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Current Accounts

Get a bonus when you switch bank account

  • Get up to £175 when you switch

  • Your money is safe with our FCA-regulated providers

  • See account details and important information at a glance

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Our best current account switch offers

Below are our best bank account switching deals along with some important information about the accounts.

Accurate as of Sunday, 23 June 2024

£175 when you switch, access to a 7% Regular Saver and no debit card fees when spending abroad. T&Cs apply
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£175 to switch + access to 7% Regular Saver + no debit card fees when spending abroad

1st Account

  • Switch Incentive

    £175 to switch

  • Arranged overdraft

    Yes (subject to eligibility)

  • Account fees

    None

  • Rewards and other perks

    Access to 7% AER/gross Regular Saver


Important information & opening criteria
Account details:
  • Switch Incentive: £175 when you complete a full switch for particpating banks and building societies
  • Interest rate: 0% AER interest on in-credit balances
  • Overdraft: First £250 is interest free (subject to status)
  • Other Perks: Access to 7% AER/gross Regular Saver Account. No first direct debit card fees when spending abroad
Important information:
Complete a full switch from particpating banks and building societies including a minimum of 2 standing orders and/or direct debits, pay in £1,000, log onto digital banking and make 5+ debit card transactions. All criteria to be completed within 30 days of the account being opened. Can not have held a first direct product previously or have opened a HSBC account after 1st Jan 2018
£100 to switch & £60 to stay. £100 to start a switch before the offer is withdrawn, log into TSB App, make 5 debit card payments. Earn up to £60 double cashback by making 20 debit card payments per month. T&Cs apply.
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£100 to switch & £60 to stay. T&Cs apply

Spend & Save Current Account

  • Switch Incentive

    £100 to switch

  • Arranged overdraft

    Yes (subject to eligibility)

  • Account fees

    None

  • Rewards and other perks

    Earn £5 cashback a month for 6 months


Important information & opening criteria
Account details:
  • Switch Incentive: £100 to Switch & £60 to Stay. £100 to Switch before offer withdrawn, plus earn double cashback (£10pm for 6 months) T&Cs apply*
  • Interest rate: 0% AER interest on in-credit balances
  • Overdraft: Arranged overdraft available. Subject to status, 18+
  • Rewards: Earn £5 cashback a month for 6 months . If you’ve switched to TSB, they’ll double it to £10 a month for 6 months
  • Other Perks: Savings Pots, Save the Pennies and Auto Balancer features + access to a Monthly Saver paying 6.00% Gross/AER** fixed for a year
Important information:
*Start a full switch using the Current Account Switching Service before the offer is withdrawn, log into the TSB Mobile App and make 5 debit card payments. Earn cashback by making 20 debit card payments per calendar month (excludes ATM or other cash withdrawals). **Monthly Saver interest paid on maturity. UK Residents only, 18+
£100 to switch & £60 to stay. £100 to start a switch before the offer is withdrawn, log into TSB App, make 5 debit card payments. Earn up to £60 double cashback by making 20 debit card payments per month. T&Cs apply.
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£100 to switch & £60 to stay.T&Cs apply. £3/month Fee

Spend & Save Plus Current Account

  • Switch Incentive

    £100 to switch

  • Arranged overdraft

    Yes (subject to eligibility)

  • Account fees

    £3 /month

  • Rewards and other perks

    Earn £5 cashback a month


Important information & opening criteria
Account details:
  • Switch Incentive: £100 to Switch and £60 to Stay. £100 to Switch before offer withdrawn, plus earn double cashback (£10pm for 6 months) T&Cs apply*
  • Interest rate: 0% AER interest on in-credit balances
  • Overdraft: Subject to status, 18+, first £100 interest free
  • Rewards: Earn £5 cashback a month for all new customers. If you’ve switched to TSB, they’ll double it to £10 a month for 6 months
  • Other Perks: Zero TSB card charges abroad + access to a Monthly Saver paying 6.00% Gross/AER** fixed for a year
Important information:
*Start a full switch using the Current Account Switching Service before the offer is withdrawn, log into the TSB Mobile App and make 5 debit card payments. Earn cashback by making 20 debit card payments per calendar month (excludes ATM or other cash withdrawals). **Monthly Saver interest paid on maturity. UK Residents only, 18+

This is a preview of our top current accounts ordered by switch incentive. For a full breakdown of all our current accounts, including alternative current account types, progress to the results table.

Why compare current accounts with MoneySuperMarket? 

  • It’s quick

    We find current accounts from leading providers from across the market and we’ll show you the results within seconds 

  • It’s straightforward

    We show you the current account’s key features upfront, such as overdraft facility, interest rates, bonuses and limits 

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    We work with trusted providers

    When you compare current accounts with us, you can be confident you’re seeing what’s on offer from FCA-regulated firms 

What can I use a current account for?

