Best bank account switching offers 2024

Santander Current Account - £150 switch bonus

Finder Score 4.1★★★★★

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Minimum opening balance	£0.01
Account fees	£0
Interest (AER)	0% AER

£150 cashback for accounts switched using the Current Account Switching Service provided at least £1.5K credited and 2 direct debits active within 60 days of request.

Requirements to get the £150 switching bonus

• Switch a current account held elsewhere using the Current Account Switch Service, switching to Santander’s Edge Up, Edge or Everyday account
• A full Current Account Switch Service (CASS) including at least 2 direct debits
• Within 60 days, pay in a minimum of £1,500

Exclusions

• Must be over 18 and live in the UK permanently
• Must be a UK resident
• You switch from an account held with Satander, cahoot or Cater Allen
• Must not have previously received a switch incentive from Santander since September 2021

Offer ends
This offer is subject to availability and may be withdrawn at any time.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.94% EAR variable.

• Pros and cons

  Pros

  • Easy to apply
  • No overeas fees for using Santander cash machines
  • No monthly fees
  • No monthly fee or minimum funding requirement
  • 4-month interest-free overdraft for new customers
  • Cashback and rewards with Santander Boosts.

  Cons

  • No interest paid on in-credit balances
  • Interest charged on overdrafts after first 4 months
  • Limited perks

• More details

  Minimum opening balance	£0.01
  Minimum operating balance	£0.01
  Switch service guarantee	Yes
  Account fees	£0
  Overseas card transactions	2.95%
  Overseas cash withdrawals	2.95%

Minimum opening balance	£0.01
Account fees	£0
Interest (AER)	0% AER

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Nationwide current account - £175 switch bonus

Finder Score 4.3★★★★★

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Minimum opening balance	£0
Account fees	£0
Interest (AER)	5% AER

£175 cashback for accounts switched using the Current Account Switch Service, including at least 2 direct debits.

Requirements to get the £175 switching bonus

• Switch a non-Nationwide bank account with at least two active direct debits to Nationwide
• Switch to Nationwide online
• Close your non-Nationwide bank account
• Within 28 days, complete the switch
• Within 31 days of requesting the switch, you must put at least £1,000 into the account and complete a transaction using your debit card

Exclusions

• Offer applies to Nationwide's three main current accounts - FlexDirect, FlexPlus and FlexAccount.

Offer ends
This offer is subject to availability and may be withdrawn at any time.

• Pros and cons

  Pros

  • Pays interest on in-credit balances
  • Interest-free overdraft for the first 12 months
  • No monthly fee
  • Account can easily be opened online

  Cons

  • Interest rate drops after the first 12 months
  • Interest is charged on overdrafts after the first 12 months
  • Account can only be managed online

• More details

  Minimum opening balance	£0
  Minimum operating balance	£0
  Switch service guarantee	Yes
  Account fees	£0
  Overseas card transactions	2.99%
  Overseas cash withdrawals	2.99%

Minimum opening balance	£0
Account fees	£0
Interest (AER)	5% AER

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Lloyds Club LLoyds - £200 switch bonus

Finder Score 4.3★★★★★

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Minimum opening balance	£1
Account fees	£3.00
Interest (AER)	1.5% AER

£200 for accounts switched using the Current Account Switch Service before 10.12.2024, including at least 3 direct debits.

Requirements to get the £200 switching bonus

• Open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account
• Switch 3 or more active direct debits using the Current Account Switching Service
• Start your switch by 10 December 2024

Exclusions

• If you received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account, you won’t be eligible again.

Offer ends
This offer ends 10 December 2024. However, the offer is subject to change and can be withdrawn without notice at any time.

