Current account switching offers
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Until 2013 switching from one bank account to a new one was an unpleasant experience. It took up to 30 days or more and customers were often left with direct debits that weren’t moved and other headaches. But that changed with the launch of the Current Account Switch Service (CASS) in 2013, which was designed to introduce more competition among banks and building societies.
The idea was to make switching banks simple, reliable and stress-free. The service is free-to-use and available to all individuals, small businesses, charities and trusts in the UK.
Now switching banks takes just seven working days, and more importantly, the service is backed by a switch guarantee. This ensures that all payments associated with the customer’s old account, will be switched to the new account and ready for use with effect from a pre-agreed switch date. But if something goes wrong, for example you’re charged for missed payment, you’ll be reimbursed for any charges.
What are the benefits of switching current accounts?
Switching to a new bank account can offer numerous advantages:
Cash incentives
Better features
Convenience
How can I switch current accounts?
How can I switch current accounts?
Choose a new bank or building society
Research and select the bank or building society you want to switch to. Ensure they participate in the Current Account Switch Service.
Open your new account
Visit the branch or website of your chosen bank or building society and open a new current account. Make sure to provide the necessary identification and proof of address.
Request the switch
Inform the new bank or building society that you want to use the Current Account Switch Service to switch your account from your current provider. They will guide you through the process and provide you with the necessary forms or information.
Complete the switch application
Fill out the Current Account Switch Agreement and any other required forms provided by your new bank or building society. You will need to provide details about your current account, including the account number, sort code, and details of the bank or building society you're switching from.
Choose your switch date
Select a convenient date for the switch to take place. The Current Account Switch Service ensures that the switch is completed within seven working days.
Relax
Once the switch process begins, your new bank or building society will handle everything. Your direct debits, standing orders, incoming payments, and your balance will be transferred to your new account automatically.
Get confirmation of the switch
Once the switch is completed, you'll receive confirmation from both your old and new bank or building society. Your old account will be closed, and any remaining balance will be transferred to your new account.
Many people are wary of switching bank accounts as they worry things might go wrong. This is understandable given that many people have their mortgage and rent payments, as well as other regular bills being paid from their bank accounts. And any disruption could cause a lot of headaches.
But this is what the CASS was created to address. With the Current Account Switch Guarantee, customers can have the peace of mind to switch their current account to a better more suitable option for them. This in turn incentivises banks and building societies to offer better products to attract new customers, which results in better outcomes for everyone.
Tips on how to make the switching process easier
There may be a time when there are no switching offers available. But if you’re unhappy with your existing bank or building society, there are still options that offer other benefits that you could consider. These could include cashback offers on your spending, being paid interest on your balance, discounts at specific retail stores, or add-ons such as breakdown cover or mobile phone insurance.
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