Best Bank Account Switch Offers September 2025

Currently, First Direct is the only digital bank that offers a switching bonus (currently £175). If you’re interested in opening a digital bank account, check out our best digital bank accounts guide to see how the other providers compare.

As well as earning you a cash bonus, switching banks can help you access features to boost your finances. For instance, some accounts offer fee-free debit card spending overseas. You might also get access to savings accounts paying higher rates of interest.

Most banks have signed up to the Current Account Switch Service (CASS), which allows you to transfer to a new current account simply. This includes moving your direct debits and standing orders over to your new account. You can complete an application online and the process takes seven working days. Although you can choose to delay the switch date if needed. If anything goes wrong with the switch, you’ll get a refund on any interest (paid or lost) and charges made on your old or new account due to the failure.

Each bank has its own terms and conditions for paying the cash bonus. Some pay your cash bonus within as little as 10 days of your switch being completed. While others take up to 60 days to pay out.

There isn’t a limit on how often you can switch bank accounts. However, if you’re trying to get a switching bonus, some banks have rules that exclude customers who have already received a switching offer or held an account with them previously.

It is possible to switch bank accounts if you have an overdraft, so long as your new bank agrees to match the amount you’ve borrowed. If your new bank agrees to take your overdraft on, they’ll pay your old bank and move the balance to your new account. If the overdraft amount you’re offered is smaller or you can’t get one, you’ll have to repay your existing overdraft balance before making the switch.

Switching your bank account alone doesn’t affect your credit score. However, there are other aspects of opening an account that may have an impact on your rating. For example, if you apply for an overdraft when you switch, the bank will carry out a hard credit check, which leaves a permanent mark on your credit file.

If you pay off your overdraft on time and stick to your arranged limit, your credit score will improve. That’s because it shows lenders that you are a responsible borrower and can manage money well. Your credit score will be negatively impacted if you don’t clear your overdraft on time or spend more than your arranged overdraft limit.