• Pros and cons

  Pros

  • Interest paid on balances up to £5,000
  • Selected rewards and cashback offers
  • Preferential exchange rates
  • Exclusive banking offers available
  • Choose 1 "lifestyle benefit" each year, such as a TV, coffee or magazine subscription

  Cons

  • You’ll need to pay in at least £2,000 each month or pay £3 a month
  • You must pay out 2 direct debits each month to qualify for interest
  • Highest interest rate only paid on balances between £4,000 and £5,000
  • Overdraft rates are 27.5% EAR (£50 buffer)

• More details

  Minimum opening balance	£1
  Minimum operating balance	£1
  Switch service guarantee	Yes
  Account fees	£3.00
  Overseas card transactions	Europe: 2.99% plus flat fee of £0.50. Elsewhere: 2.99% plus flat fee of £0.50
  Overseas cash withdrawals	Europe: 2.99% conversion fee plus a cash fee of £1.50. Elsewhere: 2.99% conversion fee plus a cash fee of £1.50

Minimum opening balance	£1
Account fees	£3.00
Interest (AER)	1.5% AER

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NatWest Reward account - £180 switch bonus

Finder Score 4.2★★★★★

Minimum opening balance	£0.01
Account fees	£2 per month
Interest (AER)	0% AER

£180 for accounts switched using the Current Account Switch Service.

Requirements to get the £180 switching bonus

• Apply online or via our mobile app only
• Open and be approved for an eligible Reward account
• Switch an existing current account held elsewhere using the Current Account Switch Service
• Pay in £1,250. This can be made of multiple payments and must remain in the account for 24 hours
• Log in to our mobile app. If you already have the app, you’ll need to be on the latest version

Exclusions

• If you've previously received a switch incentive from NatWest Group, you won't be eligible for this offer

Offer ends
This offer is subject to availability and may be withdrawn at any time.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.

• Pros and cons

  Pros

  • Easy to earn rewards
  • Rewards can be exchanged for cashback, gift cards, e-codes or charity donations
  • Overdraft available
  • FSCS protection

  Cons

  • Monthly fee
  • Interest charged on overdrafts
  • Must pay in £1,250 a month to qualify

• More details

  Minimum opening balance	£0.01
  Minimum operating balance	£0.01
  Switch service guarantee	Yes
  Account fees	£2 per month
  Overseas card transactions	2.75%
  Overseas cash withdrawals	2.75%

Minimum opening balance	£0.01
Account fees	£2 per month
Interest (AER)	0% AER

New customer account offers

Revolut - £20 sign-up offer

Finder Score 4.3★★★★★

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Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).

Requirements to get the bonus

• Sign up using the unique link sent to your mobile number from Revolut's website
• Pass the identity and verification checks
• Top up your account and spend £20 using the app within 1 month of opening the account

Offer ends
This offer is subject to availability and may be withdrawn at any time.

• Pros and cons

  Pros

  • Low overseas fees
  • Quick sign-up
  • Earn cashback on spending
  • Set budgets for financial goals
  • Virtual cards for online purchases
  • Easy to transfer money internationally
  • Linked 'Junior' account available for one child

  Cons

  • 1% currency conversion charge on weekend spending abroad
  • Free cash withdrawals in the UK and abroad both limited to £200 per month
  • Cannot deposit cash or cheques into the account
  • Charged a fee to receive your bank card

• More details

  Minimum opening balance	£0
  Account fees	£0
  Overseas card transactions	0% Mon-Fri (max. £1,000 per month)
  Overseas cash withdrawals	0% Mon-Fri (max. £1,000 per month) conversion fee plus cash fee of £0 up to £200 per month

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

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Should I switch current accounts?

The answer depends on your circumstances, so only you can determine that. But here are a few things to think about:

• Are you with your existing bank because it offers good service? Or are you with it because you just haven’t thought about moving?
• Switching current account is pretty easy. Thanks to the Current Account Switch Service (CASS), all your payments and direct debits will be transferred automatically within 7 working days. The 2 banks involved will handle the process and you’ll barely have to lift a finger.
• A switching bonus is a temporary benefit. Whereas your current account is something you use pretty much every day, even if you don’t really think about it. If the bank you’re considering has a really juicy switching bonus offer but an awful mobile banking app, it may not be worth putting yourself through that kind of misery for a few quid. The customer star ratings we show can help you see which banks treat customers well.
• Banks are awful at rewarding customers for their loyalty. Banks know that people really don’t want to go through the hassle of getting a new account; once they’ve got someone as a customer, they don’t need to do much to keep them. So switching is more likely to land you a better deal.

