Our Pick Of The Best Bank Account Switching Offers

Bethany Garner
Editor
Laura Howard
Editor

Reviewed By

Updated: Aug 6, 2024, 5:34pm

Important Disclosure: The content provided does not consider your particular circumstances and does not constitute personal advice. Some of the products promoted are from our affiliate partners from whom we receive compensation.

If you require any personal advice, please seek such advice from an independently qualified financial advisor. While we aim to feature some of the best products available, this does not include all available products from across the market. Although the information provided is believed to be accurate at the date of publication, you should always check with the product provider to ensure that information provided is the most up to date.

If you’ve had the same current account for years, you could be missing a trick. Banks and building societies can offer cash incentives to new customers willing to make a full switch of their existing current account.

These offers come and go according to market conditions, competition, and appetite to attract new customers. However, we’ve listed our pick of what’s available below. No account we’ve listed charges a monthly fee to operate and are all available as single and joint accounts.

Why you can trust Forbes Advisor’s ratings

Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate product providers, so all companies are measured equally. You can read more about our editorial guidelines and the methodology for the ratings below.

  • Market-wide survey of leading current account providers
  • Rigorous assessment of account features and benefits
  • Thorough analysis of pros and cons

{{ showMobileIntroSection ? 'Read Less': 'Read More' }}
{{ showSummarySection ? hideSummaryText : showSummaryText }}

Free current account switching offers

FEATURED PARTNER OFFER

Barclays Premier Current Account

Barclays Premier Current Account
5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Switching incentive

£175 switching bonus*

18+, UK residents only, T&Cs apply

Monthly fee

£0

Customer service score*

61%

Rep example for overdraft

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

0% interest (variable) payable on arranged overdrafts up to £500. If you use an arranged overdraft above this amount, the annual rate of interest is 35.0% (variable). 19.50% APR Representative (variable), based on a £1,200 overdraft balance. Subject to application, financial circumstances and borrowing history. How does this overdraft compare? APRs help you compare costs of different credit products.

Barclays Premier Current Account
Switch Now

On Barclays's Website

Switching incentive

£175 switching bonus*

18+, UK residents only, T&Cs apply

Monthly fee

£0

Customer service score*

61%

Rep example for overdraft

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

0% interest (variable) payable on arranged overdrafts up to £500. If you use an arranged overdraft above this amount, the annual rate of interest is 35.0% (variable). 19.50% APR Representative (variable), based on a £1,200 overdraft balance. Subject to application, financial circumstances and borrowing history. How does this overdraft compare? APRs help you compare costs of different credit products.

Why We Picked It

To be eligible for the Barclays Premier Current Account, you need a gross annual income of at least £75,000, paid into the account, or have a total balance of at least £100,000 in savings with Barclays, eligible investments, or a mix of both.

If you meet these criteria, Barclays is also currently offering £175* to customers who make a full switch to a Barclays Premier Current Account in the app, via the Current Account Switch Service.

To be eligible, customers must initiate the full switch via the Barclays app and credit the new account with £800 by 30 August 2024. The offer applies to new customers only, who must be over 18 and a UK resident (T&Cs, and eligibility apply).

Once opened, Barclays Premier account holders benefit from perks including a complementary AppleTV+ subscription, and an interest-free overdraft of up to £500. Any borrowing above this is charged at 35% (variable).

Account holders can also activate Barclays Avios Rewards for £12 per month. This perk allows them to collect 1,500 Avios per month – which can be redeemed against British Airways flights. There’s also an annual bonus of either 7,000 Avios or a British Airways cabin upgrade voucher, which enables the holder to move up by one cabin class.

If you’re making a full switch from another current account, you’ll also earn a welcome bonus of 25,000 Avios, provided you complete the full switch within 3 months of signing up for Barclays Avios Rewards (T&Cs, and eligibility apply).

Pros & Cons
  • Up to £500 interest-free overdraft (eligibility permitting)
  • £175 switch incentive
  • Daily cash withdrawals up to £2,000
  • Access to Barclays Avios Rewards for £12 a month
  • Must have an annual gross salary of £75k per year, or hold £100k in savings and/or investments with Barclays to be eligible
FEATURED PARTNER OFFER

TSB Spend & Save

TSB Spend & Save
5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Switching incentive

£100 welcome bonus

Up to £90 cashback in first 6 months; extra reward in April 2025

Monthly fee

£0

Customer service score*

62%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

If you use an arranged overdraft of £1,200, you’ll be charged the Equivalent Annual Rate of 39.9% (variable). Representative APR 39.9% (variable). Subject to financial status.

