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ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.


Lieke Braadbaart

Online Writer
Published: 17/01/2018

As we get used to being in 2018, it may be the perfect time to make a few financial changes. To maximise what you get out of your everyday banking, you could consider changing your current account. Now, you may have seen some ads recently boasting incentives for switching your current account in January, but are these deals the best you can get?

Switching incentives are meant to tempt you. For instance, NatWest is offering £125 for anyone who switches to one of their current accounts before February, while first direct is currently offering £100 and Halifax is enticing customers with £75. That's money you get right away, or as soon as you transfer a certain amount into the account.

As tempting as this may sound, however, it's important to consider a bank account in its entirety, especially as switching often requires you to cancel your current account. Some accounts that have switching incentives may not offer anything else, or even charge high overdraft charges and other fees, which could nullify the extra cash you get at the start.

If you look at the top high interest current accounts, you can see that you can get interest and/or cashback every month simply by using an account. Considering that people don't tend to switch current accounts all that often, this could add up to quite a sum over the years. Alternatively, if you're currently paying a monthly fee just for having a bank account, you might want to have a look at some free bank accounts to bring your costs down.

The right bank account is a balancing act between keeping your costs down and maximising what you get. Those who spend a lot of time in their overdraft may want an account with a low overdraft rate. If you'd like to get insurance free with your current account, and save some money that way, use our bank account search filter to find the ones that offer such incentives.

Whatever it is you're after, don't stay with your current account just because it's easy. Thanks to the current account switch service, you can get switched over to a new bank account within seven days, and most of the work will be done for you. So, have a look at our bank account page to see if 2018 is the right year for you to make a change.


Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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