Comparison · Banking · 2026/27
Current Account Switching vs Staying Put UK 2026/27
The Current Account Switch Service makes moving banks almost effortless, often with a cash bonus attached. Staying put can still make sense if you value an existing overdraft or linked perks. This 2026/27 guide compares the switch guarantee, typical bonuses and what to check before moving.
Key facts -- 2026/27
- • CASS switch time: within 7 working days
- • Redirect guarantee: 3 years for misdirected payments
- • Typical cash bonus: ~GBP 100-200+ (varies, changes often)
- • Switching cost: free, no fees allowed
- • In-credit interest cap: commonly GBP 1,000-5,000 where offered
- • Interest tax: counts toward your Personal Savings Allowance
How the Switch Guarantee Works
Nearly every UK bank participates in CASS. You choose a switch date, and the service automatically transfers your direct debits, standing orders and regular incoming payments to the new account within 7 working days -- you do not need to contact each payee individually.
Any payment mistakenly sent to your old account details is automatically redirected to the new account for 3 years, and if a payment fails because of the switch, both your old and new bank must refund any resulting fees or interest.
Worked Example: Switching Bonus vs Staying Loyal
| Factor | Switch to new bank | Stay with current bank |
|---|---|---|
| Cash switching bonus | ~GBP 100-200 one-off | GBP 0 |
| Existing arranged overdraft | May be smaller initially | Retained |
| Admin effort | Minimal (CASS handles it) | None |
Illustrative only -- confirm current bonus offers and eligibility criteria with each bank directly. Use the savings calculator to see how in-credit interest adds up over a year.
Side-by-Side Comparison
| Factor | Switching | Staying put |
|---|---|---|
| Cash bonus potential | Often available | None |
| Effort required | Low (CASS-managed) | None |
| Overdraft continuity | Reassessed by new bank | Unchanged |
| Linked product perks | May lose old perks | Retained |
| Best for | Bonus/rate hunters | Strong existing relationship |