Best Current Accounts 2022 To Switch To

Top 3 picks for current accounts in 2022

Over 5.1 million UK bank and building society customers have switched their bank accounts using the free (and guaranteed) current account switching service which simplifies the process for customers.

Why? People are choosing bank accounts which are better suited to their spending and saving patterns, and offer them rewards that they will really make use of.

With latest developments in mobile app banking there are some exciting new breed of banking current account to choose from:

We have outlined 5 accounts you might want to consider;

1. Santander 123 Account »

Whilst general interest rates are low some banks and building societies are offering high interest current accounts as an alternative. Santander's 123 Current Account offers a rate of 0.60% AER for savings.

• Fixed interest on balances up to £20,000 - 0.60% AER
• £5 monthly fee
• Up to 3% cashback on household bills
• Must pay in £500 per month
• FSCS Protected

For more information and to apply for Santander 123 Account

2. Starling Bank Mobile App Bank Account »

With Starling’s banking app, you'll get instant notifications when you spend or get paid, insights that reveal your spending habits, the ability to deposit cheques directly from your mobile, 24/7 support and an application that only takes minutes.

• Go digital - instant notifications when payments leave or enter your a/c
• Fast access
• Money management made easy
• Categorised spending
• Spaces - put money into virtual piggy banks 
• 24/7 support
• FSCS protected

For more information and to apply for Starling Bank Account

All of the accounts we feature here on Simply Savings are part of the free Current Account Switch Service.

Switching your account has become easier than ever and can usually be achieved within 7 days, which makes it a great way to take advantage of the switch deals that many banks are currently offering.

Launched in 2013, more than 40 banks and building societies have opted to simplify the switching process. As it is a standardised service, you know what to expect and there are guarantees should anything go wrong.

You can be confident that any interest or charges you incur as a result of any problem with your switch will be refunded.

Anyone with a UK account can use the switch service, including joint account holders, small businesses and charities.

The service includes moving all of your incoming and outgoing payments, your outstanding balance and closing your old account.

Here are the steps to follow to successfully switch your account:

​ 1: Before you switch

Check you're able to switch. As 99% of UK current accounts can be switched this shouldn’t be a problem. However, these accounts can’t be switched:

• A joint account without the permission of both parties
• Saving accounts
• ISAs
• Non-sterling payment accounts.

Find a new account

Compare accounts to make sure you find an account that is right for you. Make sure you take advantage of the switch offers and ongoing rewards, which many accounts are offering right now.

Check you are eligible for the current account you want to switch to. Common eligibility problems include having a minimum number of Direct Debits, and a set amount entering the account each month.

Get ready

Save your old bank statements. If you think you will need access to your old statements, remember to download them or request printed copies from your old bank before you switch.

Choose your switch date

To make things easier, you can choose a switch date to suit you. Just make sure you allow 7 working days for the switch to take place and that your chosen date isn't a Saturday, Sunday or Bank Holiday.

You will be able to use your old account up until your agreed switch date. This includes any use of your cards, online banking, or mobile banking.

However, you should not set up new payments such as Direct Debits and standing orders on your old account during the 7 working days leading up to your agreed switch date. This is because these will not be transferred across to your new bank or building society.

The whole process will be handled by the bank or building society you are switching to, and they will let you know when the switch has started and when the switch has been completed.

2) After you switch

You can immediately start using your new account. On your agreed switch date your new account will be ready to use and your old account will be closed.

Your new bank will have transferred all of your regular incoming payments (such as your salary or benefits) and outgoing payments (such as Direct Debits, standing orders, future dated payments and bill payments) to your new account, along with any remaining credit balance.

If anything has gone wrong

In the unlikely event that anything goes wrong, your new bank or building society guarantees to refund any interest and charges you incur as a result of a delayed or incorrect switch.