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 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 |
| NatWest | £200 for customers that switch to a NatWest Select or Reward account. | Instant notifications, savings goals and round up features. 1% in Rewards with the NatWest Reward account (monthly fee applies) |
| RBS | £200 for customers that switch to an RBS Select or Reward account. | Budgeting tools, view your credit score and sync additional accounts within the app. 1% in Rewards with the RBS Reward account (monthly fee applies). |
| Ulster Bank | £200 for customers that switch to an Ulster Bank Select account. | Access to an emergency cash service (withdraw up to £300) if your debit card is lost or stolen. |
| HSBC | £200 for new customers that switch to an HSBC Advance account. | Access to optional £1,000 arranged overdraft. Access to Regular Saver Account with 5.00% interest. |
| 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. |
| Lloyds Bank | £150 for new customers that switch to a Club Lloyds account. | Choose between a yearly benefit such as 12 months of Disney+ for free, 6 cinema tickets or a magazine subscription. |
Natwest/RBS/Ulster Bank - £200 bonus
The details on the NatWest Group switching offer:
- Must switch using CASS or you will not be eligible
- Can switch to a Select account with NatWest, RBS or Ulster or a NatWest/RBS Reward account (monthly fee is payable)
- Must pay in a minimum of £1,250 and log in to mobile or online banking within 60 days of opening the account
- Must not have received any NatWest Group switching offers before
HSBC switching offer - £200 bonus 
The details on HSBC's switching offer:
- Must switch using CASS or you will not be eligible
- Must pay in at least £1,500 within the first 60 days
- Must switch at least 2 direct debits or standing orders
- Must be approved for a minimum £1,000 optional arranged overdraft in order to switch to an HSBC Advance account
- Access to a 5.00% AER Regular Saver account
- Not available for those that already have an HSBC account or those who have opened a First Direct account since 01/01/20
- You can also receive the switching offer for switching to an HSBC Premier account but you must have an annual income over £75,000 and additional terms apply
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
Lloyds Bank switching offer - £150 bonus 
The details on Lloyd's Bank switching offer:
- Must switch using CASS or you will not be eligible
- Must open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account
- Must switch before 17/07/23
- Must pay in at least £2,000 a month to have the Club Lloyds fee waived
- May have to pay a monthly account fee (depending on the account you choose)
- Can choose between an annual benefit such as 12 months of Disney+ for free
- Opportunity to earn interest on current account balance and savings
- Not available for those that have already received a bonus for switching to Lloyds or Halifax since April 2020
Best current accounts for cashback
| Bank/Building Society | Incentive | Min. Monthly | Monthly Fee |
| Santander Edge | 1% cashback on household bills paid by direct debit (maximum of £10 a month) and 1% cashback on essential spending (maximum of £10 a month). Access to 4% interest on savings account balance. | £500 | £3 |
| Chase Bank | Get 1% cashback on your everyday spending for the first 12 months. Also round up your spending to the nearest £ and earn up to 5% interest on your round-ups. 3.30% interest on savings balance plus 1% interest on current account balance. | No minimum | £0 |
Santander Edge
To get up to 2% cashback on bills and spending with a Santander Edge account, 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 with a Chase Bank account, you must:
- Open a Chase current account
- Activate cashback rewards within the app
- Use round-up spending to benefit from up to 5% interest on round-up savings
- £15 cap on cashback if you open the account from 9th May
- Can also earn 1% interest on your current account balance
Best current accounts for interest
| Current Account | Interest | Min. Monthly | Monthly Fee | Small Print |
| First Direct | 7.00% interest on savings balances up to £3,600 for 12 months. | £25 | £0 | Minimum monthly deposit of £25. Can save up to £300 a month. Any unused allowance from previous months can be carried over. |
| Nationwide FlexDirect Account | 5.00% on balances up to £1,500. Reverts to 0.25% after the first 12 months. Also falls to 0.25% if a minimum of £1,000 is not deposited each month during the first 12 months. | £1,000 | £0 | Reverts to 0.25% after the first 12 months. Also falls to 0.25% if a minimum of £1,000 is not deposited each month during the first 12 months. |
| Kroo | 3.60% on current account balances | £0 | £0 | Have to open a Kroo current account by downloading the Kroo app. |
| Chase Bank | 1.00% interest on current account balances. 3.30% interest on savings balances up to £500,000. | £0 | £0 | Have to open a Chase current account first by downloading the Chase app. |
| Virgin Money M Plus Account | 2.02% AER on balances up to £1,000 on the main account. 3.03% on savings balances up to £25,000; 2.52% on savings balances over £25,000. | £0 | £0 | Interest is paid annually |
First Direct
To qualify for 7.00% interest on a First Direct Regular Saver account, you must:
- Have a First Direct current account (and you can get £175 for switching)
- Be aged 18 or over
- Set up a standing order from your current account to your Regular Saver
- Pay between £25 - £300 into your Regular Saver each calendar month
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 3.60% 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
Chase Bank
To qualify for 3.30% interest with a Chase Saver account, and 1% 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 and click 'start saving'
- Fill out the details to open a Chase Saver account
Virgin Money M Plus
To qualify for 3.03% interest on a Virgin Money M Plus account, you must:
- Be aged 18 or over
- Have a good credit history
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.
