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.


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