TSB Spend & Save

Switching incentive

£100 welcome bonus

Up to £90 cashback in first 6 months; extra reward in April 2025

Monthly fee

£0

Customer service score*

62%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

If you use an arranged overdraft of £1,200, you’ll be charged the Equivalent Annual Rate of 39.9% (variable). Representative APR 39.9% (variable). Subject to financial status.

Why We Picked It

TSB is currently offering a welcome bonus of £100 when you make a full switch to its Spend & Save account through the Current Account Switch Service.

You can also earn an extra £15 cashback each month for your first six months, by making at least 20 debit card payments each month. Spend & Save Plus customers can earn the same rate of cashback for the first six months and then £5 cashback a month for the remaining six – taking the total cashback earnings to £120 for 12 months.

Customers who maintain the account until March 2025, and make at least 20 debit card payments the previous month, can also choose an extra reward: a six month NOW Entertrainment membership, two ODEAN cinema tickets per month for three months, or a night away for two at a choice of hotels.

To qualify for the offer, you’ll need to make at least five payments using your new TSB debit card and log into the TSB Mobile Banking App at least once.

If you have received a switching offer from TSB Bank since 1 October 2022, you won’t be eligible.

Elsewhere, customers can open up to five ‘Savings Pots’ paying 2.92% AER on balances up to £25,000. This includes a bonus rate of 1.52%, which drops off after 12 months.

You can also opt to have debit card transactions rounded up to the nearest pound, with spare change deposited into one of these pots.

Elsewhere, through TSB’s Auto Balancer tool, you can have funds from these pots moved into your current account automatically when the balance falls below a pre-set limit.

TSB’s welcome offer is also available through its Spend & Save Plus Account. This account costs £3 per month to maintain, and allows eligible customers an interest-free overdraft of up to £100. Customers also receive ongoing cashback of £5 per month, provided they make at least 20 debit card transactions each month.

Pros & Cons
  • £100 welcome bonus
  • Up to £15 monthly cashback (first six months)
  • Extra reward for maintaining account until 2025
  • No monthly fee
  • No interest-free buffer on arranged overdraft
FEATURED PARTNER OFFER

Co-operative Bank Current Account

Co-operative Bank Current Account
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Switching incentive

£75 welcome bonus

Plus £75 when you open a regular savings account

Monthly fee

£0

Customer service score*

65%

Representative example for overdraft

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

If you use an arranged overdraft of £1,200, you’ll be charged the Equivalent Annual Rate of 35.9% (variable). Representative APR 35.90% (variable). Subject to financial status.

Co-operative Bank Current Account

Switching incentive

£75 welcome bonus

Plus £75 when you open a regular savings account

Monthly fee

£0

Customer service score*

65%

Representative example for overdraft

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

If you use an arranged overdraft of £1,200, you’ll be charged the Equivalent Annual Rate of 35.9% (variable). Representative APR 35.90% (variable). Subject to financial status.

Why We Picked It

Opening a Co-operative Bank Standard Current Account could net you a welcome bonus of £75, plus an extra £75 when you open a linked savings account.

To receive the bonus, you must make a full switch to the provider’s Standard Current Account using the Current Account Switch Service (CASS). You’ll also need to deposit at least £1,000 into the new account, set up a minimum of two direct debits or standing orders and make at least 10 debit card transactions.

The extra £75 is paid in fice monthly instalments of £15, when you open a Regular Saver account and deposit at least £50 per month. You’ll also need to pay at least £1,000 per month into your current account, maintain at least two direct debits and make 10 or more debit card transactions each month.

This offer is available to new Co-operative Bank customers, who have not received a bonus from the bank since 1 November 2022.

The Standard Current Account charges no monthly fees, comes with a PVC-free debit card and can be linked to the provider’s app.

The Co-operative Bank current account comes with an overdraft facility charging 35.90% APR (variable).

Pros & Cons
  • Up to £150 welcome offer
  • No monthly fee
  • Must open savings account to receive full bonus
  • No interest-free buffer on planned overdraft
FEATURED PARTNER OFFER

Barclays Bank Account

Barclays Bank Account
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Switching incentive

£175*

When you sign up to Blue Rewards for £5 per month

Monthly fee

£0

Customer service score*

61%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

Assumed arranged overdraft of £1,200: 35.0% EAR (variable), 35.0% APR Representative (variable). Subject to application, financial circumstances and borrowing history.
How does this overdraft compare? Representative APRs help you compare costs of different credit products.

Barclays Bank Account
Switch Now

On Barclays' Website

Switching incentive

£175*

When you sign up to Blue Rewards for £5 per month

Monthly fee

£0

Customer service score*

61%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

Assumed arranged overdraft of £1,200: 35.0% EAR (variable), 35.0% APR Representative (variable). Subject to application, financial circumstances and borrowing history.
How does this overdraft compare? Representative APRs help you compare costs of different credit products.

