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. We also share the details of Co-operative Bank's Refer a Friend switching offer which pays you both £125 if you refer someone, or someone refers 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 period of 13 months). If any payments are missed, they will guarantee to reimburse you in full.
Check before you switch
The Financial Services Compensation Scheme (FSCS) protects your savings for losses up to £85,000 (£170,000 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 £85,000 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 £85,000 across both banking brands for accounts in your sole name (£170,000 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 |
| Nationwide | £200 for new customers that switch to a Nationwide FlexPlus/FlexDirect/Flex Account. | Access to 12 month Regular Saver paying 8.00% variable interest. Fee-free spending on your card when travelling abroad. 5.00% interest on current account balances up to £1,500. |
| First Direct | £175 for new customers that switch to a 1st Account. | Access to £250 interest-free overdraft. Access to Regular Saver Account with 7.00% interest. |
Nationwide switching offer - £200 bonus 
The details on Nationwide's switching offer:
- Must switch using CASS or you will not be eligible
- Must complete a full switch and close your existing non-Nationwide current account
- Available on FlexAccount, FlexDirect and FlexPlus current accounts
- Must switch a minimum of 2 direct debits
- The process must be completed within 60 days of the switching request
- Must not have received a Nationwide switch offer on a sole or joint account since 18/08/21
First Direct switching offer - £175 bonus 
The details on First Direct's switching offer:
- Must switch using CASS or you will not be eligible
- Must pay in at least £1,000 in the first 3 months
- Access to a £250 interest-free overdraft (subject to credit checks)
- Access to a 7.00% AER Regular Saver account
- Not available for those that already have a First Direct account or those who have opened an HSBC account since 01/01/20
Refer a friend switching offer
| Bank/Building Society | Account opening offer | Extra Benefits |
| Co-operative Bank | Refer someone to open and switch to a Co-op Current account or Everyday Extra account and you both get £125. | Monthly rewards if you opt in to Everyday Rewards and meet the monthly criteria. Be rewarded up to £2.20 a month. No extra cost for opting in to Everyday Rewards. |
Co-operative refer a friend switching offer - both get £125
The details on Co-op's refer a friend switching offer:
- Referred person must open and switch to a Co-operative Bank standard Current Account or Everyday Extra account
- Must deposit £800, make 5 debit card payments, set up 2 direct debits and register for online banking, all within 60 days of opening the account
- Referred person must not have held a Co-operative Bank current account or smile account of any type since 01/11/22
- Once new Co-op bank account details received, you must complete a referral form to receive the £125 payment into both accounts
- Referral form must be sent to Co-operative Bank within 60 days of opening the account
- Go to the Co-operative Bank website for more information and full T&Cs
Best current accounts for cashback
| Bank/Building Society | Incentive | Min. Monthly | Monthly Fee |
| Santander Edge Up | 1% cashback on selected household bills paid by direct debit (maximum of £15 a month)
1% cashback on essential spending (maximum of £15 a month). 3.50% (AER) interest paid on current account balances up to £25,000 |
£1,500 | £5 |
| Santander Edge | 1% cashback on selected household bills paid by direct debit (maximum of £10 a month)
1% cashback on essential spending (maximum of £10 a month). Access to 7.00% interest on savings account balance up to £4,000 (includes 2.50% bonus rate for first 12 months) |
£500 | £3 |
| Chase Bank* | Get 1% cashback on your everyday debit card spending (exceptions apply) for your first 12 months. Maximum of £15 a month. Also, round-up your debit card spending to the nearest £ and earn 5% AER interest with a round-up account. 4.10% AER interest on savings balance plus 1% AER on current account balance. | No minimum | £0 |
Santander Edge Up
