by regulators in a bid to boost competitiveness within the banking sector.
Previously, switching current accounts was seen as a nightmare, taking up to 30 days to complete and with little incentive to do so. It is perhaps unsurprising that consumers have typically only switched their bank once every 16 years.
In this article, we round up the best switching offers, cashback and interest rates so you can find the best current account for you.
How to switch current account
Under CASS, consumers are able to choose the date on which they want to transfer their current account and the whole process will not take more than 7 working days. Direct debits and standing orders will be automatically transferred to your new account, as will any payments sent to the old account (for a minimum period of 3 years). If any payments are missed, they will guarantee to reimburse you in full.
Bear in mind that your old account will be closed as part of the switch via CASS. It can be beneficial for your credit report to have evidence of being with a bank for an extended period of time. Therefore closing old bank accounts can have a negative impact on your credit report. In addition, opening numerous bank accounts which provide access to credit (such as overdrafts) can also have a negative impact on your credit report and harm your ability to borrow in the short term. So bear this in mind if you plan to apply for a mortgage in the near future.
Check before you switch
The Financial Services Compensation Scheme (FSCS) protects your savings for losses up to £120,000 (£240,000 for joint accounts) should your bank or building society go bust, as long as it is authorised by the Financial Conduct Authority (FCA). However, the scheme protects your savings up to £120,000 per bank or building society providing the bank or building society has its own banking authorisation.
Some banks and building societies share their banking licence with other brands because they are part of a bigger group (for example, HSBC and First Direct). In these instances, you will only be covered for £120,000 across both banking brands for accounts in your sole name (£240,000 for joint accounts). Therefore, it is important to ensure that you understand how switching bank accounts will impact your protection under the FSCS when viewed in the context of your existing accounts.
This handy tool allows you to select the banks and building societies that you currently hold money with (or plan to hold money with) to see your level of protection under the FSCS if any of them were to go bust. For more information on the FSCS read our article, 'What is the Financial Services Compensation Scheme (FSCS)?'
The best current account switch offers
| Bank/Building Society | Switching Offer | Extra Benefits |
| HSBC | £500 for new customers that switch to an HSBC Premier account.
Note: This account is only available to those who earn £100,000+ per year or can save/invest £100,000+ with HSBC. |
Access HSBC Premier worldwide family travel insurance and HSBC online health services as well as exclusive rewards and offers with no monthly account fee. |
| NatWest | £250 for new or existing customers that switch to a Premier Select or Premier Reward account.
Additional £750 if you then open a new Flexible Saver account and deposit £100,000 into it (see NatWest website for full details) Note: This account is only available to those who earn £100,000+ per year or can save/invest £100,000+ with NatWest or have a mortgage of at least £500,000 with NatWest. |
With a Premier Reward account you can earn:
There is a £2 monthly fee for the Premier Reward account. |
| NatWest | £200 for new or existing customers that switch to a NatWest Select or Reward account. | The Select account has no monthly fee. The Reward account has a £2 monthly fee but you can earn £4 a month for two or more Direct Debits of at least £2 and £1 a month for logging into the mobile app. Also earn from 1% back in Rewards when spending with partner retailers. |
| First Direct | £200 for new customers that switch to a 1st Account - £175 with an extra £25 for accounts opened by 15th July. | Access to £250 interest-free overdraft. Access to Regular Saver Account with 7.00% interest. No First Direct debit card fees when spending abroad. |
| Santander | £180 for customers that switch a non-Santander current account to a new or existing Santander Everyday, Edge, Edge Up, Edge Explorer or Private (v2) current account (If already existing, must have been opened after 1st January 2025). | Santander Edge, Edge Up and Private (v2) come with 1% cashback on selected household bills. Monthly interest of 2.10% AER on balances up to £25,000 with Edge Up and Private (v2). Santander Edge customers have access to optional savings account with 6.00% AER interest on balances up to £4,000 (includes 2.50% AER bonus rate for the first 12 months from opening). There is a £3 monthly fee for the Santander Edge account and a £5 monthly fee for the Santander Edge Up and Private (v2) current accounts.
Santander Edge Explorer account holders get 1% cashback on selected household bills as well as 1% cashback at supermarkets and on travel costs plus additional benefits including Worldwide family travel insurance, UK 24/7 GP remote access, UK and European breakdown cover and family mobile phone insurance. There is a £17 monthly fee for this account. |
| Nationwide | £175 for new or existing customers that switch to a FlexDirect, FlexAccount, or FlexPlus account. | FlexDirect pays 5% AER on balances up to £1,500 for the first 12 months and 1% cashback (up to £5 every month) on debit card spending for the first year. FlexPlus includes worldwide travel, mobile, and breakdown insurance for a £18 monthly fee. |
| Bank of Scotland | £175 for customers that switch to a new Classic, Silver, or Platinum account.
Offer ends on 29th June. |
The Classic account has no monthly fee as long as you stay in credit.
