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Switching Current Accounts

Santander

Everyday Current Account
Switch Guarantee
Santander logo

No fee

Monthly fee

Switch guarantee

Switch incentive

Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 39.9% APR (variable)/ EAR (variable). Actual credit limit may differ. Arranged Overdraft Usage 39.9% APR (variable)/ EAR (variable).

Starling Bank

Current Account
Switch Guarantee
Starling Bank logo

No fee

Monthly fee

Switch guarantee

Switch incentive

Representative Example:

If you use an arranged overdraft of £1,200 a 15% EAR will apply. Interest on your balances: 0.05% AER on balances up to £85,000. 2019 Best British Bank Winner - Best Current Account Provider.

TSB

Classic Plus Account
Switch Guarantee
TSB logo

No fee

Monthly fee

Switch guarantee

Switch incentive

Representative Example:

Assumed arranged overdraft of £1,200: 39.9% APR representative variable. Subject to application, approval and repayable on demand. 

Santander

1|2|3 Lite Current Account
Switch Guarantee
Santander logo

£1.00

Monthly fee

Switch guarantee

Switch incentive

Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 39.94% APR (variable)/ EAR (variable). Actual credit limit may differ. Arranged Overdraft Usage 39.94% APR (variable)/ EAR (variable). Earn up to 3% cashback every month on selected Household bills paid by Direct Debit.

Santander

1|2|3 Current Account
Switch Guarantee
Santander logo

£5.00

Monthly fee

Switch guarantee

Switch incentive

Representative Example:

If you use an arranged overdraft of £1,200 you will be charged 39.94% APR (variable)/ EAR (variable). Actual credit limit may differ. Arranged Overdraft Usage 39.94% APR (variable)/ EAR (variable). Monthly interest of 1.00% AER/gross (variable) on balances up to £20,000. Earn interest and up to 3% cashback every month on selected Household bills paid by Direct Debit.

Thinkmoney

Current Account
Switch Guarantee
Thinkmoney logo

£10.00

Monthly fee

Switch guarantee

Switch incentive

No credit checks to open an online current account. You can apply if you have bad credit, a CCJ or going through bankruptcy. Makes managing your finances simple and hassle free: Money managers help budget bills which could improve your credit rating.

  • Current Accounts
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  • Compare Switch Incentives

    Are you thinking of switching current accounts? Despite some current accounts being very similar in the service they provide, there can be rewards gained from switching as competitive banks and building societies try to tempt you to become a new customer.

    Switch incentives are offered to those who move their balance from one bank to another, and are often worthwhile as you won’t have to do much other than switch from one current account to another.

    What is a switch incentive?

    A switch incentive is simply a reward for switching current accounts from one bank or building society to another. It is often a cash reward that you will receive as soon as your current account balance is transferred, and is a one-time only offer with your new current bank or building society.

    With the current account switching service (CASS) introduced in 2013, you are also able to make the switch in a guaranteed 7 working days. This means that it is even easier to switch current accounts, with a guaranteed cash reward at the end.

    What is the best current account to switch to?

    The choice is completely up to you, though there are a few things that might sway your decision. The only stipulation is that it is with a different provider than you’re currently with.

    Usually the best way to choose your new account is compare how much the new provider is willing to give you as a cash reward for switching. The larger the amount, the better for you.

    You might also be swayed by certain perks that come as standard with a new packaged current account. These might include:

    • A better overdraft – your new current account might come with a larger arranged overdraft or even offer a free overdraft facility for a certain amount of time
    • Cashback – you might receive cashback on your purchases for a short period of time
    • Insurance – some packaged current accounts will come with free travel insurance, mobile phone insurance, home insurance or all of the above
    • Reward vouchers – depending on your choice of provider, you might receive reward vouchers from a popular retail store such as M&S, Tesco or Sainsbury’s
    • Access to other accounts – switching to your new provider could grant you access to further accounts with your new provider such as a savings account

    Am I eligible to switch current accounts?

    There isn’t anything standing in the way of you switching to a new provider, other than if you’re trying to switch to an account with the same provider.

    Switching current accounts will also require you to have paid off any outstanding debt with your old provider. This normally includes an outstanding overdraft facility that you will need to pay off prior to any switch occurring.

    Your new current account provider might also stipulate that you have a certain number of active direct debits, so you’ll need to make sure you meet this criteria before you switch accounts.

    Our current account providers

    We work with a huge range of providers to give you a wide selection of current accounts to choose from, ensuring you can find an account that will assist you in managing your money.

    Each provider is screened to make sure they meet our high standards before we agree to work with them. This ensures that you can trust them as much as we do, allowing you to find the best product from a reputable source.

    We have a wide range of current accounts from high street banks with thousands of branches to smaller challenger banks whose app-based current accounts can be accessed quickly and easily.

    Whether you are looking to switch to a standard current account, or find a student account with a free overdraft, you can easily browse our products and start comparing them today.

    Have a look through our list of providers to find the right current account for you.

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How to use Money Guru

Money Guru is an unbiased comparer of loans, credit cards, mortgages, current accounts, business accounts and credit reports. With our moneymatcher tool you can narrow down your search and find the best option for you.

  • Use moneymatcher to check your eligibility
  • Compare the latest products and find the best option for you
  • A huge panel of lenders and providers to choose from
  • Wisdom articles and insights to help you make an informed decision