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How to switch your bank account

By Chiara Cavaglieri

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How to switch your bank account

Switch your bank account in just seven working days. Here, we explain how to switch, the best time of the month to do it and what to do if something goes wrong. 

 

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Video transcript

[SOUND] Few people are excited by a trip to the bank, but did you know you could potentially save hundreds of pounds with an account that better suits your needs. So how do you find the best one for you? If you always stay in credit, look for an account that pays a generous interest rate.

The good news is that there are plenty to choose from and our tables make it easy to compare what's on offer. Alternatively, packaged accounts offer perks such as travel insurance, car breakdown cover, or mobile phone insurance in exchange for a monthly fee, but remember these accounts are only worth having if you make the most of the benefits you're paying for.

Maybe you're sick of sky-high charges that are dipping into your overdraft? Our table show which banks charge the least for slipping into the red. You'll also see how unique which customer scores revealing which banks have the most satisfied customers. Switching to a new account provider takes just seven working days and can offer you a cash bonus.

To see our detailed reviews of more than 70 bank accounts including our unique which customer scores, visit which.co.uk/bankaccounts. [SOUND] [BLANK_AUDIO]

How to choose the best bank account: video guide

The short video above explains how to find a current account that's best suited to your needs.

Bank account switching bonuses

We don't recommend switching just because a bank is offering short-term perks. Our guide to finding the best bank account helps you pick the right account by comparing credit interest rates, overdraft charges and its Which? customer score. 

But if you’re already looking to move, it’s worth seeing what incentives are on offer: 

Current account Cash bonus How to get the switching bonus Customer  score
Co-op Bank Current £110 New customers must switch at least 4 active direct debits. Also pays cashback worth up to £5.50 per month 69%
First Direct 1st Account £125* Pay in £1,000 within three months of opening. Fee-free for first six months, then £10 fee unless you; pay in £1,000 a month, maintain an average balance of £1,000, or have another First Direct product (excludes Regular Saver). *Falls to £100 on 27 March '17.

Which? recommended provider

85%

Halifax Reward and Ultimate Reward £75 Not available if switching from Bank of Scotland, or you received a Halifax bonus at any point since January 2012. Reward also pays cashback worth up to £3 per month. Ultimate Reward packaged account costs £15 per month. 64%
HSBC Advance and Premier £200 £150 bonus if you pay in £1,750 per month and switch two direct debits within 30 days of opening. Register for online or mobile banking within 60 days of opening to qualify for an extra £50 after 12 months. Offer ends 29 March '17. 56%
M&S Bank Current and Premium £170 M&S voucher £50 switching bonus plus £5 a month for 24 months as long as you pay in £1,000 and pay out two direct debits. Premium packaged account costs £10 per month.   65%
Nationwide FlexAccount, FlexDirect and FlexPlus Recommend a friend and share £200 Complete this form to get £100 each if a friend or family member switches to Nationwide and moves two direct debits (excludes FlexOne and FlexBasic) within 90 days. FlexPlus packaged account costs £10 per month.  

Which? recommended provider

75%

TSB Classic Plus

£10 per month until 30 June 2018 £5 if you make 20 debit card payments per month (excluding direct debits/standing orders and Paym) and £5 if you make two direct debits per month. Also pays 3% credit interest on up to £1,500. You must not have had a Classic Plus account before. 71%

Information correct at March 2017

Customer satisfaction score General public score based on customer satisfaction and likelihood of recommending company to friend/family member. Customer scores are based on a survey of an online panel of respondents from the general public, who were invited to take part in the bank account customer-satisfaction survey during September 2016. The final sample size was 4,918. Customer scores are based at brand level. Click here for the full table of customer satisfaction scores for banks and building societies

Current Account Switch Service: how it works

Most banks have agreed to use the new switching service, which means it should take just seven working days to switch you over from your old account once the new account is opened. 

If you want to check which banks and building societies are participating, you can search by name here on the Current Account Switch Service website. 

The switching service is largely automated. The step-by-step process below details exactly what happens.

Step 1

When you apply to the new bank, it will undertake its normal account-opening procedures. 

It will confirm that it will use the new current account switching service backed by the Current Account Switch Guarantee.

Banks and building societies have to comply with strict money-laundering rules so, when you open an account, you'll be asked to provide two separate documents for proof of identity and proof of address.

Step 2

Once your new account has been opened, you will need to complete a 'Current Account Switch Agreement' form and a 'Current Account Switch Service – Account Closure' form.

Step 3

You will be able to choose and agree a convenient switch date for you with the new bank or building society. 

It can't be a Saturday, Sunday or bank holiday, and must be at least seven working days after your account has been opened.

Step 4

Once this has been agreed, your new bank will provide confirmation that the switch has begun and will be completed on the agreed switch date.

Step 5

You will continue using your old current account up until the agreed switching date. Your new bank will contact you if there any issues during this period.

Step 6

On the switch date, your new bank will be responsible for moving your incoming and outgoing payments, and transferring any money to your new account, before closing the old account and sending confirmation that the process is complete.

What can I do if I encounter any problems?

The Current Account Switch Guarantee outlines how the switching service works and what rights you have if anything goes wrong with the switch.

All providers offering the Current Account Switch Service will abide by these rules: 

  • The service is free to use, and you can choose and agree your switch date with the new bank.
  • The new bank will take care of moving all your payments going out (eg direct debits and standing orders) and those coming in (eg your salary) to your new account.
  • Your new bank will arrange for the closure of your old account and for the remaining balance to be transferred to your new account on the agreed switch date.
  • For 36 months, the new bank will arrange for payments accidentally made to your old account to be automatically redirected to your new account. The new bank will also contact the sender and give them your new account details.
  • The responsibility lies with the new bank to contact you before the switch date if there are any issues. 
  • The new bank must refund you for any charges incurred as a result of a direct debit or standing order not having been successfully transferred to the new account.

If you run into any problems during or after the switching process – for example, if your bank fails to comply with the Switch Guarantee – you should complain in the first instance directly to your new bank. 

If you're not happy with the answer you get or it doesn't reply to you within eight weeks, you can take your complaint to the Financial Ombudsman Service (FOS).

Know your rights: I want to cancel a financial product I bought online – what to do if you change your mind.

When should I choose to switch my account over?

Under the new switching service, it shouldn't matter what working day you choose to make the switch over to the new account.

However, if all your direct debits and standing orders go out around the same time every month, it makes sense to avoid switching on this day to minimise the potential for any problems. 

Can I switch bank accounts if I'm overdrawn?

No, not necessarily. Whether or not the new account provider offers you an overdraft facility and whether or not it matches your current overdraft limit will depend on your circumstances. 

If you've got an authorised overdraft and have a record of managing it well, most banks will consider taking the overdraft on. 

  • Last updated: March 2017
  • Updated by: Chiara Cavaglieri

Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.