Why We Picked It

The Barclays Bank Account offers all the standard features you’d expect from a current account, along with some handy money management tools.

Through the app, account holders can view spending insights, set daily spending limits, get a PIN reminder and freeze or unfreeze cards.

If eligible, the account also offers an overdraft facility, charged at a representative APR of 35.0% (variable).

If you take your debit card abroad, note that Barclays charges an overseas transaction fee of 2.99%.

Until 30 August 2024, Barclays is paying new customers a £175 welcome bonus when they make a full switch to the account (sole accounts only).

To be eligible, you’ll need to apply in the Barclays app, use the Current Account Switch Service (CASS), move across at least two active direct debits or standing orders and deposit at least £800.

You must also sign up for Barclays’ Blue Rewards programme, which costs £5 per month, and gives customers access to benefits including an Apple TV+ subscription, cashback with partner retailers and exclusive savings rates.

The offer is available exclusively to new customers, who haven’t held a Barclays current account since 8 July 2024 (sole accounts only. You must be 18+ and a UK resident).

*T&Cs and eligibility apply.

Pros & Cons
  • £175 welcome offer
  • In-app budgeting tools
  • Overdraft facility (subject to status)
  • Must join Blue Rewards (£5 per month) to qualify for bonus
  • Overseas spending fees apply

Methodology

Our research focuses on the best current accounts that pay a cash bonus for switching. The accounts listed all require customers to make a full switch under the Current Account Switch Service.

To arrive at our Forbes Advisor star ratings, we primarily considered the value of the switching incentive. We also considered:

  • Customer service score as determined by data provider, Fairer Finance
  • Any additional perks such as a linked saver or cashback

All accounts can be held individually or jointly. We’ve considered both free-to-maintain accounts, and those that charge a monthly fee.

The switch incentives listed are for eligible customers only, based on individual circumstances. While information was correct at the time of publication, offers in this market can often change.

What is the Current Account Switch Service?

This process will be carried out under the Current Account Switch Service (CASS), which was introduced in 2013 to make the transition snag-free and to encourage greater competition between UK banks and building societies. 

CASS is a free service that can be used by individuals, small businesses, charities and trusts. The service redirects regular payments to the new account, and moves across your remaining balance. It also ensures any payments made into your old account within the first three years are automatically moved to the new one.

If you’re making a full switch, CASS guarantees to complete it within seven working days. It’s worth remembering that any payments set up in the seven working days before your switch date may not be moved across. 

Although regular payments are transferred to the new account automatically, you will need to amend your details for any recurring debit card payments — such as online subscriptions — since your card details will have changed. 

More than 40 banks are signed up to the service, and around 10.2 million switches have taken place since it began.

According to the Current Account Switch Service, this means 99% of UK current accounts are covered, including all the brands owned by the big four high street banks. Many basic and online-only current accounts are signed up to CASS.

How do I switch current accounts?

Once you’ve decided which current account you’d like to switch to, the first step is to open it — whether online, over the phone or in person. During the application, you’ll need to provide personal details such as your full name, contact details and address history, as well as verifying your identity.

As part of any application process, you’ll be asked whether you’d like to switch from an existing current account. You will be prompted to provide details about the old account including its account number, sort code and the bank it’s held with.

Next, you can select a switch date. This is when the balance in your old account will be transferred to the new one, along with any recurring payments. This means all your bills and subscriptions should leave the new account on schedule.

Any income that was paid into your old account, such as your salary, will also be redirected to the new one. The old account will then be closed for you, and the switch will be complete.

You can continue to use your old account as usual until the day of the switch. 

Why search for the top switching offers?

If you’re looking to switch your current account it makes sense to check what specific switching offers are available at the time. As the table above demonstrates, some deals offer a significant cash sum to new customers who make a full switch.

But switching a current account won’t usually just be about pocketing some extra money. By moving to a new provider you might also be able to take advantage of better customer service, better rates and charges on your money (on an overdraft or on credit interest for example), and enhanced account features.

In fact it’s important to look beyond any switching incentive to the longer-term benefits of any new account.

Pros and cons of switching current account

If you’re weighing up the merits and downsides of switching a current account, here are some factors to consider.

Pros

  • potential cash bonus (if the new account provider has an account switching offer available)
  • new account could offer better savings/ overdraft rates, features and customer service than your old one
  • switching should be quick and straightforward under the CASS process
  • protection if anything goes wrong with the switch under the CASS guarantee. 

