Our best bank switching offers

Until 2013 switching from one bank account to a new one was an unpleasant experience. It took up to 30 days or more and customers were often left with direct debits that weren’t moved and other headaches. But that changed with the launch of the Current Account Switch Service (CASS) in 2013, which was designed to introduce more competition among banks and building societies. 

The idea was to make switching banks simple, reliable and stress-free. The service is free-to-use and available to all individuals, small businesses, charities and trusts in the UK. 

Now switching banks takes just seven working days, and more importantly, the service is backed by a switch guarantee. This ensures that all payments associated with the customer’s old account, will be switched to the new account and ready for use with effect from a pre-agreed switch date. But if something goes wrong, for example you’re charged for missed payment, you’ll be reimbursed for any charges.

Many people are wary of switching bank accounts as they worry things might go wrong. This is understandable given that many people have their mortgage and rent payments, as well as other regular bills being paid from their bank accounts. And any disruption could cause a lot of headaches. 

But this is what the CASS was created to address. With the Current Account Switch Guarantee, customers can have the peace of mind to switch their current account to a better more suitable option for them. This in turn incentivises banks and building societies to offer better products to attract new customers, which results in better outcomes for everyone.

There may be a time when there are no switching offers available. But if you’re unhappy with your existing bank or building society, there are still options that offer other benefits that you could consider. These could include cashback offers on your spending, being paid interest on your balance, discounts at specific retail stores, or add-ons such as breakdown cover or mobile phone insurance.