Best Current Account Switch Offers and Incentives 2023

Written by James Caldwell
Last updated: 25th August 2023

Now is the perfect time to take advantage of the best current account switch offers!

In this guide, we’ll help you make an informed decision by exploring incentives such as cash bonuses, competitive interest rates, and exclusive rewards – all while providing tips on choosing which offer best suits your needs.

Short Summary

  • Unlock cashback bonuses and rewards by switching current accounts
  • Compare offers to maximize financial gains
  • Take control of your finances with basic bank accounts & improve credit through switching!

Compare Bank Switch Offers 2023 »

Understanding Current Account Switching Offers

Switching to a different current account with your bank or building society is an excellent way of achieving better financial benefits.

By changing accounts, you can save money and access higher interest rates, plus receive cash incentives too!

For instance, First Direct offers an impressive £175 bonus if you switch over – as well as a cash bonus. You can also benefit from other benefits such as rewards and high-interest linked savings accounts!

So it’s worth taking the time to explore all the possible bank account switching offers available in order for you to maximise any financial gains from opening up another current account.

There are some great deals around – including very generous ones where banks will give out substantial amounts of cash as rewards for making the move.

Researching various options on offer when considering a new bank account opening up via ‘account-swapping’ might provide greater returns than simply remaining loyal.

A Person looking at a bank account switch service

Types of incentives

When it comes to switching current accounts, banks often use various bonuses and incentives in order to entice new customers.

These can include cashback rewards when using a debit card and an initial deposit towards the account for added motivation to switch over.

Eligibility requirements

When planning to switch current accounts, it is important to review the requirements and terms that need to be met in order for you to receive any bonuses.

This may involve setting up two Direct Debits or standing orders within a set timeframe as well as paying certain amounts during your first few months of having an active account, plus passing credit checks.

Each bank has its criteria, which must usually be fulfilled in order to get all benefits associated with their services. This can include making monthly deposits into accounts such as debit cards.

To qualify for bank switching incentives-related offers, people will likely need to complete various steps when opening the new account, including registering online banking facilities and transacting a minimum number of direct debit or debit card payments alongside depositing money within 60 days from the activation period start date.

Matching Your Needs with the Right Switch Offer

Choosing the right switch offer largely depends on understanding your own financial needs and lifestyle preferences.

Evaluate Your Spending Habits

To optimize the benefits of a switch current accounts offer, assess your spending habits. If you frequently dine out or travel, a bank offering lifestyle perks might be your best bet.

Analyze Your Savings Goal

If your aim is to boost savings, a bank offering high interest rates or cashback on purchases would be beneficial.

Consider Service Quality

Don’t overlook the service quality. It might be worth considering a bank with excellent customer service reviews, even if their switch offers are slightly less lucrative.

How to Choose the Right Switch Offer

Person preparing for a bank account switch

When selecting a new current account, it’s important to compare interest rates and switching bonuses offered along with any additional benefits.

You should also consider your spending habits when choosing the best current account switch for you.

To help you make an informed decision on which offer is most suited to meet your needs, consider factors such as deposit amount per month and credit score and prioritize features that are more important for yourself.

Comparing different accounts will allow you to make sure of getting the right one!

Compare Bank Switch Offers 2023 »

Assessing long-term benefits

When choosing an offer for switching your current account, it is essential to consider the long-term rewards instead of just focusing on immediate gains.

Moving from one account to another can potentially provide you with better-saving rates, cheaper overdraft charges as well as improved customer service and additional incentives that could be beneficial in the future.

For example, selecting a switch deal first direct current account, which offers a linked savings account with a higher interest rate, may have a greater reward than opting for a cash bonus offer. However, take note that some of these attractive savings rates are for a fixed term only, e.g. typically 12 months.

Considering all its benefits might bring financial advantages over a cash bonus over a period of years.

Understanding each current account’s switch capabilities thoroughly, along with making sure that their requirements are suited to individual needs, makes this choice a more informed decision, thus resulting in bigger returns later down the line while obtaining outstanding banking experience.

Comparing digital-only and traditional banks

When considering which type of bank to opt for regarding a current account switch, there are both advantages and disadvantages to digital-only banks compared with traditional ones.

For example, the former may provide lower fees, higher interest rates, plus more convenience and quicker service than physical banking establishments. They do not necessarily offer a comprehensive range of services.

On the other hand, these standard financial institutions will likely include brick-and-mortar locations that can give access to face-to-face customer services and more varied options, although often at slightly increased charges with less attractive returns on investments when measured against digital alternatives.

Making the Switch: The Process Explained

Switching between current accounts can be a daunting prospect, but it’s a very simple process due to using the Current Account Switch Service. This service lets you close your old bank account and open up a new one within just 7 working days with only minimal hassle – in order to get started, all you need is documentation confirming identity, address and immigration status (if applicable).

Once that paperwork has been provided, click through to the bank account switching service provider of choice for an easy application process.

This fast switch service handles everything from incoming/outgoing payments to notifying any payees or recipients about updated account details.

By following these steps closely and managing the transition effectively, there won’t be any disruption when taking advantage of what comes along with opening up a fresh current account!

Preparing for the switch

It is important to review all of your existing payments and cancel those that are not needed or desired prior to initiating the current account switch process. This will assist in keeping organized with financial matters, as well as ensuring that money only goes towards necessities.

To guarantee a successful transition when switching bank accounts, it’s essential for an individual to fill out a CASS Agreement form. This verifies an understanding of the terms & conditions associated with the transfer.

Utilising the Switch Service also helps secure continuity from one’s old bank up until 7 working days before the set switch date to your new bank – so make sure proper documentation and arrangements have been finalised accordingly!

Allowing plenty of time for preparation ahead gives you the assurance you’ll be ready when transferring into your new current account without complications.

