Last remaining bank pulls switching bonus - so which are the best accounts right now?
Bank operators often try to lure customers over with current account switching bonuses of up to about £200 if they bring a number of direct debits or other payments with them.
However, the last bank standing, First Direct, removed its £175 bonus on Monday, April 22, meaning there are currently no banks offering a financial reward for moving over.
NatWest and RBS both pulled the plug on their £200 cash offer earlier in April, as did Santander with its £185 boost.
HSBC launched a £220 offer in March which only lasted a few weeks, while Lloyds Bank also dropped its £175 deal.
NimbleFins monitors the market for the best bank accounts, updating its page every week.
And although there are no cash switching deals at the moment, there are some other perks available.
NimbleFins CEO and co-founder, Erin Yurday, said: "Bank account switch bonuses do come and go from the market quite regularly but it's disappointing there are no options for savvy Britons to take advantage of.
"Instead, it's worth considering what you are most likely to use from a bank account to see which other perk is most relevant to you.
"If you’ll be using an overdraft regularly you might want to look at accounts which offer the biggest amount without charge, or longest time to repay. If you go abroad a lot, an account without foreign transaction fees could be a useful option.
"Some offer cashback, while others have discounts with retailers like coffee chains or restaurants.
"You may not want the hassle of switching but if you do decide it, it is relatively straightforward as the bank does the admin involved in switching your direct debits over."
Banks with current account perks
Our research shows Chase Bank is offering 1% cashback on any spending for a year with no monthly fee. So for every £1,000 spent, you'll get £10 in cashback. It also offers a savings account with a special rate of 4.1% to current account holders.
Halifax Reward and NatWest Reward both offer a £5 a month bonus if you spend a certain amount every month, plus follow a few other conditions – which you can see in our guide here.
Nationwide FlexPlus offers family worldwide travel and mobile phone insurance and European breakdown cover. It costs £13 a month but that could work out at quite a saving on your insurance.
Current accounts with good interest rates
Barclays' Rainy Day Saver is offering 5.12% AER on anything up to £5,000, with a lower rate for anything over.
Kroo and Chase Bank are also offering interest above 4%.
Our separate research on the best savings accounts has more options of savings interest rates.
Best current accounts for overdrafts, overseas use and students
Elsewhere in our research, Nationwide FlexDirect offers 0% for a year on arranged overdrafts, while Chase Bank tops our list for the best bank account for overseas use.
The Santander 123 Student account has a great list of perks for first year students including a four year railcard and £1,500 free overdraft.
For the full list of our best bank accounts, their perks and conditions, check our our best bank accounts guide.
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