Last updated: 18/09/2025

  • first direct

    Account: 1st Account

    Arranged Overdraft Rate (EAR): 39.90%

    Interest Rate (AER): 0.00%

    Account Fee: N/A

    Switching Incentive: £175 cash for accounts switching using the Current Account Switch Service. Additional T&Cs apply.

    Representative Example: Based on an overdraft limit of £1,200. Up to £250.00 charged at 0.00% EAR Variable. Over £250.00 charged at 39.90% EAR Variable. Representative 30.5% APR variable.

  • NatWest

    Account: Select Account

    Arranged Overdraft Rate (EAR): 39.49%

    Interest Rate (AER): 0.00%

    Account Fee: N/A

    Switching incentive: For £175, use the Current Account Switch Service to switch your account held elsewhere to NatWest. Pay in £1,250 & log into the app within 60 days.  If you've received a switching incentive from NatWest Group before, you aren't eligible. Limited availability offer. T&Cs, restrictions, account eligibility criteria & conditions apply.

    Access to Digital Regular Saver - 5.50% AER / 5.37% Gross p.a. (variable) on 1st £5k, 1.06% AER / 1.05% Gross p.a. (variable) above £5k.

    Eligibility criteria for the Select account: 18+, UK resident.

    Representative example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.

  • NatWest

    Account: Reward Account

    Arranged Overdraft Rate (EAR): 39.49%

    Interest Rate (AER): 0.00%

    Account Fee: £2.00 pm

    Switching incentive: For £175, use the Current Account Switch Service to switch your account held elsewhere to NatWest. Pay in £1,250 & log into the app within 60 days. If you've received a switching incentive from NatWest Group before, you aren't eligible. Limited availability offer. T&Cs, restrictions, account eligibility criteria & conditions apply.

    Eligibility criteria for the Reward account: 18+, UK resident, pay in £1250/month. Earn up to £5 per month back: £4 in Rewards for 2 or more Direct Debits (2 of the Direct Debits need to be +£2 each) and £1 with 1 mobile app log in. Earn from 1% in Rewards when you spend with selected retail partners. 

    Representative example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.

  • Royal Bank of Scotland

    Account: Select Account

    Arranged Overdraft Rate (EAR): 39.49%

    Interest Rate (AER): 0.00%

    Account Fee: N/A

    Switching incentive: For £175, use the Current Account Switch Service to switch your account held elsewhere to NatWest. Pay in £1,250 & log into the app within 60 days. If you've received a switching incentive from NatWest Group before, you aren't eligible. Limited availability offer. T&Cs, restrictions, account eligibility criteria & conditions apply.

    Eligibility criteria for the Reward account: 18+, UK resident, pay in £1250/month. Earn up to £5 per month back: £4 in Rewards for 2 or more Direct Debits (2 of the Direct Debits need to be +£2 each) and £1 with 1 mobile app log in. Earn from 1% in Rewards when you spend with selected retail partners. 

    Representative example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.

  • Royal Bank of Scotland

    Account: Reward Account

    Arranged Overdraft Rate (EAR): 39.49%

    Interest Rate (AER): 0.00%

    Account Fee: £2.00 pm

    Switching incentive: For £175, use the Current Account Switch Service to switch your account held elsewhere to NatWest. Pay in £1,250 & log into the app within 60 days. If you've received a switching incentive from NatWest Group before, you aren't eligible. Limited availability offer. T&Cs, restrictions, account eligibility criteria & conditions apply.

    Eligibility criteria for the Reward account: 18+, UK resident, pay in £1250/month. Earn up to £5 per month back: £4 in Rewards for 2 or more Direct Debits (2 of the Direct Debits need to be +£2 each) and £1 with 1 mobile app log in. Earn from 1% in Rewards when you spend with selected retail partners. 

    Representative example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.

