The switching process
Who provides the guarantee?
As a participant of the Current Account Switch Service, your new bank or building society guarantees your switching process. Bacs, the people behind Direct Debits and Direct Credits in the UK, manage and oversee the service.
Can I choose my switch date?
Yes, you can choose and agree a switch date with your new bank or building society. Just make sure you allow seven working days for the switch to take place and that your chosen date isn't a Saturday, Sunday or Bank Holiday.
Are account opening and account switching all part of the same process?
Account opening and account switching are separate processes. Your new bank or building society has to carry out ‘know your customer’ security checks as part of their account opening
process. Once these are complete to the satisfaction of the new bank or building society, you can choose and agree your switch date.
When does the switch begin?
Once you have applied for and opened your new account, you can choose the switch date to suit you. The date of your switch must be at least seven working days from this point.
Will the Current Account Switch Service automatically transfer new payment arrangements if I set them up at my old bank within 7 working days of the switch date agreed with my new bank?
Current Account Switch Service will take care of all payment
arrangements at your old bank up until 7 working days before your agreed
switch date. If you want to set up new payment arrangements during the
7 working day period leading up to your switch date you must do this on
your new account.
Do I have to close my old account?
If you use the Current Account Switch Service to switch, your old bank will close your old account. This ensures that any payments made to your old account are automatically redirected to your new account.
If you would like to keep your old account open then you are free to do so, but you won’t be able to use the Current Account Switch Service to do this, and you will not be covered by the Guarantee. Speak to your bank and they can help explain your options.
What happens to payments that people send to my old account?
All incoming and outgoing payments will be automatically redirected to your new account. Each time a payment is redirected, an automatic message is sent back to the originator advising them of your new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed. If you do not want your new details to be given to someone who sends a one-off payment, contact your new bank.
When will the money in my old account be transferred to my new account?
You will be able to access the funds in your old account up to and until your switch date, when they will be transferred to your new account.
If the switch is delayed for any reason, can I still use my new account?
Yes, if the new account is open and you have money in it (or an overdraft agreed) then you can use it.
What happens to any debit card transactions or Direct Debits that I have asked my old bank to stop?
The Current Account Switch Service will not interfere with this process and any debit card or Direct Debit transactions that you have asked your bank to stop should remain stopped after your switch.
What will happen to any refunds applied to my old debit card after my old account is closed?
Any refunds which are applied to your old debit card after switching your account will be sent to your new bank. If you are expecting a refund and have not received it, please contact your new bank.
What if I change my mind?
You can cancel your switch up to seven working days before your switch date. If you do want to cancel, speak to your new bank, who can guide you through this process.
My new bank says I need to update my personal details with my old bank. Why?
If the details you provide to your new bank do not match those held by your old bank you may be asked to contact your old bank and update them. Examples include if you have got married and not changed your maiden name to your married name, or if you have moved house and not told your old bank your new address. When you are updating your details with your old bank you do not have to tell them that you will be switching to a new bank.
My new bank says my business details do not match those held with my old bank. Do I need to update them?
Yes, you need to update them, but you do not need to tell your bank that you are switching to a new bank. Examples include if you have changed your address and not told your old bank.
What will happen to my Paym registration when I switch?
On your switch date your old bank or building society will de-register your mobile phone number from Paym. If your new bank or building society offers Paym then you can re-register your mobile number with them. You can do this on or after your switch date, or earlier if you de-register your mobile number at your old bank or building society yourself.
I’ve allowed third parties (such as financial comparison websites, money management apps and payment services) access to my financial data. Will this be switched too?
No, you’ll need to cancel and re-authorise these with your new account details. You would need to contact the third party providers directly to discuss arranging set up at your new bank. If your old account is still open, your bank will be able to tell you which third parties you’ve given permission to make payments on your behalf, and/ or access your financial data.
Not all Third Party Providers services are supported by all banks and building societies, so there’s a chance that the Third Party Providers on your old account may not be able to access your new account. Please check your new provider’s terms and conditions for more information about Third Party Providers.
My new bank doesn’t allow me to give my financial data to third parties. What will happen to third-party authorisations on my old account?
Unfortunately, you’ll no longer be able to use these services and any payments you have set up through them will end. If you’re not sure whether you have any third-party authorisations set up on your old account, check with your old bank before you close the account.
What happens to my old bank statements after I switch?
Your transaction history on your old account won’t be transferred through the Current Account Switch Service. If you’d like your old statements get in touch with your old bank.