Switching your current account takes seven working days under the Current Account Switch Service and is far simpler than most people realise. Yet millions of UK adults stay with the same bank for decades, often missing out on better rates, cashback, and switching bonuses worth hundreds of pounds.

📋 Key points
  • The Current Account Switch Service
  • What to look for in a new bank account
  • Switching bonuses — free money for switching
  • The best current accounts in 2026

The Current Account Switch Service

The Current Account Switch Service guarantees a complete switch within seven working days. Your new bank handles everything — moving all your direct debits and standing orders, redirecting payments made to your old account for at least three years, and closing your old account.

The switch is guaranteed — if anything goes wrong you are entitled to compensation from your new bank.

What to look for in a new bank account

Different accounts suit different people. If you regularly hold a balance in your current account, look for accounts that pay interest on your balance — some pay up to 5% AER on balances up to a set threshold.

If you spend a lot, look for cashback accounts that pay a percentage back on purchases. If you travel frequently, look for accounts with fee-free international spending.

Switching bonuses — free money for switching

Banks regularly offer cash switching bonuses to attract new customers, typically between £100 and £200. These bonuses are usually available to new customers who switch using the Current Account Switch Service and meet certain conditions — such as paying in a minimum amount each month and setting up direct debits.

Over a few years of switching strategically, savvy customers can collect thousands of pounds in switching bonuses.

The best current accounts in 2026

Monzo, Starling, and Chase offer excellent digital banking with no fees for overseas spending. Nationwide, First Direct, and Lloyds regularly offer attractive switching bonuses and interest-paying features. Compare current deals at comparison sites before switching.

Bottom line

There is rarely a good reason to stay with a bank that does not offer competitive benefits. Switching takes seven days, involves no hassle on your part, and can earn you a significant cash bonus plus ongoing cashback or interest. Check what is available today.