The Silver account includes European Family Travel Insurance, AA Breakdown Family Cover, Mobile phone insurance and fee-free spending abroad. There is an £11.50 monthly fee for this account. The Platinum account includes Worldwide family travel insurance, AA Breakdown Family Cover with National Recovery and Mobile phone insurance. There is a £22.50 monthly fee for this account. |
HSBC switching offer - £500 bonus
The details on HSBC's switching offer:
- Must earn £100,000+ per year or can save/invest £100,000+ with HSBC
- Must be a UK resident aged 18 years or older
- Must open an HSBC Premier Account as a new customer
- Must make a full switch using CASS within 90 days or you will not be eligible
- Must not have held an HSBC UK or First Direct current account on or after 1st January 2025
- Additional benefits - details in table above
NatWest switching offer - up to £250 bonus
The details on NatWest's £250 switching offer:
- Must earn £100,000+ per year or can save/invest £100,000+ with NatWest or have a mortgage of at least £500,000 with NatWest
- Must make a full switch from another bank using CASS or you will not be eligible
- Must be a UK resident
- Must apply for a NatWest Premier Reward or Premier Select account (The current account you're switching can't be held with NatWest, RBS or Ulster Bank)
- Must pay in £1,250 to an eligible NatWest current account every month
- Must log in to the NatWest mobile app within 60 days of switch completion
- Must deposit £5,000 within 60 days of switch completion
- Available to new and existing customers who haven't previously received a switch offer and did not hold a NatWest current account or savings account as of 10th March 2026
- Additional £750 if you then open a new Flexible Saver account and deposit £100,000 into it (see NatWest website for full details)
- Offer may be withdrawn at any time
NatWest switching offer - up to £200 bonus
The details on NatWest's £200 switching offer:
- Must open a Select or Reward current account using CASS
- Must complete a full switch from another bank using CASS or you will not be eligible
- Must pay in £1,250 into the new account within 60 days of switching
- Must log into the NatWest mobile banking app within 60 days
- Must not have ever received a switching incentive from NatWest, RBS, or Ulster Bank, nor held a NatWest current account on 6th May 2026
First Direct switching offer - £200 bonus
The details on First Direct's switching offer:
- £175 with an extra £25 for accounts opened by 15th July
- Must make a full switch using CASS or you will not be eligible
- Open a 1st Account
- Must transfer a minimum of 2 direct debits or standing orders
- Must deposit £1,000, make 5+ debit card payments and log-in to digital banking within 45 days of opening account
- Access to a £250 interest-free overdraft (subject to credit checks)
- Access to a 7.00% AER Regular Saver account
- New customers only who have never previously held a First Direct product
- Not available for those that have opened an HSBC current account on or after 01/01/18
- Offer can be withdrawn at any time
Santander switching offer - £180 bonus
The details on Santander's switching offer:
- Must make a full switch using CASS or you will not be eligible
- Must switch a non-Santander bank account to a new or existing Santander Everyday, Edge, Edge Up, Edge Explorer or Private (v2) current account
- Note that Edge, Edge Up, Edge Explorer and Private (v2) current accounts have a monthly fee - See Santander website for full T&Cs
- Within 60 days of telling Santander to switch your account, you must have completed the full switch using CASS
- Must have 2 active selected household direct debits and have paid at least £1,500 into your eligible account within 60 days of telling Santander to switch your account
- Must still hold the account, including 2 active direct debits, on the date of switch incentive payment
- Must not have held a current account with Santander on 1st January 2025 or have already received a Santander switcher incentive
- Additional benefits - vary by account (details in table above)
Nationwide switching offer - £175 bonus
The details on Nationwide's switching offer:
- Must complete a full switch using CASS to a new or existing FlexDirect, FlexAccount, or FlexPlus account
- Must be switching from a non-Nationwide or non-Virgin Money current account
- Must transfer at least 2 active Direct Debits from your old account
- Must pay in £1,000 and make at least 1 debit card payment within 31 days of account opening (or applying to switch to an existing account)
- You can only receive this switch offer for your first eligible sole current account switch since 2021 and for your first eligible joint current account switch since 2021
Bank of Scotland switching offer - £175 bonus
The details on Bank of Scotland's switching offer:
- Must make a full switch using CASS to a new Classic, Silver, or Platinum account by 29th June
- Must transfer at least 3 active Direct Debits
- Must not be switching from a Halifax or Lloyds current account, nor an existing Bank of Scotland current account
- You will not qualify if you have received a switching incentive from Halifax, Bank of Scotland, or Lloyds Bank since 1st January 2023.
More on current accounts
Head over to our up-to-date list of the best current accounts in the UK, and keep an eye on our round-up of the best high-interest current accounts for the latest deals and offers. If you are interested in earning cashback, then we also provide a list of the best current accounts for earning cashback. Additionally, you can find the best savings rates for your money in our article, 'Best savings accounts in the UK'.
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