  • Lloyds Bank

    Account: Club Lloyds

    Arranged Overdraft Rate (EAR): 29.90%

    Interest Rate (AER): 1.50%

    Account Fee: £5.00 pm

    Switching Incentive: £200 for accounts switched using the Current Account Switch Service, including 3 direct debits. Previous account must be closed. T&Cs apply.

    Representative Example: Based on an overdraft limit of £1200. Up to £100.00 charged at 0.00% EAR Variable. Over £100.00 charged at 29.90% EAR Variable. Representative 33.2% APR variable..

  • Lloyds Bank

    Account: Silver - with Club Lloyds

    Arranged Overdraft Rate (EAR): 29.90%

    Interest Rate (AER): 1.50%

    Account Fee: £5.00 pm, £11.50 pm

    Switching Incentive: £200 for accounts switched using the Current Account Switch Service, including 3 direct debits. Previous account must be closed. T&Cs apply.

    Representative Example: Based on an overdraft limit of £1200. Up to £100.00 charged at 0.00% EAR Variable. Over £100.00 charged at 29.90% EAR Variable. Representative 48.4% APR variable.

  • Lloyds Bank

    Account: Platinum - with Club Lloyds

    Arranged Overdraft Rate (EAR): 29.90%

    Interest Rate (AER): 1.50%

    Account Fee: £5.00 pm, £22.50 pm

    Switching Incentive: £200 for accounts switched using the Current Account Switch Service, including 3 direct debits. Previous account must be closed. T&Cs apply.

    Representative Example: Based on an overdraft limit of £1200. Up to £100.00 charged at 0.00% EAR Variable. Over £100.00 charged at 29.90% EAR Variable. Representative 64.1% APR variable.

  • Lloyds Bank

    Account: Lloyds Premier

    Arranged Overdraft Rate (EAR): 29.90%

    Interest Rate (AER): 1.50%

    Account Fee: £15.00 pm

    Switching Incentive: £200 for accounts switched using the Current Account Switch Service, including 3 direct debits. Previous account must be closed. T&Cs apply.

    Representative Example: Based on an overdraft limit of £1200 charged at 29.90% EAR Variable. Representative 46.3% APR variable.

  • Nationwide BS

    Account: FlexAccount

    Arranged Overdraft Rate (EAR): 39.90%

    Interest Rate (AER): 0.00%

    Account Fee: N/A

    Switching incentive: £175 cashback for accounts switched using the Current Account Switch Service. Must transfer 2 direct debits within 28 days and pay in £1,000 and make at least one debit card payment within 31 days. T&Cs apply.

    Representative example: Based on an overdraft limit of £1200. Up to £50.00 charged at 0.00% EAR Variable. Over £50.00 charged at 39.90% EAR Variable. Representative 38.2% APR variable.

  • Nationwide BS

    Account: FlexDirect

    Arranged Overdraft Rate (EAR): 39.90%

    Interest Rate (AER): 5.00%

    Account Fee: N/A

    Switching incentive: £175 cashback for accounts switched using the Current Account Switch Service. Must transfer 2 direct debits within 28 days and pay in £1,000 and make at least one debit card payment within 31 days. T&Cs apply.

    Representative example: Based on an overdraft limit of £1200. Up to £50.00 charged at 0.00% EAR Variable. Over £50.00 charged at 39.90% EAR Variable. Representative 38.2% APR variable.

  • Nationwide BS

    Account: FlexPlus

    Arranged Overdraft Rate (EAR): 39.90%

    Interest Rate (AER): 0.00%

    Account Fee: £18.00 pm

    Switching incentive: £175 cashback for accounts switched using the Current Account Switch Service. Must transfer 2 direct debits within 28 days and pay in £1,000 and make at least one debit card payment within 31 days. T&Cs apply.

    Representative example: Based on an overdraft limit of £1200. Up to £50.00 charged at 0.00% EAR Variable. Over £50.00 charged at 39.90% EAR Variable. Representative 38.2% APR variable.

