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Switching your current account: step by step

With the current account switch guarantee it’s easier to switch your current account. Read on to see how it works step-by-step

Get more from your current account, whether it be a better rate of interest, lower interest on overdrafts or more added extras.

Switch to a better current account

Compare current accounts from different providers and find a bank that works for you.

Compare current accounts

You could find a current account that suits you in less than 10 minutes with our online comparison tables and see how different accounts measure up at a glance.

Read on for our easy step by step guide and see how to switch current accounts.

What you’ll need to have ready

Before you start your comparison, it’s good to know:

How you use your account

Are you often overdrawn, or do you have a high balance in your account? Would you like to make more of your money or find an easy way to manage your finances or prevent yourself from spending?

Your existing bank details

If you’re switching your current account, your new bank will need your account number so that they can switch your direct debits and standing orders for you.

With the current account switch guarantee, banks and building societies signed up to the scheme, will also redirect any payments made to your old account and inform the payee of your new bank account details.

Switching your current account: step by step

  • Decide what kind of current account you need based on your spending habits
  • Run a comparison of current accounts available and any incentives they offer
  • Read the fine print before switching
  • Apply and transfer your cash, direct debits and standing orders across before closing the account

Step 1: pick a type of current account

On our current accounts homepage use the tabs to choose which type of current account you would like to compare.

The most popular bank accounts table shows, as you might expect, what other consumers have shown most interest in, while the packaged accounts will show you the top high-street banks and building society current accounts that come with added benefits.

High interest bank accounts are the current accounts with higher than average savings rates, allowing you to make more from your monthly income, and cashback current accounts offer you a cash bonus for signing up as a new customer or on your day-to-day spending.

Bad credit bank accounts are the most basic, designed for those trying to rebuild their credit history and avoid overspending. Business accounts can allow businesses to manage their finances directly, while international bank accounts can be useful for those sharing their time in more than one country on a regular basis.

You then need to decide what works for you:

  • In credit – If you are in credit the majority of the time and/or have a high balance in your account, you could look at a high-interest or cashback account to make a better return on your day-to-day spending and savings.
  • Low overdraft – If you want to use a bank account to borrow money, then you could look at some of the Most popular bankd accounts to see what rates they offer. If you make use of an overdraft regularly some of the most popular accounts will usually offer competitive rates on authorised overdraft borrowing, dependent on your credit status.
  • Business and international – If you travel a lot whether it’s for business or family, you may want your money available to you wherever you go, and if you have a business you may want to have an account that allows you to manage your company’s finances, rather than have it directly tied to your personal bank account.
  • Packaged – Packaged accounts offer added extras like travel insurance, breakdown cover and exclusive discounts in exchange for a monthly fee. If you can find a package that works out cheaper than buying all the perks, that you actually want, separately then it could be a good money-saver.
  • Basic – basic bank accounts are a ‘no-frills’ option and are a good choice if you just want a simple account or if you have bad credit. They can help manage spending and d0 not offer an overdraft or any other benefits.

Step 2: compare a list of current accounts

Based on the type of current account you’ve picked, we’ll show you a list of accounts from a range of banks.

How do I switch current accounts?

If the bank you’re switching to is signed up to the current account switch guarantee you can have a new account within 7 working days

You’ll be able to see the interest rate, overdraft rate, account features and any relevant eligibility criteria.

We also supply a list of pros and cons for each bank account that allows you to see its most useful features weighed up against its costs and other restrictions.

Step 3: get more information

If you find a current account that you think is right for you, or that you’d like to get even more information about it, click the ‘apply’ button to get in touch with the provider. Once on the provider’s page you can read their terms and conditions in full before deciding whether or not to apply.

Step 4: apply for your new current account

After you click ‘apply’, we’ll send you directly to the website of your chosen bank so you can complete the application process.

Find a better current account deal with uSwitch now

What happens afterwards?

Who organises the switch?
It depends. Under the current account switch guarantee banks will:

  • transfer your money to your new current account
  • close your old current account
  • move your direct debits and standing orders to your new account
  • tell your employer to pay your salary into your new account
  • If you choose a bank that doesn’t offer these services, you may need to do these things yourself.

If they’re not signed up to the current account switch guarantee, the bank or building society may have their own scheme that does the same thing.

Otherwise you may need to inform your employer of your new bank details and re-arrange your Direct Debits and standing orders.

Do I need to close my old account?
No, but there may be no need to keep it open once your new account is set up. For peace of mind it is best to close your old bank account.

How long will the switch take?
With the current account switch guarantee it only takes 7 working days and you can pick the date you want it to begin. Otherwise, it usually takes 10 working days or less to switch your current account from one bank to another.

Some consumers have reported that it can even take as long as 15 working days, so if the bank you’re switching to is not signed up to the current account switch service, then make sure you get confirmation from them on how long they think it could  take.

What will happen to my existing account benefits?
If you’re getting discounted travel insurance or other benefits with your current account, these will stop when you close your account.

You can see the benefits and discounts offered with each account when you compare accounts with uSwitch or see more product information.

Read more…

Switch to a better current account with uSwitch

Compare current accounts from different providers and find a bank that works for you.

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