Best switching offers

Banks regularly offer cash incentives to encourage you to move your main current account to them. To qualify you usually have to switch using the Current Account Switch Service and meet conditions such as moving a set number of active direct debits and paying in a minimum amount.

Once you have met the requirements, the bonus is typically paid into your new account within a set number of days, so it is worth reading the terms carefully before you switch.

Switching through the Current Account Switch Service takes seven working days from start to finish. Once you have applied and chosen a switch date, your payments, direct debits and standing orders are all moved across automatically.

The process is covered by the Current Account Switch Guarantee, which means you will be refunded any charges or lost interest if anything goes wrong during the switch.