To get up to 1% cashback on bills and spending with a Santander Edge Up account (Max £30 cashback per month), you must:
- Pay £5 a month to maintain the account
- Pay in at least £1,500 a month
- Add 2 active direct debits to the account
- Pay bills via direct debit
- Be a permanent UK resident and be over the age of 18
Santander Edge
To get up to 1% cashback on bills and spending with a Santander Edge account (Max £20 cashback per month), you must:
- Pay £3 a month to maintain the account
- Pay in at least £500 a month
- Add 2 active direct debits to the account
- Pay bills via direct debit
- Be a permanent UK resident and be over the age of 18
Chase Bank
To get 1% cashback on your everyday debit card spending with a Chase current account, you must:
- Open a Chase current account by downloading the Chase app*
- Be a permanent UK resident aged 18+
- Cashback is available for your first 12 months, max £15 a month
- Some cashback exceptions apply
- Can also earn 1% AER interest on your current account balance
Best current accounts for interest
| Current Account | Interest | Min. Monthly | Monthly Fee | Small Print |
| Nationwide FlexDirect Account | 5.00% on balances up to £1,500. Reverts to 1.00% after the first 12 months. Also falls to 1.00% if a minimum of £1,000 is not deposited each month during the first 12 months. | £1,000 | £0 | Reverts to 1.00% after the first 12 months. Also falls to 1.00% if a minimum of £1,000 is not deposited each month during the first 12 months. |
| Kroo | 4.35% on current account balances up to £500,000. | £0 | £0 | Have to open a Kroo current account by downloading the Kroo app. |
| Santander Edge Up | 3.50% AER on current account balances up to £25,000. | £1,500 | £5 | Must have at least 2 active direct debits to qualify for the 3.50% interest rate. Interest is paid monthly. |
| Starling Bank* | 3.25% AER (variable) interest on balances up to £5,000. | £0 | £0 | Interest is paid monthly on balances up to £5,000. Interest is paid on balances in Personal, Joint, Teen and Kite accounts. |
| Virgin Money M Plus Account | 2.02% AER on balances up to £1,000 on the main account. 3.55% on savings balances up to £25,000; 2.52% on savings balances over £25,000. | £0 | £0 | Interest is paid monthly on your M Plus account balance up to £1,000 and quarterly on savings balances over £1,000. |
| Chase Bank* | 1.00% AER interest on current account balances. 4.10% AER interest on savings balances up to £500,000. | £0 | £0 | Interest is paid monthly. Have to open a Chase current account first by downloading the Chase app. |
Nationwide FlexDirect 
To qualify for 5% interest on a Nationwide FlexDirect account, you must:
- Be aged 18 or over
- Be a UK resident
- Pay in £1,000 a month (excluding transfers from other Nationwide accounts or Visa credits)
- Open an account for the first time solely in your name or a joint account with someone else
- Hold no more than 4 existing sole or joint Nationwide current accounts
Kroo
To qualify for 4.35% interest with a Kroo current account, you must:
- Open a Kroo current account by downloading the Kroo app
- Be aged 18 or over
- Be a UK resident
Santander Edge Up
To qualify for 3.50% interest with a Santander Edge Up account, you must:
- Be aged 18 or over
- Be a UK resident
- Pay £5 a month to maintain the account
- Pay in at least £1,500 a month
- Add 2 active direct debits to the account
Starling Bank
To qualify for 3.25% interest* with a Starling Bank current account, you must:
- Open a Starling Bank current account by downloading the Starling Bank app
- Be a UK resident
- Must have a smartphone
- Need a valid photo ID (passport or driving licence)
Virgin Money M Plus
To qualify for 3.55% interest on a Virgin Money M Plus account, you must:
- Be aged 18 or over to apply online
- Have a good credit history
Chase Bank
To qualify for 4.10% AER interest* with a Chase Saver account, and 1% AER interest with a Chase current account, you must:
- Open a Chase current account by downloading the Chase app
- Add a Chase saver account within the app
- Be aged 18 or over
- Be a UK resident
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. Additionally, you can find the best savings rates for your money in our article, 'Best savings accounts in the UK'.
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