How to switch your current account
How to switch your current account
What do I need to switch my current account?
Before you begin switching current accounts, make sure you gather all the details you need and work out what you want from your new account. This will make the switch quicker and easier. There are only a few things that you will need to complete the switch.
Existing bank details
You will need to provide your existing bank details to your new provider so that they can contact your current bank to make the switch. This includes your sort code and account number.
Ideas on the different types of current account
Each bank or provider will offer different types of account. They may go through each offering with you before you make the switch so you are aware of everything that is available to you. However, we recommend you do some research beforehand and have a basic understanding about what is available and what you need. This can save time during your meeting with the bank.
How do I switch?
1. Compare and pick a current account
The first step to switching your current account is by choosing where you want to switch to. It is worth comparing different accounts to see what features and services they offer and any rewards that are available. You can then pick the one that is the most suitable to you.
Some things to consider include:
- Do you want a standard or basic account?
- Do you need an overdraft?
- Will you benefit from a high-interest rate on your balance?
2. Get more information from the provider
Once you have chosen your new provider, it is advised to find out all the information you need from the bank or provider, so you have a clear understanding of what you’re signing up to. For example, what are their interest rates? Do you need to move over a certain amount of Direct Debits to switch?
3. Switch your current account
Switching current accounts is easy. Once you have decided where to switch to and picked a date for the switch to happen, the provider will use the Current Account Switch Service. When you have provided all the information you need to, your new provider will make the switch for you.
4. Should I close my old account?
If you are switching your current account and not just opening a new one, then your old account will close. As part of the switch process, your new provider will contact your old provider and will have all your money, Direct Debits and incomings transferred to your new account.
5. Does it take long to switch?
The process of switching current accounts is quick and easy. The paperwork will not take long at all and once it is complete, it will take seven working days for your account to switch.
6. Will I get any benefits?
Some providers offer current account switch incentives to those who make the switch to one of their accounts. This is often of monetary value after you have had the account for so long, usually 30 days, to ensure that all requirements are met and you don’t revert the switch.
However, not all providers will offer this and it is something that you should check beforehand.
What will my provider do?
The provider for your new account will contact your old provider and will do all the work for you when making the switch. Here is a list of what they will do:
- Transfer your money from your old account to your new one
- Transfer your Direct Debits and standing orders across
- Transfer incoming payments, for example, your salary – any money paid into your old account within the next three years will be transferred to your new account.
- Close your old account