  • The Co-operative Bank

    Account: Current Account - Age 18 and over

    Arranged Overdraft Rate (EAR): 35.90%

    Interest Rate (AER): 0.00%

    Account Fee: N/A

    Switching Incentive: Earn up to £175 when switching accounts. £100 cashback for accounts switched using the Current Account Switch Service. Must deposit £1,000 or more, have two or more active direct debits, make at least 10 debit card payments, register for online or mobile banking. Additional £25 per month for up to three months for continuing to meet the above criteria. T&Cs apply.

    Representative Example: Based on an overdraft limit of £1,200 charged at 35.90% EAR Variable. Representative 35.9% APR variable.

  • The Co-operative Bank

    Account: Everyday Extra

    Arranged Overdraft Rate (EAR): 35.90%

    Interest Rate (AER): 0.00%

    Account Fee: £18.00 pm

    Switching Incentive: Earn up to £175 when switching accounts. £100 cashback for accounts switched using the Current Account Switch Service. Must deposit £1,000 or more, have two or more active direct debits, make at least 10 debit card payments, register for online or mobile banking. Additional £25 per month for up to three months for continuing to meet the above criteria. T&Cs apply.

    Representative Example: Based on an overdraft limit of £1,200 charged at 35.90% EAR Variable. Representative 35.9% APR variable.

Note

Moneyfacts.co.uk Limited is an independent credit broker not a lender. We will receive a payment from credit providers where customers link to them from Moneyfactscompare.co.uk. None of these arrangements affects our independence.

Depositor Protection

Eligible deposits with UK institutions are protected by the FSCS up to £85,000 per person per institution. Covers all new UK bank and savings accounts for UK customers.

Disclaimer

All overdrafts are subject to the applicant’s status. You may not be offered credit. All rates and fees are subject to change without notice. Please check all rates and terms before borrowing.

Provider Links

Links like ‘Go To Provider's Site’ or ‘Speak to a Broker’ connect you to providers or brokers we work with, for which we may receive a commission if you click or apply.

Favourites

Clicking the heart icon marks a product as a favourite for 14 days (if cookies are enabled), allowing you to filter and sort favourites at the top of the list.

Current account switching deals explained

Banks and building societies are always trying to entice new customers, and one strategy many use is offering attractive incentives for switching current accounts.

But, while such deals may appeal to those looking to earn a little extra cash, there are other factors you must consider before moving the home of your everyday banking.

 

What to consider before switching

Before switching current accounts, take time to assess all of the options available to you. “The right current account [depends] on someone’s individual circumstances, so it’s important consumers are not swayed by free cash alone,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

Some of the factors you should consider include:

 

 

  • Maintenance fee: While some current accounts charge a monthly or annual maintenance fee in exchange for access to additional features, you should consider the overall value for money you’re receiving. But don’t worry – there are plenty of options that don’t include maintenance fees.

 

  • In-credit interest: There are some current accounts that pay interest on in-credit balances, which enables your money to grow while still carrying out day-to-day transactions.

However, if seeing a return on your hard-earned cash is a priority, you may want to consider opening a savings account instead. Easy access savings accounts, in particular, offer much of the flexibility of current accounts and there is more choice available.

 

  • Linked accounts: That being said, some providers grant their current account holders access to exclusive products, such as more competitive savings accounts or lower-priced mortgage deals (also known as ‘preferential terms’).

 

  • Discounts: Furthermore, there are current accounts that offer holders discounts at selected retailers, restaurants and attractions. But, while they may add to the appeal of the package, remember these perks are only beneficial if you’re likely to use them.

 

  • Foreign usage fees: If you regularly travel and use your current account abroad, you may want to consider an option that charges no currency conversion or foreign transaction fees. Find out more about spending abroad with our travel money comparison guide.