Cons

  • any linked accounts from your same bank, such as savings or credit card, won’t be transferred 
  • requires a change of account and debit card details anywhere they may be stored as a payment method, such as for subscription services
  • May not be able to transfer all (or any) of your overdraft balance if you are overdrawn and doing so may require a credit check.

Frequently Asked Questions (FAQs)

Can I switch current accounts with an overdraft?

So long as you have a good credit score and haven’t exceeded your overdraft limit, you should be able to switch current accounts even if you’re currently using an overdraft. The overdraft debt will just be transferred over too.

However, this may require a credit check and your limit may not match that of your existing provider.

It’s also important to check the interest rate and fees on the new account to ensure you won’t end up paying more for your borrowing.

What happens if my switch goes wrong?

During the switching process, all recurring payments you have set up should be moved over to the new account.

In the unlikely event that something goes wrong — such as a standing order not being paid — you’ll be covered by the Current Account Switch Guarantee. This means your new bank is obliged to refund you for any fees or interest incurred as the result of a recurring payment not being transferred to the new account.

Can I use the Current Account Switch Service for joint accounts?

Yes, you can use CASS to switch from one joint account to another provided you have both account holders’ permission, and you can also switch from a sole account to a joint account.

However, you cannot switch from a joint account to a sole account. 

What should I look for in a new current account?

When considering a new current account, it’s important to look beyond just any initial switching incentive.

Here are some other factors to consider:

  1. Security features — Look out for security features such as the ability to freeze your debit card online if it’s misplaced, and anti-fraud measures including ‘Confirmation of Payee’, which checks the name you are sending money to when making a transfer.
  2. How it’s managed — If you find yourself carrying out most banking tasks online or through an app, it may make sense to choose an online- or app-first bank account. However, if you prefer to manage things in person, you’ll need to check for a bank with physical branches near you.
  3. Overdraft facility — Many current accounts include an overdraft facility, but whether or not you’re offered one depends on your personal circumstances. If you expect to dip into your overdraft regularly, you may wish to choose an account offering a low-interest or interest-free arranged overdraft.
  4. Ongoing cashback and other perks — Some current accounts come with perks such as annual travel insurance or cashback on certain spending. Bear in mind that cashback accounts typically come with a monthly fee or minimum monthly deposit. Other perks might include the option to automatically round up transactions and deposit the spare change into a linked savings account.

When will I receive my switching incentive?

The time it takes to receive your switching bonus depends on the bank you choose. Typically, you will need to meet certain criteria before the bonus is paid, such as setting up regular payments or depositing a certain amount.

Once these criteria have been met, your welcome bonus will be paid. The overall process can take anywhere from a couple of weeks to a couple of months.

Before you switch accounts, read the terms and conditions of the switching incentive carefully to ensure you’re able to take full advantage.

How often can I switch current accounts?

There’s no limit on how many times you can change current accounts, or how often.

Opening a new account now and again can help you make the most of switching incentives and get the best deal. That said, switching incentives are designed to attract new customers, so that’s who they are usually reserved for.

It’s also worth bearing in mind each time you apply for a new current account the application is marked on your credit file. If you apply for too many accounts in quick succession, your credit score could be negatively impacted.

For this reason, it’s a good idea to avoid switching current accounts too often, and check eligibility criteria carefully before you make an official application.

Are there any drawbacks to switching current accounts?

Although switching current accounts is a relatively straightforward process, the decision to change banks should be considered carefully.

By leaving your current bank, you may lose out on customer loyalty incentives. Any application for a new current account will also be noted in your credit file. And if it suits you to pop into the branch from time-to-time, consider if this will still be possible with a new account.

How is my cash protected in a current account?

Any money held in a UK bank account that’s part of the Financial Services Compensation Scheme is protected up to the value of £85,000 if the bank goes bust.

Bear in mind that the scheme only covers banks. If your money is held with a digital provider that is not technically a bank it will not be covered by FSCS protection. Be sure to check whether an account is covered by FSCS protection before you apply.

Are there switching deals for existing customers?

At the time of writing (August 2024) Nationwide building society is offering a £200 cash incentive to any existing member of the society (such as a qualifying Nationwide savings or mortgage account customer) who switches from another bank to take a current account with Nationwide. To be eligible for the cash bonus you must have been a Nationwide member on 31 March 2024, and you must make a full account switch through the current account switching service CASS.

Next up in Banking

Guides To Banking
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Bethany Garner Editor

I’ve been writing for a broad array of online publications for four years, always aiming to make important insights accessible. It’s my goal to ensure that as many people as possible can make informed decisions about their money, and get the most out of their finances with the least amount of stress.