Should I switch bank?
Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying.
FSCS protects eligible deposits up to £120,000 per person, per authorised institution.
Quick answer
Switching can make sense if another bank offers a better fit — a switch bonus, lower fees, a better app, interest on your balance or a more suitable overdraft. The Current Account Switch Service moves your balance and regular payments to your new account in 7 working days, on a date you choose, and payments sent to your old account details are redirected.
It may not be worth it if you rely on an overdraft you might not get again, if you’d miss your current bank’s branches or features, or if a bonus’s conditions don’t fit how you bank.
Questions to ask before you switch
| Question | Why it matters |
|---|---|
| Do I use an overdraft? | A new bank decides your limit afresh, and may not match it |
| Can I meet the bonus conditions? | Missing one can mean no bonus |
| Which payments are on my card, not direct debit? | Card payments saved with retailers aren’t moved by the switch service |
| Is a full switch or a partial switch right? | A full switch closes the old account; a partial switch keeps it open |
| Will a credit search matter right now? | Opening an account usually involves a credit check |
General checklist as of 3 October 2026.
Who it’s for
- People unhappy with fees, service or features at their current bank
- Anyone who can meet a switch offer’s conditions, such as paying in a set amount
- People who want a full switch with payments moved automatically
Who should skip it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You rely on an arranged overdraft — a new bank may not offer the same limit
- You’ve recently applied for a mortgage or other credit and want to avoid new searches on your file
- You’ve claimed a switch bonus from the same bank before — many offers exclude past claimants
Full explanation
A full switch through the Current Account Switch Service closes your old account and moves everything across. The Current Account Switch Guarantee says the switch is free, and that you’re covered for any charges or interest incurred if something goes wrong.
A partial switch — moving some payments while keeping the old account open — is also possible, but isn’t covered by the same guarantee and usually doesn’t count for switch bonuses.
If a bonus is the main reason, read its conditions on the bank’s own site. Our switch offers page lists the current deals we’ve checked, and our switching hub explains how bonuses work.
More answers are in our switching FAQs. Think carefully before switching just for a bonus if it could leave you without an overdraft you rely on.
The catch
Switch bonuses usually have conditions, such as paying in a minimum amount, moving a set number of direct debits, or not having had a bonus from that bank before. A new account normally involves a credit check. And while the switch service moves direct debits and standing orders, you’ll need to update card payments saved with retailers yourself.
See which banks are offering switch bonuses right now.
FAQs
Is it worth switching bank?
It can be if the new account suits you better or pays a bonus you can qualify for. Weigh up overdrafts, features and the bonus conditions.
How long does a bank switch take?
The Current Account Switch Service moves your balance and regular payments to your new account in 7 working days, on a date you choose, and payments sent to your old account details are redirected.
Will switching bank affect my credit score?
Opening a new account usually involves a credit check, which shows on your credit file. A single application generally has a limited effect.
Do I need to tell people my new account details?
Payments to your old details are redirected, but it’s sensible to give your new details to your employer and anyone who pays you regularly.
What if something goes wrong with the switch?
See Full explanation above.
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