UK current accounts have become surprisingly competitive — some offer switching bonuses, cashback on spending, and interest on your balance. With the free Current Account Switch Service (CASS), switching takes minutes.
Quick answer:Chase for 1% cashback on everyday spending. First Direct for the best switching bonus & customer service. Nationwide FlexDirect for interest on your balance (5% on first £1,500). Switch using CASS — it takes 7 days and moves everything automatically.
Best Current Accounts Compared
Account
Monthly Fee
Switching Bonus
Cashback
Interest on Balance
Overdraft Rate
Chase Current Account
£0
None
1% for 12 months
None
No overdraft
First Direct 1st Account
£0
£175
None
None
0% up to £250
Nationwide FlexDirect
£0
£175
None
5% on £1,500 (12 months)
39.9% EAR
NatWest Reward
£2/month
£200
Selected retailer offers
None
39.49% EAR
Barclays Blue Rewards
£5/month
None
£5/month (conditions)
None
35.0% EAR
Monzo
£0
None
None
None
39.9% EAR
Starling Bank
£0
None
None
None
15–35% EAR
Virgin Money M Account
£0
Various
Offers via app
2% on £1,000
39.9% EAR
HSBC Advance
£0 (conditions)
£200
None
None
39.9% EAR
Switching Bonuses Comparison
Bank
Switching Bonus
Key Requirement
HSBC
£200
Switch via CASS, pay in £1,500/month
NatWest
£200
Switch via CASS, various conditions
First Direct
£175
Switch via CASS, pay in £1,000/month
Nationwide FlexDirect
£175
Switch via CASS
Lloyds
£100–£150
Switch via CASS, various conditions
Co-operative Bank
Variable
Switch via CASS
Bonuses change regularly. Check current offers before switching.
Best Current Account for Each Need
Need
Best Account
Why
Best overall free account
Chase
Free, 1% cashback, great app
Best switching bonus
HSBC or NatWest
Up to £200
Best customer service
First Direct
Consistently rated #1 for service
Interest on balance
Nationwide FlexDirect
5% on first £1,500
Best banking app
Monzo or Starling
Modern, real-time notifications, budgeting
Best for abroad/travel
Chase or Starling
No foreign transaction fees
Best 0% overdraft
First Direct
£250 interest-free buffer
Best for cashback
Chase
1% on all spending (first year)
Digital Banks vs Traditional Banks
Feature
Digital (Monzo, Starling, Chase)
Traditional (HSBC, Barclays, NatWest)
App quality
Excellent
Good (improving)
Branch access
No
Yes
Instant spending notifications
Yes
Sometimes
Budgeting tools
Built-in
Basic
International fees
Often £0
2.5–3% typically
Switching bonuses
Rarely
Frequently
Overdraft availability
Limited
More generous
Customer service
Chat-based
Phone, branch, chat
Joint accounts
Yes (most)
Yes
How to Switch Using CASS
Step
What Happens
Timeline
1
Apply for new current account
10 minutes online
2
Choose your switch date
You pick (min 7 days)
3
Automatic transfer of direct debits & standing orders
Done on switch date
4
Old account closed
Automatic
5
Payments to old account automatically redirected
For 36 months
6
If anything goes wrong
CASS guarantee — bank fixes it and compensates
How Much Switching Can Earn You
Strategy
Annual Value
Switching bonus (once)
£150–£200
1% cashback on £1,500/month spend
£180/year
5% interest on £1,500 balance
£75/year
Total first year
£405–£455
Bottom Line
Most UK current accounts are essentially the same for basic banking — free, FSCS-protected, with identical functionality. The differences come down to bonuses, cashback, and app quality. Get a switching bonus from First Direct or NatWest. Use Chase for everyday spending (1% cashback). Use Monzo or Starling for the best budgeting app. There’s no reason to be loyal to a bank that offers you nothing.