How to switch your current account - our easy, free and guaranteed process (2024)

FAQs

How do I complete a current account switch? ›

The Account Switch Service Guarantee means your new bank will switch your payments and transfer your balance, and your old bank will take care of closing your old account.

Switching is usually very easy, with all your payments automatically moved over for you. Here's all you need to know.

Step 3: The switch guarantee service will start the process

Your old bank talks to the new one, and everything is switched over seamlessly, including your balance, direct debits and salary.

As a hard credit check will impact your score for some time, if you plan on taking out a loan in the next year, you might want to avoid switching bank accounts. This is especially true if you've had hard checks on your account for other things, such as applying for a credit card.

It's a free service that lets you switch your current account from one participating bank or building society to another. It has been designed to be simple, reliable and hassle-free and is backed by the Current Account Switch Guarantee.

As a participant of the Current Account Switch Service, your new bank or building society guarantees your switching process. Pay.UK, the home of Bacs Payments, Faster Payments and Cheque Payments, manage and oversee the service.

Each current account has its own rules. So if you like to switch frequently to make the most of the freebies, always read the terms and conditions. Although there's no official limit on how often you can switch, switching accounts goes on your credit file and frequent switching could affect your credit score.

Open the new account before closing your old one and switch in stages while you move over recurring payments or deposits. Keep some money in the old account. You should have enough money in the old account to avoid a minimum-balance fee and to cover any automatic payments or checks that haven't cleared.

How quickly can you switch bank accounts? ›

Under the Current Account Switch Service (CASS) guarantee, transferring from one current account to another won't take more than seven working days. This means you can start the whole process again after day eight. However, there are some very good reasons why you shouldn't switch that often.

Banking basics

Log in to your online bank account. Find the option to transfer money. Often, you'll be asked whether you want to transfer money internally between two accounts at the same bank, or transfer money externally to an account at a different bank. Choose to make your transfer internally.

The concept behind this is simple. Move an existing current account to a bank that pays you to switch, wait until you receive the freebie, then move it again to another bank that pays. And repeat. There's no limit to how many switches you can make, although many banks will generally only pay out on a switch offer once.

Do I have to close my old account? If you use the Current Account Switch Service to switch, your old bank will close your old account. This ensures that any payments made to your old account are automatically redirected to your new account.

You can switch banks and current accounts as often as you like. But, you might be ineligible for certain joining current account switching bonuses and incentives if you move on too quickly or don't deposit enough cash before leaving.

Simply switching from one bank to another using the Current Account Switch Service will not affect your credit rating. However, when you open a new bank account, your new provider may run a credit score check which could affect your credit rating.

What if I change my mind? You can cancel your switch up to seven working days before your switch date. "After that only certain elements can be cancelled. Your new bank or building society will guide you through this process if you choose to do this," the Payments Council says.