Switching your account to another bank or building society should be simple and efficient. Find out your rights if you run into difficulties.
Banks have agreed to make the process of moving an account as straightforward as possible.
In addition, our rules say that if you want to move your account to another bank, both your old and new bank must provide a prompt and efficient service.
How long will it take to move my current account to another bank?
Under banking industry guidance, switching a current account to another bank should be a simple process and the new account should be operational within ten working days of your application being approved. Sometimes getting other people to update their records with the details of your new account can take a bit longer. Your new bank will do much of the work for you.
Once your application for a new account is approved, if you wish to transfer direct debits and standing orders to the new bank account, your new bank should ask your old bank for details of them within three working days.
Your old bank should then give your new bank this information within three working days from receiving the request.
The banks will agree a date to transfer the balance – but should not charge you for making the transfer.
Your new account should be ready for use within ten working days of your application being approved.
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Know your rights!
If the switch is not done within ten working days of the date the application is approved, ask your new bank to chase it up for you.
Does it take longer to move a cash ISA?
A cash ISA is an individual savings account that allows you to save money without being taxed on the interest earned.
Moving a cash ISA can be a little more complicated if you want to protect the tax-free status of interest earned. Make sure you tell your bank that you want to move your cash ISA rather than close the account.
Your new bank should ask you to complete a transfer request and send it to your old bank, which should then send a cheque for the balance or transfer the money electronically to your new bank.
Your bank account checklist: See what to consider when opening or switching an account
Did you know?
The banks have agreed that the transfer of a cash ISA should normally be done within 15 working days.
Your new bank should start paying interest on the date of the cheque, the date the electronic payment was begun or day 16 of the transfer process – whichever is earlier.
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