Last updated: 01/04/2025
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.
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.
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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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.
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:
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.
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.
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.
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.
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.
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.
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