Several major UK banks are currently offering incentives for customers who switch their current accounts, including cash bonuses and other perks. Santander is providing a £240 reward, while Starling Bank is enticing new customers with an electric toothbrush. Other institutions such as HSBC, NatWest, RBS, First Direct, and Nationwide also have switching offers available.

To qualify for these bonuses, customers generally need to use the Current Account Switch Service, which facilitates the transfer of funds and payments from the old account to the new one and closes the former account. Typical requirements include setting up at least two direct debits—such as for council tax or energy bills—and meeting minimum deposit thresholds within specified timeframes. Additionally, customers may need to log into their new online or mobile banking platforms to activate the offer.

Existing customers of a bank may still be eligible for switching bonuses if the bank offers different types of accounts, although restrictions often apply to those who have previously benefited from similar deals. Customers who have received switching bonuses from a bank recently, or in some cases at any time, are typically excluded.

Beyond the immediate financial incentives, switching accounts can provide other advantages. Banks such as Starling, First Direct, and Nationwide have received positive ratings for customer service, according to surveys and expert evaluations. Other benefits may include access to physical branches, cashback on certain purchases, fee-free international spending via debit cards, and competitive savings interest rates which can reach up to 8 percent. Some consumers also choose to switch banks to align with institutions whose values better reflect their own.

Opening a new account and initiating a switch has become more streamlined, with many banks enabling customers to complete the entire process online in approximately 20 minutes without visiting a branch. Once the application is submitted, the Current Account Switch Service usually completes the transfer within seven working days on a day chosen by the customer.

Importantly, the switching service transfers all balances and overdraft facilities and moves regular incoming and outgoing payments, including salaries and saved payees. However, recurring payments made via debit cards, such as subscriptions, require manual updating to the new payment method.

The service includes safeguards: if any errors during the switch lead to financial loss, such as missed payments or lost interest, customers are entitled to compensation. Payments made to the old account after the switch are redirected to the new one automatically.

Bonuses are typically credited within a few months of the switch. If customers are dissatisfied with their new bank, they retain the option to switch accounts again in the future.