Managing the transition

During the transition to a new current account, it’s essential to redirect any recurring transactions and deposits from your previous one.

To avoid any financial complications, take proactive action when switching accounts so that payments are not missed or misdirected. The Current Account Switch Service guarantees complete reimbursement if such an issue occurs during the changeover process.

Once you have changed over to a banking provider, double-check whether there may be set-up direct debits still being taken out of your old account. In which case, ensure they now come from your current account switch guarantee updated/new bank details as part of managing this move effectively.

By doing so, you can ensure all the benefits of having multiple current accounts will pay off!

Top Current Account Switch Offers in 2023

Choosing a current account switch in 2023 offers many enticing bonuses and access to regular savings accounts with high interest rates and rewards.

Depending on your needs and whether you are happy to pay a monthly fee, many banks now offer packaged bank account switch deals with various options.

Compare Bank Switch Offers 2023 »

First Direct 1st Account Switch Offer

Earn £175 when you switch banks to First Direct’s current account, 1st Account. As well as offering a £250 overdraft (subject to status), you can benefit from a First Direct linked savings account of one of the UK’s highest paying interest regular saver accounts (7.00% AER) if you save between £25 and £300 pm (12-month fixed term).

HSBC Advance Current Account Offer

Switching bank accounts to HSBC will earn you £200 (T&Cs apply) when you move from your current account bank provider. With HSBC Advance, you’ll get a minimum arranged overdraft facility of £1,000. You can enjoy rewards such as money off at outlets such as Costa and ASOS. To qualify, you will need to set up at least 2 Direct Debits or standing orders within 30 days and pay £1,500+ within the first 60 days.

Cash bonuses

Customers may be tempted by banks to switch their current accounts due to the attractive cash bonuses on offer. HSBC offer a generous bonus of £200 if you open a new current account. First Direct offer £175 if you switch to them.

Chase offers new current account customers 1% cashback on everyday purchases for their first 12 months (T&Cs apply). If you are referred by a friend who banks with The Co-operative bank, not only will you get a £125 when you switch, but your friend will also get £125.

To make sure you get the most out of it financially, compare all these incentives before deciding!

A person looking at a comparison of digital only and traditional banks

Interest rates and rewards

When it comes to switching your current account, various banks provide cash bonuses and a range of interest rates and rewards. The Chase current account provides an attractive 1% rate, whereas the first direct account yields 3.33%, with potential for growth.

Bank of Scotland brings its Vantage add-on promising interesting returns that come along with conditions, while Barclays’ Blue Rewards program gives customers the chance to access a 5.12% Rainy Day savings account without any strings attached.

Joint accounts

Joint current accounts are an effective way to share finances with partners, offering them access to the same funds. With a joint account in place, paying bills like rent and mortgage is easier for all involved parties. To add another name to your existing account, you may need to visit your local bank branch. Some might have age restrictions, so it’s always best to double-check these details beforehand!

A great advantage of having a joint current accounts pay is that everyone knows their responsibilities when dealing with payments, making things much simpler overall. It’s essential that you choose one that meets all of your needs as individuals.

Student accounts

Student accounts are specifically geared towards those studying in higher education, providing great advantages such as interest-free overdrafts, complimentary railcards and no-fee payments.

By selecting a student account that matches your needs, you can use its many benefits while still staying focused on learning during higher education without having to worry about finances!

Business accounts

Current accounts are a beneficial resource for companies to organize their financial activities effectively.

They allow businesses to make payments, purchase goods and inventory, as well as build up funds in case of any unexpected costs. Current accounts also aid with cash flow management by displaying the amount available and what is owed from customers and creditors, respectively.

With a business current account, companies benefit greatly since they can receive money using their company name quickly while accessing other services, including overdrafts, credit cards, and merchant facilities – making it an essential part of running a successful operation efficiently.

Certain prerequisites are required when opening an account, such as providing evidence proving ownership alongside proofs of identity or address, etc. (this varies depending on each provider).

Overcoming Credit Challenges

People with difficulty obtaining credit can benefit from basic bank accounts and the potential to improve their situation by switching.

With features such as no overdrafts, no fees or credit checks required, these types of accounts are excellent for people with low ratings in terms of getting a loan. Making regular payments through this type of account is an effective method for setting up good financial records over time.

By utilizing options like basic banking services, individuals can take control of their monetary matters, which can help to pave the path towards a brighter future financially speaking.

Basic banking accounts are a great way to get started with banking without the added worries of overdrafts or credit assessments. These kinds of accounts come with advantages like earning interest on funds held in credit, internet and telephone banking services, plus a debit card.

Improving credit through switching

Swapping out your full current account balance between accounts can be a great way to show financial responsibility, leading to an improved credit score. However, it’s imperative that you take into account the effect on your rating of using overdrafts from multiple current accounts or making several new applications for them in rapid succession.

It is important when selecting another one that has features and advantages that suit your finances best, as this will enable you to start developing a positive track record with regular repayments. As a result, better financing options become available down the road due to enhanced credit scores.


If you’re looking to save money and better manage your finances, the current account switching offers in 2023 present a golden opportunity. It’s important to consider incentive levels, qualification and eligibility criteria, and varieties of accounts when making an informed choice that best suits your financial needs.

Compare Bank Switch Offers 2023 »

Frequently Asked Questions

Does switching current accounts affect your credit score?

Changing current accounts won’t have a large effect on your credit rating as long as you keep up with other elements of managing it.

Should the transition lead to frequent shifts in balance or missed payments, this could slightly damage your score.

Are current accounts protected by the Financial Services Compensation Scheme?

If you hold money in a current account within a UK-authorised bank or building society or credit union, you will receive compensation of up to £85,000 if your account provider fails.