Compare Latest Current Account Switching Deals
Current Account Switch Offers
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: SPECIAL OFFER - £125 for SWITCHING to an HSBC Advance Account. Earn 1.00% AER/gross when you save between £25 and £250 per month. Arranged overdraft limit of at least £1,000 on account opening. Money banking app. No monthly account fee. Easy switching with the Current Account Switch Service. Must be 18 or older and be UK resident. Must pay in £1,750 per month or £10,500 over 6 months. Must be approved for an arranged overdraft of £1,000+. Get the £125 when switching to an HSBC Advance Account as a new customer with at least 2 Direct Debits or standing orders. Eligibility criteria and T&C’s apply. Offer may be withdrawn anytime
Why we like it: SPECIAL OFFER - £100 for SWITCHING to a First Direct 1st Account. Access to Regular Saver Account paying 1.00% AER/Gross fixed for 12 months if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. Mobile banking app. UK based contact centre. Easy switching with the Current Account Switch Service. Must be 18 or older and UK resident. Get the £100 when switching as a new customer and paying in at least £1,000 within three months of the account opening
Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: *2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Everyday current accout. No monthly account fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: UK & Europe Breakdown Cover, Worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Free mobile banking app, text alerts and secure online banking. Access to Flexclusives - Select Credit Card and low personal loan rate. £13 monthly account fee. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
The Best Current Accounts for Cashback and Rewards
A number of current accounts offer cashback, ongoing rewards, or a mixture of the two as an incentive to get you to switch.
Cashback can be either a cash sum (often in the £100s) or equivalent for switching, or a percentage (up to 5%) of various household bills or other spending (e.g. contactless), paid to you ongoing.
Some of these are packaged and so have a monthly account fee, some do not.
There are also other offers such as fee-free overdrafts.
All the accounts we list adhere to the Current Account Switch Guarantee and offer a 7 Day Switch service. Switching has never been simpler...
Current Account Switch Offers
First Direct are currently offering £100 cash for switching to them. They do not pay any interest on your money held by them, but as a reward they will pay you £100 for joining them.
They will also pay you a £100 if you leave them in the event that you are not satisfied with their customer service. Both are subject to terms. You can also benefit from an interest free overdraft up to £250, which is currently the highest in the market.
TSB Classic Plus Current Account
TSB are also currently offering a cashback reward by giving 5% interest on the first £100 of contactless payments which you make every month for a year.
Apart from this incentive, TSB offers a great deal on its Classic Plus current account. This account has one of the lowest minimum monthly pay-ins at £500 per month, which makes it suitable for anyone who finds it difficult to meet the minimum payments of some other accounts.
They also offer a high rate of interest on balances up to £2,000. Interest is paid monthly and to earn it you simply pay in the minimum per month, register for Internet Banking, request paperless statements and paperless correspondence.
If you are looking for your account to work a bit harder then HSBC’s Advance or Premier accounts could be for you. HSBC are currently offering the following rewards:
- Open and switch to one of these accounts and you will get £150
- Stay for a year, you will get a further £50 bonus
- You will also get a 0% overdraft for six months when you open the account, though the limit you get is credit score dependent
However, the account has a high minimum monthly pay-in of £1,750 a month, so it is important to consider whether you will be able to meet this before opting for it.
£100 extra, paid in to your account before your switch is complete. Most accounts with cash incentives will make you wait up to a few months before paying the money into your account.
If you’re able to pay £750 or more in to your account, pay out at least two different Direct Debits and stay in credit each month, you could earn £5 each month with their Reward Current Account.
If in any month you miss out on the £3 reward, you can still have it in future months too, when you are able to meet the qualifying requirements.
Combine this option with the Switch Reward and you could earn £136 in a year. This is one of the few accounts that pay both a switching bonus and an ongoing reward.
The Co-op are currently offering a joining reward of a free £150 and up to £5.50 per month. As incentives go, this one of the better ones around at the moment.
New customers must:
- Complete a full switch to The Co-operative Bank using the Current Account Switch Service
- Switch at least four active Direct Debits.
To obtain the reward, you have to switch your current account in 7 days with the Current Account Switch Service. Your salary, as well as Direct Debits, standing orders and bill payments will be automatically transferred and payments into and out of your old account will be redirected.
To receive the extra £5.50 per month with the Everyday Rewards scheme you must meet certain criteria every month. However, if you hold the account for a year you can earn up to £216.
To get the monthly rewards of £4, first you must:
- Sign up to Everyday Rewards
- Pay in £800 per month
- Pay four Direct Debits,
- Use online or mobile banking,
- Stay within your overdraft limit and receive paperless statements
If you meet all the criteria above, then you'll also get 5p per debit card transaction as part of Everyday Rewards, up to a maximum of £1.50 per month.
Marks and Spencer
Currently offering some of the best Switch Rewards on the market, the Marks and Spencer current account is an attractive option. Particularly if you usually shop in their stores or online. The two incentives are:
- A £100 Marks and Spencer gift card when you switch to their service.
- A further £10 every month for 12 months as long as you meet their requirements.
- You will have access to a monthly savers account which helps you to save at a 5% high interest rate.
This totals at a potential £220 free. To obtain the reward your switch must include two active Direct Debits; this will successfully earn you the £100. Following that, you should pay a minimum of £1000 in to your new current account and two Direct Debits must remain active.