Best UK Bank Switching Offers

Last updated: 02/05/2025

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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.}

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NatWest

Account: Reward

Arranged Overdraft Rate (EAR): 39.49%

Interest Rate (AER): 0.00%

Account Fee: £2.00 pm

Switching Incentive: £150 for accounts switched using the Current Account Switch Service. Must deposit £1,250 and log in to mobile banking app within 60 days of switching. T&Cs apply.

_{Representative Example:}_{Based on an overdraft limit of £1200 charged at 39.49% EAR Variable. Representative 39.5% APR variable.}

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NatWest

Account: Premier Reward

Arranged Overdraft Rate (EAR): 39.49%

Interest Rate (AER): 0.00%

Account Fee: £2.00 pm

Switching Incentive: £150 for accounts switched using the Current Account Switch Service. Must deposit £1,250 and log in to mobile banking app within 60 days of switching. T&Cs apply.

_{Representative Example:}_{Based on an overdraft limit of £1200 charged at 39.49% EAR Variable. Representative 39.5% APR variable.}

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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: £100 cashback for accounts switched using the Current Account Switch Service. Must deposit £1K or more, have 2 or more active direct debits, make at least 10 debit card payments, register for online banking or mobile app and register debit card in a digital wallet within 30 days. Receive £25 per month for up to 3 months after receiving the £100 switch offer. Must deposit £1K or more, making at least 10 debit card transactions and have 2 or direct debits each month.T&Cs apply.

_{Representative Example:}_{Based on an overdraft limit of £1200 charged at 35.90% EAR Variable. Representative 35.9% APR variable.}

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The Co-operative Bank

Account: Everyday Extra

Arranged Overdraft Rate (EAR): 35.90%

Interest Rate (AER): 0.00%

Account Fee: £15.00pm

Switching Incentive: £100 cashback for accounts switched using the Current Account Switch Service. Must deposit £1K or more, have 2 or more active direct debits, make at least 10 debit card payments, register for online banking or mobile app and register debit card in a digital wallet within 30 days. Receive £25 per month for up to 3 months after receiving the £100 switch offer. Must deposit £1K or more, making at least 10 debit card transactions and have 2 or direct debits each month. T&Cs apply.

_{Representative Example:}_{Based on an overdraft limit of £1200 charged at 35.90% EAR Variable. Representative 35.9% APR variable.}

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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:

Overdraft: An overdraft can be useful for covering unexpected costs. Find out whether a current account offers an arranged overdraft and how much it charges. Some accounts even come with a small, interest-free buffer.

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.

Insurance: Some packaged bank accounts also include travel insurance, breakdown cover and/or gadget insurance. However, be sure to check any policy is comprehensive enough to cover all your needs.

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.

Ella Mower

Senior Content Writer

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