Sergei holding open wallet containing a Meerkat family portrait

Switch bank accounts

Bank switch offers

Compare our latest bank switch offers from a range of leading providers
See if switching could earn you cashback and other rewards
In most cases, your new provider can take care of the switch for you

Compare bank switch offers

Banks often offer bonuses and incentives to tempt you to switch your bank account to them. You could be offered a cash incentive or rewards to switch. Or you may simply want to switch to a current account with better features or customer service.

The good news is switching bank accounts needn’t be a hassle. In many cases, when you switch bank accounts, your new provider will take care of most of the legwork for you.

If you’re not sure if your bank account is working for you, why not see if you could benefit by switching your account elsewhere?

Here at Compare the Market, we can help you compare our best bank switch offers so you can see if one works for you.

What is the current account switching service?

The Current Account Switch Service (CASS) is a free service that lets you close a current account and transfer everything to a new account in just seven working days.

It’s designed to make switching current accounts hassle-free, allowing your direct debits, standing orders and salary to all move with you.

CASS has successfully completed more than nine million switches since the service launched in 2013. In excess of 50 UK banks and building societies are signed up to the scheme.

See the full list of banks in the switch scheme.

Types of bank account switch deals

Here are some of the incentives that banks offer to encourage you to switch accounts:

Cash bonuses

Some banks offer you cash to switch your account over to them. Read the terms of any offer carefully to make sure you qualify.

Cashback

Some switch bank account offers include cashback on your spending. This might be for an introductory period or as a long-term benefit of the account.

Check the terms to see if you need to spend or deposit a certain amount each month to qualify.

Perks and rewards

Banks may reward you with offers like hotel stays or a temporary pass for an entertainment subscription service.

Some packaged bank accounts offer perks such as breakdown cover, gadget insurance or travel insurance. But these accounts typically come with a monthly or annual fee, so always make sure the benefits outweigh the cost.

Promotional interest rates

Some current account offers may include a tempting interest rate on a linked easy-access savings account. Easy-access savings rates are typically variable, though, so bear in mind that the promotional rate may not last long.

Attractive account features

For example, a current account that offers fee-free spending overseas could offer considerable savings if you spend a lot of time travelling for work or pleasure.

Why do people change bank accounts?

It could be to take advantage of introductory offers, such as a cashback reward. But that’s not always the case.

You may be paying large fees on an overdraft, for example. If another bank will give you an interest-free overdraft as an introductory offer, it could make sense for you to switch accounts. Bear in mind that you’ll need to undergo a credit check and be accepted.

If you’re getting all you need from your current bank and are happy with the service, you may not want to switch. Lots of people stick with the same bank their whole life – but they may be missing out on some great savings and features. And there’s no harm taking a look…

Compare current accounts

How to switch bank accounts

Your new bank will do most of the work for you.

When you open the account, tell your new bank you want to switch your bank account using the CASS.
You’ll normally need to provide two forms of identification and proof of address to comply with money-laundering regulations.
Fill in the Current Account Switch Agreement and Current Account Closure Instruction form. You’ll need to know some details of the account you want to close, such as the sort code and account number.
You can specify a switch date, as long as it’s seven working days or longer from when you submit the forms.
Carry on using your old account until the switch date, but don’t set up any new direct debits with your old bank in the seven working days prior to the switch.
By your switch date, you should have a new debit card, and your old bank will have transferred any funds along with your direct debits and standing orders.

You’ll receive a confirmation, which you’ll need to acknowledge to complete the process.

Am I eligible for bank account switch deals?

To be eligible for an account, you may need:

A minimum number of direct debits
A minimum amount paid in each month.

There are a few types of accounts you can’t switch:

Joint accounts – unless you have the permission of both parties
Savings accounts
ISAs
Non-sterling payment accounts.

How long does it take to switch current account?

Seven working days – that’s as long as your current bank or building society and the one you want to switch to are signed up to the Current Account Switch Service.

If you’d like to switch on a certain date, you can choose to have your switch take longer than seven days.

For example, you might want to minimise potential disruption by picking a date after your major payments have left for that month. Or, if you’re moving house or getting married, you can choose a date that fits in with that.

Just make sure that your chosen switch date isn’t a Saturday, Sunday or a bank holiday.

How often can you switch bank accounts?

Although there’s no official limit on how often you can switch, you might not be eligible for some switch rewards if you move on too quickly or don’t pay in enough cash before leaving.

