How to switch your current account

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Published:
29 September 2009
Topic:
News

Many people assume it's a nightmare to switch current accounts, but it really isn't. Most of the big banks now offer dedicated switching services and they do the hard work for you.

Here, we answer your questions about the switching process.

What will I need to open a new account?

Your new bank will need your existing account details and two forms of identification: one with a photograph and the other with proof of address. You'll be asked to sign a switching mandate which effectively gives your new provider permission to obtain details of all your direct debits and standing orders from your existing bank.

Do I need to do anything?

Once the new bank has received all the relevant information from your existing provider, you'll be asked which direct debit and standing order mandates you want transferring over to the new account.

You'll also be asked for your employer's details so your salary can be paid into the new account (assuming you want it to be).

Apart from that, all you need do is just sit back and wait.

Do I need to close my old account?

No, but there may be no need to keep it open once your new account is set up. For ease of management, you may well find it best to close your old account, although it could be a good idea to keep it open for a few months after the switch, just in case something is missed.

How long will the switch take?

It usually takes between four and six weeks for everything to be transferred over.

What will happen to my existing account benefits?

If you are getting benefits such as discounted travel insurance, with your current account, these will stop when you close your account.

You will therefore need to check whether or not your new account will offer the same advantages. And if not, shop around for stand-alone alternatives. This can often prove cheaper than having a current account that offers a package of benefits, but charges for the privilege.

Don't put up with an uncompetitive current account any longer

You could literally be hundreds of pounds a year better off by taking out a more competitive current account, so don't be put off by the switching process.

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