Finding the best savings account Switching your savings account
Switching made simple
Reviewing your savings account regularly will help you get the most for your money
Switching your savings account is very straightforward. Use our savings booster to work out whether you could be earning more interest on your money. Think about how you will use the account and how much you have to save. Some accounts pay more on larger balances, while a fixed-rate bond will probably offer you a higher rate if you are willing to tie your money up for a while.
Once you've made your choice, apply to your new savings provider. It will probably need to see two forms of ID – one to prove who you are and one to prove your address. The new provider will open the account for you and let you know once this is done. When the new account is open, transfer the funds from the old account. It also makes sense to close your old account.
If you are switching cash Isas, the rules are different. Our guide to switching your cash Isa can help you through the process.
On Thursday 15 March we marked World Consumer Rights Day with an online savings surgery.
Resources
View PDF transcript of Savings Surgery - 15 March 2012 (PDF: 139kb)
Once you've switched accounts, don't rest on your laurels. If the new account has an introductory bonus, make a note of when it ends as you may need to switch again - and keep a regular eye on your rate to make sure it stays competitive.
- For a personalised solution, call our Money Helpline to talk to our experts
- Take a look at our guide to keeping your savings safe
- For alternatives to savings accounts, take a look at our Best Rate cash isas
