1. Guides
  2. Banking & Saving
  3. How to switch bank accounts

How to switch bank accounts

Tamires Criscio
Tamires Criscio
  | Edited by Tom Church
Updated 11th November 2021

Switching bank accounts in the UK is easier than you might think. Latest Deals is here to help you understand how to switch bank accounts. You will learn everything you need to know about this and more.

Image

The Current Account Switch Service (CASS)

The most important thing to know about switching bank accounts in the UK is that there is a banking service dedicated to it. This banking service is called the Current Account Switch Service (CASS).

This banking service is free to use and will get your new bank account up and running in only a few days. The CASS automatically transfers all the bank details related to your income, bills, standing orders and direct debits to a new bank account and closes your old one within seven working days. 

Most banks and building societies in the UK use the CASS to accept new customers, which means there’s nothing extra to do to switch bank accounts after applying for a new bank account.

If anything goes wrong, the new bank is obliged to give you a refund to cover any monetary loss you might have experienced due to the switch, so there is very little risk in switching your bank account.

IMPORTANT NOTE: 

Most banks and building societies in the UK have agreed to use the Current Account Switch Service (CASS). Here you can find a list of all the banks and building societies that operate this banking service. 

You won't be able to use the Current Account Switch Service to switch:

Any Savings accounts; or joint accounts without all account holders' permission. 

You will need to open a new savings account and close your old one to switch savings accounts. Learn more about savings here. 

To switch joint bank accounts, you can use the CASS as long as all account holders agree to the switch. Learn more about how joint accounts work here. 

Should I change my bank account?

It's up to you if you should or should not change your bank account. If you are happy with your current bank account, maybe you don't need to change it. But, if you aren't satisfied, it's perhaps time to go to another bank. 

Some banks offer switching incentives, which can be great to make the most of your banking experience. Switching bank accounts could potentially get you a better deal. It's important to keep in mind what you need from your bank account and if you are paying any fees to use these services. In addition, other banks could have better rewards. 

What benefits could I get from switching bank accounts?

Switching bank accounts in the UK is easy, quick and free to do. So, there is nothing to worry about and very little paperwork involved. 

When you switch your bank account to another bank, you could potentially get cash or retail vouchers, better interest rates, lower interest on your overdraft and more. It all depends on the bank you are switching to. 

IMPORTANT NOTE: If you have any ongoing payments from your debit card rather than from your bank account itself, you will need to amend these manually by updating them with your new bank card details, as they don't switch automatically in the process. 

How to switch bank accounts

Image

The first step to switching bank accounts is to find a new bank account. For that, we recommend doing extensive research and checking everything that the most popular banks and building societies in the UK are offering. You can find more information regarding that in the section “How can I find a new bank account?”. 

Make sure you know what you need from your bank account, and be aware that sometimes switching to some banks could mean paying monthly fees on packaged accounts. 

Before switching bank accounts, also make sure you have read the fine print. This can be an annoying step but, at the same time, an essential one to make sure you know what you are signing up for. 

Once you have found the best bank account for you, you will need to apply online with the new bank or building society. The process of switching bank accounts follows some of the same steps as opening a new bank account. Therefore, the new bank will run a credit check on you and request proof of ID and address. You also need to complete a Current Account Switch Agreement form and a Current Account Closure Instruction form.

If you are approved, they will do the switching for you using the CASS. Your new bank will need your existing bank details to do the switch for you, and you will be able to decide when you want to start the switch (it can't be a Saturday, Sunday, or Bank Holiday). When choosing a date to start the switch, keep in mind how this will affect your arranged payments. 

You don't need to do anything else. Your new bank will transfer all the information from your old bank account (income, bills, standing orders and direct debits) to the new bank account. Your new bank will also close your old bank account within seven working days. You can count on the CASS guarantee, which guarantees a full refund if anything goes wrong or if you lose any money with the switch. 

What's the difference between a full and partial switch?

There are two types of current account switches, partial and full:

  • Full switch: This transfers all of your information from the old account to the new one within seven working days. Your previous account is then closed. The full switch comes with the CASS guarantee, which means that your switch can't take longer than seven working days, and you can ask for a refund if anything goes wrong with the switch. Your new bank should refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.
  • Partial switch: This transfers the information you want from one account to another, but it doesn't close the existing account. With this, you get to pick and choose which payment arrangements and transactions are transferred, and you end up with two bank accounts. The partial switch doesn't come with the CASS guarantee, which means that your switch could take longer than seven working days, and you can't ask for a refund if anything goes wrong with the switch. 

IMPORTANT NOTE: You could ask for a refund if, for example, the standing order or direct debit doesn't work correctly, or it was set up later than you expected, and ends up with you being fined for late payment. 

How can I find a new bank account?

