Not happy with your current account? Then it’s easy to switch bank accounts.
The latest data from the Current Account Switch Service (CASS), shows 433,701 bank switches were facilitated between October and December 2023- the highest quarterly figure on record since the service began.
Between July and September 2023, Natwest gained the most number of switches, followed by HSBC, TSB and RBS.
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With many stuck with languishing banks that they've been using for years, switching incentives are a good prompt to move to another to ensure it meets your requirements.
The Current Account Switch Service (CASS) makes it quick and painless to switch banks to move current accounts as the banks are required to do the legwork and complete the switch within seven working days.
All you do is open a new current account and request a switch via CASS. The service will then close your old account and move all your money, direct debits and standing orders to your new account within seven days.
Plus, for three years any money that is paid into your old bank account or tries to leave your old account will automatically be changed to your new account.
Still, it is important to remember that while these offers might look attractive you should only switch to an account that suits your needs as some accounts may also charge a monthly fee. You should always check the terms and conditions to make sure you qualify for the bonus before you start the switch process. We round up the deals available now - but sign up for our newsletter to stay up-to-date on deals.
The best offers for switching bank accounts
First Direct - Get £175
First Direct has returned with its £175 bank switch offer, but it's only around until 22 April. The cash bonus is available to new First Direct account holders on a sole or joint account.
To qualify for the deal, you will need to do the following within 30 days of opening the account:
- Use the CASS to switch accounts
- Move over at least two direct debits
- Pay in at least £1,000
- Log into online banking
Once you qualify for the bonus, the £175 will be paid into your current account by the 20th of the following month.
You won't be eligible for this offer if you have held a First Direct account before, or if you have held a HSBC current account on or after 1 January 2018.
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