You can use a current account for:

  • Everyday spending: Think of a current account as the money you currently have. So, it’s ideal to use this bank account for your day-to-day spending 

  • Salary: Your wages will always be paid into your current account

  • Pension: When you’ve retired, your pension will be deposited into your current account 

  • Cash withdrawals: It’s best to use your current account for ATM withdrawals, as you will not be charged for doing so when you’re in the UK. Using a credit card for cash withdrawals will come with fees as this is money you’re borrowing from the lender 

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What are the different types of bank accounts? 

Beyond everyday current accounts, some providers offer perks like cashback and rewards, free railcards for students, and more.

  • Business accounts

    If you’re looking to receive payments and pay out money in your company name, a business current account may suit you best. 

  • Student accounts

    Off to college or university soon? Student bank accounts can offer good overdraft facilities and include perks like free railcards.

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    Packaged accounts

    A packaged bank account is a type of current account that comes with extras such as insurance, rewards and fee-free card payments abroad. You’ll usually have to pay a monthly fee 

  • Cashback current accounts

    Cashback and reward current accounts can offer a range of benefits from cashback and discounts when you spend using the account, to loyalty points and even boosted interest on your in-credit balance.

What is bank switching?  

Bank switching is when you change your current account provider to a new one. Switching your bank account is straightforward as most banks and building societies are part of the Current Account Switch Service. When you switch your current account, your incoming payments will move to your new bank account. You could even benefit from extra money in your new account, if the bank you’re moving to offers an account switching bonus.

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How do I switch my current account? 

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    Start the switch

    Open your new bank account and make sure it’s signed up to the switch guarantee scheme. You’ll able to choose the date you want the switch to take place 

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    Bank sets up your account

    Incoming payments like your salary and your current direct debits and standing orders will move across 

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    Your payments move

    Incoming payments like your salary and your current direct debits and standing orders will move across. You’ll also be covered financially and reimbursed if anything goes wrong   

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    Receive your bonus

    If your new current account comes with a switch incentive, you’ll receive the funds once the switch is complete 

What's required when I switch my bank?

If you want to switch to a new current account, it’s essential that you meet the eligibility requirements. If you’re looking to benefit from a switch incentive, it’s also important that you meet the eligibility criteria. Eligibility requirements across banks will vary but here’s what’s usually needed: 

  • Deposit a certain amount: You might have to move a certain amount of money into the new current account 

  • Direct debits: Your new provider may want you to set up a minimum number of direct debits in order for you to make the switch  

  • Be a new customer: You’ll usually have to be a first-time customer to qualify for the switch bonus. Some banks will require you to have not had an account with them since a certain date or never at all 

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What are the advantages of switching bank accounts?

Switching your bank account, comes with a host of benefits, such as: 

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    Cash incentive

    A common perk for switching is a cash incentive, which is basically free money. However there tend to be some conditions, such as a minimum deposit to put into the account

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    Overdraft

    Some banks offer you better deals on your overdraft when you switch with them, such as an interest-free overdraft for a period time

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    Cashback

    You can even benefit from cashback when you switch current accounts. Some banks may let you get cashback on purchases from selected stores

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    Better savings rates

    Another perk when you switch current accounts can be access to better saving rates. The provider may offer you savings accounts with generous rates of interest for switching

How to choose the best current account for you

When it comes to choosing the best current account for you this all depends on what you need your current account to do. Different current accounts will have features designed for different types of customer.

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    Consider cheapest overdraft

    For those who regularly need to dip into an overdraft, you may want to prioritise a current account that comes with a cheaper overdraft – as some banks have very high overdraft rates. 

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    Match an account to your lifestyle

    You may want to consider an online or app-based bank where you can see your balance and manage your transactions at any time 24/7. Banking and access to cash is free and convenient. 

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    Look for high interest deals

    If your account is rarely overdrawn, then a high interest account could benefit you. These accounts pay competitive rates of interest, however there is usually a cap on the balance that can earn interest each month. 

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    Improve your credit score

    If you have a low credit score then a basic bank account or account for bad credit can help you rebuild your score. You won’t have access to an overdraft, but setting up direct debits to pay bills on time through your account can improve your credit score.

Will multiple bank switches affect my credit rating?

Switching current accounts can impact your credit score, especially if you make multiple switches in a short period of time. However, the effect on your credit rating shouldn’t last long or be too severe. The reason your credit score might dip is because some banks will carry out a hard credit check when you register for a new account with them. If you’re planning to apply for a loan, for example, a mortgage then it may be best to avoid switching your current account until after, so your score hasn’t been brought down by the switch. You can keep an eye on your credit score, by using our free credit monitor service.

