Switch Current Accounts

Earn rewards for switching!

Switch reward Current Account Options

Account

first direct 1st Account

Special Offer

Get £175 to Switch
T&Cs apply

Funding Required

No monthly minimum

Interest Rate

Access to 7% AER/Gross on Regular Savings

Account Fee

FREE

More info

SWITCH OFFER: Get £175 when you switch to a first direct 1st account using the Current Account Switch Service. T&Cs apply

More Information About This Account

Access to Regular Saver Account paying 7% 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
No monthly account fee
Mobile banking app
No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK
UK based contact centre
Easy switching with the Current Account Switch Service

Must be 18 or older
Must be UK resident
*For the £175 switching cash offer you need to open a 1st Account, and switch your everyday banking to us using the Current Account Switch Service within 30 Days (including at least two Direct Debits or Standing Order. You must deposit a minimum £1,000 within 30 days of opening the account and register and Log onto digital banking, within 30 days of us opening your first direct 1st Account. You must continue to hold your first direct 1st Account on the date we make the Offer payment. This offer is only available to new first direct customers, who has not previously held a first direct product, or has opened an HSBC current account on or after 1 January 2018

Switch Current Accounts

If you are looking to switch your current account, it’s never been easier.

The internet has vastly improved the switching process, with many consumers taking advantage of the speed and simplicity of changing current account providers.

As of September 2013, banks and building societies will be able to provide a switching service that takes place within seven days. This short period of time means that you will be able to make the most out of the deals on offer and receive the highest standard of service.

Customer service is, after all, the main reason that customers choose to switch current account in the first place. While banks should provide a friendly, effective and professional service and if they fail to do this, there are many other reasons for choosing to opt for a different bank.

You may be able to secure certain kinds of incentives for switching, such as cashback incentives and low-interest introductory rates, or you may be able to get a better deal elsewhere.

Suppose you are unsure of what different banks and building societies are offering. In that case, you should undoubtedly look at our comprehensive comparison tables to get a clear idea of the various current accounts and the benefits you may experience in deciding to switch current accounts.

What if there are any problems?

Your new bank is responsible for contacting you before the switch date if there are any hitches with transferring your standing orders and direct debits – and incoming payments.

And the switching service is covered by a guarantee: the new bank must refund you if there are any charges because payments didn’t go through on time. But you have to ask them for this.

Can I keep my old current account open when I switch?

Yes – you can use the partial switch service and keep your old account open, transferring all or some of your payments. But the process isn’t covered by the service guarantee so it can take longer: possibly up to 20 working days. And there isn’t an automatic-redirect for the three years after you switch. A partial switch may not qualify for the incentives offered for switching (though that shouldn’t be the only reason why you change accounts).

What about transferring “recurring payments”?

Not all your regular bill payments may be made by direct debits or standing orders. Some service providers (such as telecoms services, online subscriptions, gym membership and payday loans) get you to set up a “recurring payment” or “continuous payment authority” which is linked to your debit or credit card

Because they’re linked to a card rather than directly to your bank account, they’re not included in the switching service (or covered by the guarantee).

It’s not always clear which are your continuous payment authorities: you won’t find them listed on your online banking portal. When you set them up you were asked for you card details (“please read me the long card number”) rather than your bank account and sort code numbers.

You’ll need to check your monthly card statements: any regular payments going out each month that are not marked as DD (direct debit) or SO (standing order) are likely to be continuous payment authorities.

If you want to keep paying for this service (or loan) in this way, you’ll need to contact each provider and tell them your new card details as soon as you have them.

This may sound like a lot of bother, but it is useful to check periodically what’s going out of your account regularly: there may be services you’re not using (such as fast delivery, or additional online data storage) that you want to cancel.

What about the individuals who have my bank account details, for sending occasional payments?

If you can remember the family members or friends who occasionally transfer money directly to your bank, you can send them your new account details and ask them to set them you up as a new Payee.

It’s probably not a good idea to just email all your Contacts with your new account details. If you’re concerned about email security, the most secure way of sending bank account details to specific people is via WhatsApp.

And if any payments are accidentally made to your old account, for 36 months (three years) after you’ve switched, your new bank or building society will arrange for any payments to be automatically redirected to your new account. They will also contact the sender and give them your new account details.

When should I choose to make the transfer?

You can pick any convenient day in the month, so long as it’s more than a week away, and not a weekend or a bank holiday.

If all your regular payments tend to go out of your account around the same time it’s best to choose a time of the month when your bank account isn’t so busy.