What has happened to current account switching?
Rather than it taking between 18 to 30 days to switch, new rules that come into effect from September 2013 means that’s your account will now be switched within 7 working days of the new bank accepting you.
Why has the 7-day switch been brought in?
Hardly anyone switches their current account provider, often because they think it’s too much hassle and isn’t worth it.
Did you know people are more likely to get divorced rather than change their bank accounts!
What do I need to do to switch my account?
Let your new bank know you want to switch.
They will all ask your old bank for details of direct debits, standing orders, and any other payments into your account, you’ll need proof of identity and address such as a passport or driving license, and a utility or council tax bill.
Will any direct debits accidently left behind in the switch be sorted by my bank?
In most cases, all of your direct debits will be transferred over to your new provider without a hitch, but occasionally, the odd one may not go through, if this happens, the simplest thing is for you to contact the company concerned to make sure they update your details.
13 months after switching, any old direct debits or annual payments that try to come out of your old account will be transferred to your new account automatically.
Will I be charged for any bank errors?
You may incur a penalty if there is a mistake because charges are sometimes triggered automatically, don’t worry though, they will be refunded and you won’t be left out of pocket.
Are there any banks that don’t take part in the 7-day switch?
All banks must offer a guaranteed 7 day switching service, so you know it will never take longer than this.
Can I switch my account when I have an overdraft?
Yes you can. Banks will welcome you and your overdraft, although you won’t be offered an overdraft automatically - it will depend on your credit history.
Will it cost me anything to switch?
No, switching is completely free.
What are the benefits of switching?
If you are regularly overdrawn, you should look at overdraft costs as some banks charge considerably more than others if you’re in the red.
If you tend to stay in credit then you may want to go for an account which pays interest on your balance, or rewards you for being in credit.
You can also choose when you want your account to switch over.