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Kate Hughes

Our expert says

"

We tend to overlook our current accounts but they are valuable weapons in our financial arsenal. Some perks can genuinely save us money when they fit our needs, spending and saving habits. But even with the switch guarantee, we don't vote with our feet often enough when the account, service or provider isn't what we need or really want. It's high time we started flexing our muscles and making those providers work harder for us and our money.

"
- Kate Hughes, Money & Savings Expert

How to compare current accounts with MoneySuperMarket

We can take the hard work out of finding a current account to suit you by comparing a range of current accounts all in one place.

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    Browse our providers

    Click through to search the market to find the best current account for your needs, including any cash incentives to switch

  • Icon-Filter-110

    Filter and sort

    Use our handy filters to narrow down your options based on the type of current account you need, such as high interest or student accounts

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    Click through to provider

    When you find the deal you want, click straight through to the provider to complete your application. Sit back while your new bank takes care of the switch

To open a bank account, you’ll usually need the following information to hand:

  • Personal information: Usually your full name, nationality, contact details, date of birth and national insurance number

  • Proof of address: A recent utility bill, mortgage statement or tenancy agreement, bank statement or council tax bill 

  • Proof of identity: Such as your passport or driving licence. If you’re opening a children’s account or student account, your bank may accept a birth certificate as proof of identity 

Most providers will only need you to be over 18 to open a bank account, but some banks might have additional requirements for certain types of accounts. This could mean a minimum credit score, especially if the account comes with perks or benefits.

If you want to close your account, you’ll normally be able to do this by contacting your bank either by phone or post, or by meeting face to face and letting them know.

You don’t need to tell your bank when you switch current accounts. When you’ve completed the Current Account Switch Agreement form, the bank you are switching to will take care of the rest.

Any payments in and out of your old account are automatically switched thanks to the Current Account Switch Service, and your new bank will contact the person sending the payment or the person due to receive the payment to let them know your new account details. They’ll also contact you if there are any problems.

If you created any regular payments using your old account’s debit card then you might need to manually change them.

Many banks will let you add another name to your current account – you’ll normally both have to go into a branch and show ID to do this, as well as fill out some forms.

However, some accounts might only be limited to one account holder, and others could say the additional person needs to be a certain age. They may even need to make a payment into the account to be added – read more with our guide to joint bank accounts.

If your bank goes out of business your money is safe up to a threshold of £85,000 due to the Financial Services Compensation Scheme, which gives you government protection when you bank. It includes digital and challenger banks, building societies and credit unions.

AER stands for Annual Equivalent Rate, and it shows you how much interest you’re earning on the balance of your savings account. APR stands for Annual Percentage Rate, which refers to the interest rate you’ll pay on any loan or credit card repayments.

There are no rules on how many current accounts you can have. You can have multiple bank accounts – provided your bank or building society lets you. But some current accounts have eligibility criteria, such as a minimum amount you must pay into the account each month, for example.

It can be beneficial to have an additional current account with a partner or housemate if, for example, you need to share payment of rent, mortgage and other bills. You could also open a second current account to earn higher interest on some savings, and still want to keep another account for day-to-day spending.

Be aware that if you use an overdraft on more than one current account this could negatively impact your credit score and affect your ability to get loans and credit. Your credit score could also dip if you apply for a lot of new current accounts in a short space of time.

The Financial Services Compensation Scheme will protect up to £85,000 in your current account. As long as your current account is held within a UK-authorised bank, building society or credit union then your money will be covered by the FSCS. If you hold a joint bank account, then up to £170,000 will be protected.

You can get a bank account even if you’ve had debt problems in the past or if you have a low credit score.  

Current accounts for bad credit or basic bank accounts offer most of the functionality of a standard current account, but typically you won’t have access to an overdraft.  

 



It’s a good idea to check your account statements regularly, because this could stop you going into your overdraft without knowing. It can also be a good way to double check whether there are any transactions you don’t recognise.

Look for a provider with good customer service, because you never know when you’ll need to call them up or go into a branch to fix an issue.

Remember to be careful with your PIN and account details; you should keep this information safe and protected. Remember, your bank will never ask you to reveal details like your PIN, either on the phone, in person or through an email.

Your bank will almost certainly have an app that lets you manage your account online, and some may even be based on their app. This is excellent for quick and easy money management.

Each bank has different ways of transferring money. Some require you to use a card reader when transferring any sum of money, while others only use it for transactions over a set amount.

Other banks do not use card readers at all, so if money transfers are something you might be doing a lot of, it’s worth checking the policy details to see how easy it is to make payments on the go.

If your current account comes with benefits such as air miles, you might want to check whether you really need them. For example, if you’re not a frequent flyer, is an air miles bonus worth the extra cost?

Looking for other forms of banking and lending?