So, weigh up the pros and cons carefully. If you do decide to switch, ideally you want to pin down the best combination of a nice switching bonus and a reliable bank that offers a good long-term service. You can see a full comparison in our current account guide here.

What happens when you switch?

If you go through with a switch, all your incoming and outgoing payments are automatically transferred to your new account via the Current Account Switch Service (CASS) process. This includes your salary, all your bills – as long as they’re paid by direct debit or standing order – and, most importantly, any future payments you might receive from someone who has your old banking details (the service will also contact them to let them know the new ones!).

You can pick your switching date in advance, and even transfer an overdraft as long as your new bank agrees to it. Once it’s all done, your old bank will close your old account, and you’ll be all set with your new one. If your new bank offers a switching bonus, you’ll receive it once the switch is complete.

Using CASS is free and easy and you’re likely to end up with a better deal or a better banking experience if you’ve picked the right account for you. But keep in mind that this service only works for current accounts, so savings accounts won’t be transferred.

You’ll also need to update any regular payments made via debit card manually, and these can be a lot (for example, your PayPal or Amazon accounts will have memorised your debit card details, not your current account details, so you’ll need to change them when you get your new debit card).

In the unlikely event that anything goes wrong with the transfer, you’ll be protected under the Current Account Switch Guarantee. This means that if you incur any fees or interest because of the switch, you’ll be reimbursed.

Pros and cons of switching

Bottom line

You can earn a handsome reward if you switch your current account to a bank that’s offering one but don’t switch to it just because you’ll get a reward. Make sure you choose a bank that offers a good service and has the features and benefits that are right for you. If you do switch, the Current Account Switch Service, which most banks are signed up to, will make the process quick and easy.

Frequently asked questions

• Why do banks offer switching bonuses?

  Banks want your money. Customer deposits are how they're able to provide lending services such as mortgages and loans, which in return generate their profits.

  But, as we mentioned above, some people hate moving bank accounts. With the notable exception of a few personal finance junkies like yours truly, most people just want to have a bank account that works and then not to think about it ever again.

  So, for banks, getting new customers is quite hard. Switching bonuses are one of the marketing tools available to them to entice people to transfer their accounts and money to them.

• How do I compare current accounts?

  We've got a full answer to this question in our compare current accounts guide.

• Can I switch a joint current account?

  You can switch from a joint current account to another joint current account as long as the other person agrees, so both of you will have to give the bank your consent.

  It's only possible to transfer a joint account to one held by the same people. You can also switch from a one-person current account to a joint current account (but not the other way around).

• Do banks offer switching rewards for student accounts?

  Yes! A range of large high street banks offer student accounts packed with rewards, including free railcards, vouchers, generous overdraft terms, and even cold, hard cash as an incentive to get you to bank with them.

• What other switching rewards can I get?

  By switching, your new bank might offer better deals compared to your old one, such as a cheaper overdraft, cashback on certain payments and a better interest rate on in-credit balances (with the current account itself or for a linked savings account). From time to time, there are also business banking switching offers.

• Does switching banks affect your credit score?

  Switching banks will have an impact on your credit score, as your new bank will run a credit check before approving your application. Learn more about credit scores and switching banks.

• Can I still switch bank account if I’m overdrawn?

  Yes, but your new bank will need to agree to giving you the overdraft amount you need and transferring your existing one across. Otherwise, you may need to agree a way to pay off the overdraft with the new bank instead or pay it off before you switch.

• What should I do if there’s a problem with my switch?

  If something goes wrong with the switching process, such as a direct debit isn’t transferred over, you should contact the bank you’re moving to so it can sort out the problem. Any charges or interest you have to pay because of the problem will be refunded under the Current Account Switch Guarantee with CASS.