A guide to The Current Account Switch Service

To make life easier for customers, and to get the most from your money, it’s now even easier to switch banks under The Current Account Switch Service. The new scheme was introduced in September 2013, to make switching less stressful and to improve customer experience. 

What is the seven-day switch guarantee? 

Under the new scheme, you will be able to switch your account within seven days of signing the contract with your new banking provider. 

If you wish to make the change on a certain date, you will be able to pick the exact day your new current account becomes active. 

The new switching rules only apply to current accounts.

Under the new scheme, will I lose money?

The Current Account Switch Service is free to anyone who is looking to change banks, with some of the UK’s leading providers participating in the scheme. 

Any money that you have in your account will be automatically transferred within seven days of signing the agreement with your new bank. If any of your finances get lost in transaction, you will be refunded without any problems. 

Once I’ve switched, do I have to set up Direct Debits again?

All direct debits will be redirected to your new account for 13 months. Once this expires, you will need to have notified the person or company you are making payments to. 

The redirection service means you won’t miss payments, so your credit score remains unaffected. 

Who is participating in The Current Account Switching Service?

Many UK banking providers are involved in the new scheme, to help customers benefit from the latest rates and deals. 

Nationwide, Halifax, Post Office and NatWest are all involved, delivering a better switching experience than ever before. 

Participants will bear The Current Account Switch Guarantee logo, shown above. 

Many banks offer various incentives to new customers, so it’s recommended to compare current accounts for the latest benefits.

For more information about switching current accounts, visit: www.simplerworld.co.uk

Category: BankingMoney

Back to top