Image

To find a new bank account, you will need to compare bank accounts in different banks and building societies. Below we have selected some of the most popular banks in the UK, and the information about how to switch to them: 

Bank’s Name Bank’s InformationSwitch Bank Accounts 
Halifax Website: https://www.halifax.co.uk/
Phone Number: 0345 720 3040
Switch To Halifax
BarclaysWebsite: https://www.barclays.co.uk/
Phone Number: 0345 734 5345
Switch to Barclays 
NatwestWebsite: https://www.natwest.com
Phone Number: 0345 788 8444 (London)
Switch to Natwest 
HSBCWebsite: https://www.hsbc.co.uk
Phone Number: 0345 740 4404
Switch to HSBC
Lloyds Bank Website: https://www.lloydsbank.com
Phone Number: 0345 300 0000
Switch to Lloyds Bank
Metro BankWebsite:https://www.metrobankonline.co.uk
Phone Number: 0345 080 8500
Switch to Metro Bank 
SantanderWebsite: https://www.santander.co.uk
Phone Number: 0800 912 3123
Switch to Santander
TSBWebsite: https://www.tsb.co.uk
Phone Number:020 3284 1575
Switch to TSB
Co-operative BankWebsite:https://www.co-operativebank.co.uk
Phone Number:0345 721 2212
Switch to Co-operative Bank
Bank of ScotlandWebsite:https://www.bankofscotland.co.uk
Phone Number:0345 721 3141
Switch to Bank of Scotland
NationwideWebsite: https://www.nationwide.co.uk
Phone Number:0345 730 2011
Switch to Nationwide

Switching your bank account to Halifax 

Currently, you can switch your bank account to Halifax, and you could earn £5 or a lifestyle benefit each month as you meet the Reward Extra conditions, earn up to 15% cashback, and get six months 0% interest-free overdraft when you switch. It all depends on the type of account you are switching to. Learn more about switching your bank account to Halifax here. 

Switching your bank account to Barclays

At the moment, Barclays doesn’t have any offers to switch your bank account to them. Learn more about switching your bank account to Barclays here

Switching your bank account to Natwest 

At the time of writing, Natwest has an offer when you switch your bank account to them. You could get up to £150 when you switch your current bank account to them. You can get £100 to switch and an extra £50 if you stay with them. 

You must meet all the requirements set on their terms and conditions to get £150 to switch to them. 

Read Natwest Current Account Online Switch Offer Terms and Conditions here. 

Learn more about switching your bank account to Natwest here. 

Switching your bank account to HSBC

At the moment, HSBC doesn’t have any offers to switch your bank account to them. Learn more about switching your bank account to HSBC here

Switching your bank account to Lloyds Bank

Currently, if you switch your bank account to Lloyds Bank, you could get access to their lifestyle benefit, which includes access to six cinema tickets, an annual digital Gourmet Society membership, an annual magazine subscription, or twelve digital movie rentals. You could also get access to up to 15% cashback with Everyday Offers. Learn more about switching your bank account to Lloyds Bank here. 

Switching your bank account to Metro Bank 

At the moment, Metro Bank doesn’t have any offers to switch your bank account to them. Learn more about switching your bank account to Metro Bank here. 

Switching your bank account to Santander 

At the time of writing, Santander has an offer when you switch your bank account to them. You could get £130 when you switch your current bank account to them. You can apply for any of their current accounts (1|2|3 Current Account, 1|2|3 Lite Current Account, Everyday Current Account, Select Current Account and Private Current Account) to be eligible for the offer.

You must meet all the requirements set on their terms and conditions to get £130 to switch to them. 

Read Santander Current Account Online Switch Offer Terms and Conditions here. 

Learn more about switching your bank account to Santander here. 

Switching your bank account to TSB

At the moment, TSB doesn’t have any offers to switch your bank account to them. 

Learn more about switching your bank account to TSB here.

Switching your bank account to Co-operative Bank

At the moment, Co-operative Bank doesn’t have any offers to switch your bank account to them.

Learn more about switching your bank account to Co-operative Bank here. 

Switching your bank account to the Bank of Scotland 

Currently, if you switch your bank account to Bank of Scotland, you could get access to 3 months 0% arranged overdraft, and you could also earn monthly credit interest with the Vantage Account. With Bank of Scotland, you also get access to up to 15% cashback with Everyday Offers.

Learn more about switching your bank account to the Bank of Scotland here. 

Switching your bank account to Nationwide

At the time of writing, Nationwide has an offer when you switch your bank account to them. You could get £100 when you switch your current bank account to them. 

You must meet all the requirements set on their terms and conditions to get £100 to switch to them. 

Read Nationwide’s Current Account Online Switch Offer Terms and Conditions here. 

Learn more about switching your bank account to Nationwide here. 

FAQ 

Image
What do you think of this?
We use cookies (e.g. personalisation, analytics, social media). Find out more.