How do I switch bank accounts?
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 (CASS) website.
The switching service is largely automated. The step-by-step process below details exactly what happens.
Find your new bank account. The short video explains how to find a current account that's best suited to your needs.
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.
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.
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.
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.
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.
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.
Best 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:
£125 switch bonus. Must switch using CASS and pay in £1,000 within three months of opening for cash bonus, paid within 28 days of criteria being met. Open to new customers only. Account is fee-free as long as you pay in £1,000/mth or maintain an average balance of £1,000 (otherwise £10/mth). Account comes with £250 interest-free overdraft and linked Regular Saver paying 5%.
|1st Account||85%|| |
Switching bonus paid in two instalments (£50 when you switch, then £85 after a six months if you pay in £1,500 a month and use its debit card).Must switch using CASS. Not available if switching from Bank of Scotland, or you previously received a Halifax switching bonus since Jan '12. Reward pays £2/mth cashback (must pay in £750, remain in credit and keep two direct debits)
£50 plus £85 after six months
£175 (Advance) or £75 (Bank Account) switch bonus. Must switch using CASS and pay in at least £1,750/mth or £10,500/6mth (Advance) or £500/mth (Bank Account), keep two direct debits or standing orders active. Both account are linked to a Regular Saver paying 5%. For Premier switch, bag one Luxury Stay for two people in selected hotels between 19 January 2019 and 17 August 2019. Premier customers must have have £50k savings or investments with HSBC UK or annual income of at least £75k plus a HSBC UK mortgage, investment, life insurance or protection product.
£175 for full switch to 'Advance'
£75 for full switch to 'Bank Account'
A night for two at posh hotel for full switch to 'Premier'
Recommended providerM&S Bank
Switch using CASS and move across four direct debits (previously two) to earn the first £100 gift card. Pay in £1,250/mth (was £1,000), keep four direct debits active and opt for paperless statements for an extra £80 after a year. Earn 1 point/£1 spent in M&S on debit card. Linked regular saver pays 5%.
£100 M&S gift card
+ £80 (£120 if M&S credit cardholder) if you stay for 12 months
Recommended providerNationwide Building Society
If you're an existing Nationwide customer, fill in this online form to earn £200 to share with a friend or family member who switches their main account to Nationwide and moves two direct debits (excludes FlexOne and FlexBasic) within 90 days. Max £500 per tax year by recommending five friends.
£100 for referrals (max five people)
Get £125 when you switch and another £50 if you're still with the bank a year later. Available to new and existing UK customers. Must pay in £1,500 and log in to online or mobile banking by 12 July (you get £125 by 9 August). Then, use your debit card at least once a month to earn an extra £50 in June 2020.
|Reward||70%||£175 when you switch and stay (ends 7 June)|
|Royal Bank of Scotland |
Get £125 when you switch and another £50 if you're still with the bank a year later. Available to new and existing UK customers. Must pay in £1,500 and log in to online or mobile banking by 2 August (you get £125 by 30 August). Then, use your debit card at least once a month to earn an extra £50 in June 2020.
|Reward||60%||£175 when you switch and stay (ends 28 June)|
If you're an existing Santander customer, you could earn £100 Amazon gift card to share with a friend who switches their main account to Santander by 18 June 2019 (excludes Everyday, Essentials and Basic) Max £250 per tax year by recommending five friends.
|72%||£50 Amazon gift card for referrals|
Table updated May 2019
Which? Customer Score: Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand to a friend. We surveyed 4,255 members of the general public in August 2018.
What do I do if I have problems with my switch?
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 bank 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.
Do I have to close my old current account?
No, if you don't want to close your old account, you can do a partial switch instead.
The main downside is that you aren't covered by the service guarantee, so you aren't automatically refunded for any charges incurred as a result of a direct debit or standing order failing to transfer properly.
It may also take longer than seven days to complete the switch.
And, the best switching incentives are often reserved for customers who use the full switch (CASS).
Banks must publish data to help switchers
The Financial Conduct Authority (FCA) has told banks and building societies to publish more information to help people make more meaningful comparisons between current account providers. In the new tables, you can find out:
- how and when services and helplines are available
- contact details for help, including for 24 hour helplines
- how often the firm has had to report major operational and security incidents
- the level of complaints made against the firm
- how long it will take to open a current account (from Feb 2019)
- how long it will take to have a debit card replaced (from Feb 2019)
Current account providers have been required to publish most of this information since 15 August 2018, although they have until 15 February 2019 before they are required to publish account opening and debit card replacement metrics.