The process for switching banks in UK is relatively easy as well as fast. The time for switching banks have been drastically reduced, and now, thanks to the account switch service, you are able to change your bank in just seven working days. Before the introduction of Current Account Switching Service, the account switching process could have taken up to one month. Aside of the reduction in time you need to switch banks, the process itself has been made relatively simple, as to what it was before. You can find a list of banks and building societies involved in the Current Account Switching Service as well as additional information about the service itself here.
The account switch service is helping you in the switching process itself, it has influence on your decision to switch a bank, only in terms of easing the account switch. Before making the final decision to switch your account you should gather information in relation to why people change banks and how to choose best bank switching offer.
Steps when using the account switch service
The seven days process for account switching enabled by the Current Account Switching Service is consisted of couple of basic steps. Keep in mind that the seven days period starts after you have selected your new account provider and after the new bank has verified your identity with a photo id and proof of address. Breaking down the account switching process:
Step 1 – is taking into account your application in the new bank. This step is basically following the everyday account opening procedures. In this step, the validation for the use of the current account switching service is made. This service is supported by the Current Account Switching Guarantee.
Step 2 – after the creation (opening) of your new account, you should complete the Current Account Switching Agreement, along with the Current Account Switching Service – Account Closure form.
Step 3 – in this step you are going to arrange a date (working days only) for switching with your new bank. Keep in mind that the switch date you choose could not be set prior to seven days of opening your new bank account.
Step 4 – in this step you will get a confirmation from your new bank that the bank switching process has been initiated and will be finished on the previously decided switch date.
Step 5 – until the switching process is completed, you need to keep using your old current account. More precisely, you should use your old account until the previously arranged switch date. For any issues that might appear during the switching period, you will be informed by your new bank.
Step 6 – when the switch date comes, your new bank has the obligation to transfer all your payments as well as to transfer the money to your new account. This transfer is made prior to closing down your old current account, along with validation for completion of account switching process.
The introduction of account switch service has made the switching process relatively easy and fast in the UK. Unlike the time-consuming process in the past, nowadays you can switch your current account in just seven working days. Also, it requires very little effort on your side, since the bank is handling most of the activities involved. Another positive aspect of the Current Account Switching Service is that payments from your old account are redirected for 36 month after the switch has been completed. The only thing left now is for you to decide whether you will switch your bank or not. A complicated account switching process is not a major obstacle anymore, since the process has been drastically simplified. So, are you going to change your bank or not?