It’s worth bearing in mind that a bank may perform a hard credit check on you when you open a new account with them. That’s almost certainly the case if you’re opening an account with an overdraft.

Switching banks every now and then isn’t likely to have much of an impact on your credit score, but having multiple hard checks in a short space of time could be a red flag to lenders.

Why compare bank switch offers with Compare the Market?

It’s quick and easy to compare our latest bank switch offers from a range of leading providers, helping you to see if switching could earn you cashback and other rewards.

Compare current accounts

What additional benefits are there to switching current accounts?

Some banks offer their current account customers better savings rates or lower interest rates on their mortgage.

And with some banks, you might be able to:

Block gambling sites
Set spending limits
Round up transactions for saving
Freeze cards instantly if you lose or misplace them
Download budgeting apps that help you to manage your money
Check for identity theft using spending notifications
Photograph cheques so you don’t need to pay them in at a branch.

Is there a downside to switching banks?

Switching banks may not always be the right option for you. For example, if you owe money on an overdraft, you may have to pay it off before you can switch.

And if you’re about to apply for a mortgage, you may want to hold off switching. Opening a new current account with an overdraft could mean a hard credit check and that could cause your credit score to dip temporarily.

Can I switch a joint account?

Yes, provided you both agree to the switch.

The process is much the same as switching a single account. But you both need to provide two forms of ID and proof of address.

You’ll need to switch to another joint account held in the same names. You can’t use the Current Account Switch Service to switch from a joint account to a sole account.

Frequently asked questions

If I switch bank accounts, do I have to close my old account?

Your old account closes automatically if you use the Current Account Switch Service.

If you want to leave your old account open, you can’t use the service. You’ll need to move any direct debits and standing orders yourself.

Can I just open a new current account without having to switch?

Yes, if you fit the eligibility criteria, you can open a new current account. But some banks expect you to pay in a set amount of money every month or pay your salary into the account.

If you open a new account and want to move your direct debits, you’ll have to do this yourself.

What happens if there’s a problem with the switch?

If anything goes wrong, contact your new bank as soon as you can. They should refund any charges that result from a problem with the switch.

If you’re still not happy, you can use the bank’s formal complaints procedure. If that doesn’t resolve the issue, you can go to the Financial Ombudsman.

When can I set up new direct debits?

You can set up new direct debits and standing orders on your new account as soon as it’s open.

There’s no need to set up new direct debits for existing payments as these will automatically move over during the switch process.

When will the money in my old account be moved to my new account?

Your money should move over to the new account on your switch date. Until then, you can use any money in your old account.

What happens to payments I receive if I switch bank accounts?

The switching service will automatically redirect payments to your new account.

Every time a payment is redirected, the person or organisation making the payment receives an automatic message, letting them know your new account details so they can update their records. Some organisations will contact you to confirm your new account details for security purposes.

You may want to give your new account details to anyone paying you regularly, like your employer, benefits agency or pension provider.

What happens to my standing orders when I change my current account?

The Current Account Switch Service takes care of standing orders or regular payments you’ve set up, as well as direct debits where you’ve agreed payments can be taken from your account.

Your new bank should transfer any standing orders to your new account.

Can I switch current accounts while overdrawn?

Yes, but you’ll need to find a bank that will agree to take on your overdraft before you switch. Talk to your new bank first to make sure you fit the eligibility criteria for an overdraft.

If you can’t get an overdraft with a new bank, you’ll have to pay off your overdraft before switching.

Does switching current accounts affect my credit score?

Switching accounts can temporarily lower your credit score as opening a new account usually involves a hard credit check.

If you’re about to apply for a mortgage or a significant loan, it may be better to hold off switching.

How do I switch a business bank account?

You may be able to switch a business current account with CASS if your business has fewer than 50 employees and an annual turnover not exceeding £6.5 million.

The process to switch to a new business current account with CASS is largely the same as for a personal current account.

But before you can open a new business account, your new bank will need to carry out security checks. To do this they may need extra information and documentation, including:

The name of your business or charity
Your trading address
A Companies House registration number
An HM Revenue & Customs certificate
A recent business utility bill or statement.

How soon after opening a bank account can I switch?

Technically, there’s nothing to stop you from switching as soon as your new account is open and your previous switch is complete. But you might not be eligible for some switch rewards or incentives if you move on too quickly or don’t pay in enough cash before leaving.