Current accounts: fee-free banking, switching bonuses and cashback deals
A plain-English, independently produced comparison of current accounts for people on everyday incomes. No paywall, no sales pitch — we're not owned by anyone selling you these products.
Current account switching deals and rates
Fee-free current accounts
| Provider | Monthly fee | FSCS protected | Website |
|---|---|---|---|
| Chase — app-only; 1–2% cashback on everyday spending; no overseas transaction fees; linked easy-access saver at 4.50% AER. No physical branches. | Free | ✓ Yes | chase.co.uk |
| Monzo — app-only; budgeting pots; savings pots up to 5% AER on paid plans. Free standard tier available. | Free (standard tier) | ✓ Yes | monzo.com |
| Starling Bank — app-only; free overseas spending and ATM withdrawals; fee-free arranged overdraft pricing from 15% EAR on eligible accounts. | Free | ✓ Yes | starlingbank.com |
| First Direct 1st Account — phone support 24/7; £250 interest-free overdraft buffer; free overseas spending; linked regular saver at 7.00% AER. Consistently top-rated for customer service. | Free | ✓ Yes | firstdirect.com |
FSCS protection up to £120,000 per authorised institution. App-only accounts do not offer branch access — consider this if you regularly deposit cash or prefer in-person banking. Updated at least weekly.
Switching bonus deals
| Provider | Switching bonus | FSCS protected | Website |
|---|---|---|---|
| Barclays — £150 paid on switching, plus £30 a month for 5 months if qualifying criteria are met each month (up to £300 total). Deposit £2,000 and transfer 3 active direct debits. Check the exact qualifying window directly with Barclays before applying. | Up to £300 | ✓ Yes | barclays.co.uk |
| Santander Everyday — full CASS switch from an external provider, pay in £1,500 and set up 2 household direct debits within 60 days, and fund a Santander Regular Saver with at least £200. Not available if you held a Santander current account on 1 January 2026 or have had a Santander switch bonus before. Limited-time offer that can be withdrawn at any time; relaunched 29 October 2026. | £240 | ✓ Yes | santander.co.uk |
| HSBC — switch via HSBC app within 60 days; deposit £2,000, spend £500 on debit card. New customers only (no HSBC account since 1 Jan 2025). | £220 | ✓ Yes | hsbc.co.uk |
| First Direct — full CASS switch, min £1,000 deposit, 2 direct debits or standing orders, 5+ debit card payments and a digital banking login, all within 45 days. £175 initial plus £35 extra for accounts opened between 14 September and 2 December 2026. Includes £250 interest-free overdraft and 7% AER Regular Saver. Consistently top-rated for customer service. | £210 | ✓ Yes | firstdirect.com |
| NatWest — pay in £1,250, log into mobile app within 60 days. Cannot have held a NatWest/RBS/Ulster Bank account on 6 May 2026 or received a previous switch bonus from these banks. | £200 | ✓ Yes | natwest.com |
| Lloyds Bank — full CASS switch with 3 active direct debits. Offer runs until 9 December 2026 and includes a Disney+ subscription or cinema tickets as an extra perk alongside the cash. | £200 | ✓ Yes | lloydsbank.com |
| RBS — apply for a Select or Reward account; full CASS switch from another bank (not from NatWest Group banks); pay in £1,250 and log in to the mobile app within 60 days. | £200 | ✓ Yes | rbs.co.uk |
| Nationwide FlexDirect — full CASS switch, 2 DDs, 1 debit card payment, £1,000 deposit within 31 days. 1% cashback on debit card spending for first 12 months (max £5/month). Open to new and existing customers who have not received a Nationwide switch offer since 2021. | £175 | ✓ Yes | nationwide.co.uk |
Offers as at 16 October 2026 (Finder); Santander as at 29 October 2026 (Santander, Moneyfacts). Sorted by bonus value. Switching bonuses are time-limited — verify terms directly with the provider before applying. All switches completed via the free Current Account Switch Service (CASS) in 7 working days. FSCS protection up to £120,000 per institution. Updated at least weekly.
Cashback current accounts
| Provider | Cashback rate | FSCS protected | Website |
|---|---|---|---|
| Chase — 2% cashback on eligible UK debit card spending, up to £20 a month. Conditions include 15+ debit card and/or direct debit payments a month and £1,000+ in Chase saver accounts. No monthly fee. | 2% (max £20/month) | ✓ Yes | chase.co.uk |
| Santander Edge Up — 1% cashback on selected household bills paid by direct debit, up to £15 a month. £5 monthly fee; min £1,500/month pay-in and 2 active direct debits. | 1% on bills (max £15/month) | ✓ Yes | santander.co.uk |
| Santander Edge — 1% cashback on selected household bills paid by direct debit, up to £10 a month. £3 monthly fee; min £500/month pay-in and 2 active direct debits. | 1% on bills (max £10/month) | ✓ Yes | santander.co.uk |
Source: Money to the Masses, 3 June 2026 — re-check current terms with the provider. Cashback rates may be introductory or subject to monthly caps — check full terms before opening. Accounts with monthly fees only offer net value if cashback earned exceeds the fee. Updated at least weekly.
Related guides
For the latest rate changes and money news, see our money news page. This is factual information, not financial advice or a personal recommendation — please check current rates and terms with the provider before applying.
Frequently asked questions
CASS moves all direct debits, standing orders and incoming payments from your old account to your new one in 7 working days. It is backed by a formal guarantee: if anything goes wrong — a payment is missed, or you are charged a fee as a result of the switch — both banks are jointly responsible for putting it right and refunding any charges. Over 99% of switches complete without any issues. You initiate the switch through your new bank; from that point the process is automatic and your old account closes once complete. Debit card details saved with retailers (Amazon, PayPal, subscriptions) are not moved automatically and must be updated manually — this is the main housekeeping task post-switch.
Opening a new current account involves a hard credit search, which is visible to other lenders and can reduce your credit score temporarily — typically by a small amount that recovers within a few months. The more significant credit impact comes from applying for an overdraft, which is treated as a credit application in its own right. If you apply for the account only, without an overdraft, the impact is generally minor. Avoid applying to multiple banks in quick succession, as several hard searches within a short period is a signal lenders pay attention to.
Yes — there is no legal limit on the number of current accounts you can hold. Running two accounts is common: a main account for salary and direct debits, and a second for discretionary spending, which helps separate fixed and variable costs. Some people open accounts sequentially at different banks to collect switching bonuses over time; there is no rule against this, provided eligibility criteria are met at each bank. Be aware that each new account application involves a credit search, so spacing applications out is sensible if your credit score is a concern.
Yes, provided your bank is FCA-authorised and a member of the FSCS. The FSCS protects up to £120,000 per person, per authorised institution (raised from £85,000 in December 2025). For a current account used for day-to-day spending, the balance rarely approaches this limit — but it's worth knowing the protection applies.