 

 

How to switch current accounts

After finding an account you wish to move to (and checking you can meet any terms, conditions and eligibility criteria), you’ll need to initiate the switching process with your new provider. A vast number of switches in the UK are facilitated by the Current Account Switch Service.

 

What is the Current Account Switch Service?

Launched in 2013, the Current Account Switch Service (CASS) was designed to standardise the process of moving bank accounts, and to make it as hassle-free and reliable for consumers as possible. Its switch guarantee means all payments to and from your old account will be transferred to your new account before your old account is closed.

Since its inception, the service has facilitated over 11 million current account switches and is offered by more than 50 UK banks and building societies – including high street brands such as Barclays, HSBC, Lloyds Bank, NatWest, Nationwide BS and Santander.

 

For more information on the Current Account Switch Service and the switching process itself, view our guide.

How long does it take to switch current accounts?

Switching via the CASS takes seven days; you’ll be asked for a date by which you want the switch to be completed and can continue using your old account up until this point.

Pros and cons of switching current accounts

  • Switching current accounts can be lucrative, with some providers offering cash incentives for making the move.
  • Switches carried out using the Current Account Switch Service are generally reliable and hassle-free.
  • An attractive switching deal may mean you overlook other features of an account that don’t suit your needs and requirements.
  • Switching current accounts can have an impact on your credit score – particularly if you move multiple times in a short period of time – as providers may carry out soft or hard credit checks.

Current account switching deals FAQs:

What happens if your bank isn’t subscribed to the Current Account Switch Service?

If either your old or new provider isn’t subscribed to the CASS, you’ll need to switch accounts manually. Contact your new bank or building society for instructions but bear in mind it will likely take longer for the switch to be completed, and you won’t benefit from the switching guarantee.

What’s more, some current account switching deals stipulate that the move must be facilitated by the CASS in order for you to be eligible for the incentive; be sure to read any terms and conditions carefully.

 

What is the difference between a full and partial current account switch?

A full switch requires you to move everything to your new account and close your old account. This includes the entire balance of your old account and any regular transactions (such as Direct Debits, Standing Orders and your salary).

In contrast, you don’t need to close your old account when completing a partial switch; you can also choose which transactions to carry across to your new account. However, you’ll often be asked to complete a full switch to benefit from a current account switching deal, which is why it’s important to carefully check the terms and conditions.

 

Can you switch current accounts if you’re overdrawn?

While you can switch current accounts if you’re overdrawn, you should contact your new provider to find out whether they can accommodate your overdraft.

If a bank or building society is not willing to accept the overdraft, you’ll need to find another way to repay the debt. In some cases, your old provider may allow you to keep the account open and establish a repayment plan.

 

Related guide: How to get out and stay out of your overdraft

 

Image of Ella Mower

Ella Mower

Senior Content Writer

Banking guides

View all banking guides
guides icon
Using a current account as a savings vehicle

With the right current account you could enjoy valuable additional benefits while securing a return on a portion of your savings.

With the right current account you could enjoy valuable additional benefits while securing a return on a portion of your savings.

Read More
guides icon
Is a joint bank account a good idea?

Joint accounts are readily available from nearly all banking providers. There’s quite a range to choose from so it pays to compare when looking for a new provider. Our guide explains more.

Joint accounts are readily available from nearly all banking providers. There’s quite a range to choose from so it pays to compare when looking for a provider.

Read More
guides icon
How to get out and stay out of your overdraft

If you’re constantly in your bank account overdraft, here’s our seven-step guide to paying off your overdraft and staying overdraft-free.

If you’re constantly in your bank account overdraft, here’s our seven-step guide to paying off your overdraft and staying overdraft-free.

Read More
guides icon
What are challenger banks?

They regularly top the savings charts and tend to have a reputation for offering great service too – but what is a challenger bank, and can they be trusted as an alternative to the established banking giants?

They regularly top the savings charts and tend to have a reputation for offering great service too – but what is a challenger bank, and can they be trusted?

Read More

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.