All of the leading Banks now offer a dedicated switching service for new & existing customers. so the process of switching to a new current account is easier than ever, on average this process will take 3 weeks.
How does this process work?
The first step in switching is to choose a suitable account to switch to, we suggest you compare current accounts for the features and benefits you are likely to need, then check through the terms and conditions of the account before applying. As soon as your application for a new current account has been accepted the transfer process can begin.
Transfer Step 1…
Your new bank/building society will contact you, usually within a few days of your application to let you know that the process has started. At this stage they will request details of any existing Direct Debits and Standing Orders from your existing bank.
Transfer Step 2…
Your new bank will then setup the Direct Debits and Standing Orders on your new account, and confirm with you a suitable transfer date for the switch to take place. At this stage the new bank will also provide you with details of all the existing regular payments, and get confirmation from you that these are correct, and that you’re happy to proceed.
The new bank will now contact the Direct Debit originators to inform them of your new account details and instuct your old bank to cancel your regular payments from the transfer date.
Transfer Step 3…
Your Direct Debits and Standing Orders should now be running from your new bank account.
How do I switch my wages to my new account?
For credits to your current account for things like wages you will need to instruct your employer of the change of details. The Direct Debit website has a form for this purpose, which can also be used for other account credits such as pension payments, or other forms of income.
Click here to download a copy of the Credit redirection letter.
Switching your account to another bank or building society is straightforward and free of charge.
Direct Debit Account Switching Guide
