Switching bank accounts is now backed by a guarantee

29 October 2013 - Which Way To Pay

    



Bank Account guarantee: How to switch your current account in just seven days

As of September this year, new rules have been put in place that forces banks and building societies to make switching your current account fast and easy. You can switch bank accounts quicker and without the worry that you will miss out on payments.

THE NEW RULES: Switching current accounts

The Payments Council switching service guarantee sees that your bank account is transferred on a date of your choosing and without you having any hassle. Your new bank will have to follow a set of rules which will make the process simple for you. They are required to complete the switch on a date of your choosing, inform you when they complete your switch, transfer your salary and incoming payments, transfer all direct debits and standing orders and redirect any payments to your new account for up to 13 months from the switch date.

Switching your bank account: How do I start the process?

When you have applied for a current account you will need to fill in one Current Account Switch Agreement and one Current Account Closure Instruction. Submit this to your old and new providers and choose a date which you would like your switching process to start.

With the new switching service being so simple, banks are encouraged to improve their service and give us better deals. Banks will no longer be able to rely on our inactivity and have already started to entice us to switch current accounts with introductory offers.

75x75_icons_08.jpg

PRODUCT RANGES: CURRENCY EXCHANGE
Foreign Exchange and Currency.
TRADING
Forex, CFDs, Shares and Futures.
INVESTMENTS
ISA, Pensions, Savings Accounts.
LOAN PRODUCTS
View all Loan and Debt Products.
CARD PRODUCTS
All Card Products Compared.
MONEY PRODUCTS
All Money Products Compared.
INSURANCE PRODUCTS
All Insurance Products Compared.

Is Everything covered for that Big Day ? Wedding Insurance
31 August 2018 - Which Way To Pay
Planning your wedding is one of the happiest times in your life , however we always need to make sure that we are covered for every penny spent . Wedding Insurance is a Must
Read More >>
Forever monitoring your endowment policy ?
08 April 2017 - Which Way To Pay
If this is your case then why not sell your policy on to make yourself some cash , and get what its worth.
Read More >>
Safer way to take your travel money on holiday with Travel money cards.
30 August 2016 - Which Way To Pay
Everybody wants to carry their travel money safely when travelling , Travel money cards are the answer.
Read More >>