How to Switch Current Accounts: A Step-by-Step Guide

We get it, the idea of switching current accounts seems like a lot of admin work, but if you’re unsatisfied with the current service you’re getting, or the fees and interest rates are a little too high, switching to a new current account provider might be the ideal solution. 

Despite the daunting idea of calling various people to change your details, the process can actually be quite straightforward. There are many benefits to swapping providers, so don’t let the process put you off.

In this guide, we’ll make switching current accounts easier for you. By the end of this, you’ll breathe a sigh of relief knowing that you’ll be able to:

  1. Weigh up the pros and cons to ensure you’re making the right decision for you.
  2. Prepare yourself way ahead of the switch, making the transition seamless.
  3. Understand what features and perks you should be looking for in your search for a current account.
  4. Experience a stress-free handover after understanding what’s required of you (before calling up and making the move!).
  5. Start making payments and transferring your direct debits with ease.

So, let’s jump into this step-by-step guide to switching, shall we?

Understanding the Benefits of Switching Current Accounts

Before you begin the process of switching your current account, it’s important to understand the benefits of doing so. Not only can you save money, but you may also gain access to better interest rates and superior customer service.

Switching your current account can be a daunting task, but the benefits can be significant. By taking the time to research and compare alternative accounts, you can find one that meets your needs and offers the best value for your money.

Competitive Interest Rates

If your current account is not earning interest, or the interest rate is lower than what you could receive elsewhere, it may be worth switching banks. By switching to an account with a higher interest rate, you can earn more money on your deposits and savings.

It’s important to note that interest rates can vary depending on the type of account and the amount of money you have in it. Be sure to research alternative accounts and compare interest rates to ensure you’re getting the best deal.

Lower Fees and Charges

Many banks charge fees for various account services, such as overdraft protection or ATM withdrawals. By switching to a new account, you may find that these fees are lower or non-existent, saving you money in the long run.

When researching new accounts, be sure to compare fees and charges. Some banks may offer accounts with no monthly maintenance fees, while others may charge a fee but offer additional benefits such as unlimited ATM withdrawals or free checks.

Improved Customer Service

Customer service is a crucial factor when it comes to banking, and if you’re consistently unhappy with the service you receive, it may be time to switch. Research customer reviews of potential new providers to find one that is known for excellent customer service.

When you have a question or concern about your account, you want to be able to reach someone who can help you quickly and efficiently. Look for a bank that offers 24/7 customer support and multiple ways to contact them, such as phone, email, and live chat.

Access to Additional Features

New accounts may offer additional features not available with your current account, such as cashback rewards or budgeting tools. These features can help you save money and manage your finances more effectively.

For example, some banks offer cashback rewards for using your debit card for purchases, while others offer budgeting tools that can help you track your spending and identify areas where you can cut back.

When considering a new account, be sure to explore the features and benefits it offers to ensure it meets your needs and helps you achieve your financial goals.

So, you’re ready to switch. What do you need to do now? 

1. Preparing for the Switch

So, you’ve made the decision to switch current accounts, it’s important to take the necessary steps to ensure a smooth transition. A little bit of preparation can go a long way in making the process as stress-free as possible.

It’s important to assess your current account and determine which features are important to you. Do you need a high-interest rate? Do you want a bank that has a lot of physical branches or are you happy with an online-only bank? Once you’ve identified your priorities, you can start researching potential new accounts.

Top tip: Before switching current accounts, create a checklist of your regular direct debits, standing orders, and incoming payments. This will help you easily transfer them to your new account and avoid any disruptions in your financial transactions. Plus, it’ll help you remember what’s left to set up!

2. Assessing Your Current Account

Before making the switch, it’s important to take a close look at your current account. Consider any fees or charges you’re currently paying, as well as any benefits or rewards you’re receiving. It’s also important to identify any automatic payments or direct deposits that will need to be transferred to a new account.

If you’re unhappy with your current account, consider reaching out to your bank to see if they can offer you a better deal. Sometimes, threatening to switch banks can result in your current bank offering you a better interest rate or waiving certain fees.

 3. Research New Account Options

Once you’ve assessed your current account, it’s time to start researching new options. There are a lot of factors to consider when choosing a new bank account, including interest rates, fees, account features, and customer service.

One thing to keep in mind is that some banks offer bonuses or rewards for new customers. For example, some banks offer cash incentives for opening a new account or meeting certain requirements (such as making a certain number of transactions within the first few months).

 4. Compare Account Features and Benefits

Once you’ve identified potential new accounts, it’s important to compare their features and benefits to find one that best suits your needs. Don’t just look at interest rates – consider other factors such as ATM access, mobile banking options, and overdraft fees.

It’s also a good idea to read customer reviews to get a sense of the bank’s reputation for customer service. Switching banks can be a big decision, so it’s important to choose a bank that you feel comfortable with.

 5. Gather Necessary Documentation

Before you can switch accounts, you’ll need to provide certain documentation to your new bank. This may include identification (such as a passport or driver’s license), proof of address (such as a utility bill), and proof of income (such as a pay stub).

It’s a good idea to gather these documents in advance to avoid any delays in the application process. If you’re unsure what documents you’ll need, reach out to your new bank for guidance.

By assessing your current account, researching new options, comparing features and benefits, and gathering the necessary documentation, you can ensure a smooth transition to your new bank.

6. Initiate the Account Switch

Once you’ve prepared for the switch, it’s time to initiate the process. This will involve contacting your new bank, completing an account application, and transferring your account balance and automatic payments.

7. Contact Your New Bank

Contact your new bank to initiate the account switch. They will provide you with instructions on completing the application and transferring your balance and payments.

8. Complete the Account Application

Complete the account application provided by your new bank. This will involve providing personal and financial information, as well as the documentation you gathered earlier.

9. Setting Up Direct Deposits and Automatic Payments

Once your new account is open, set up direct deposits and automatic payments from your old account. Be sure to leave enough money in your old account to cover any outstanding transactions.

 10. Transfer Your Account Balance

Transfer your account balance from your old account to your new account. This may take a few days, so be sure to plan accordingly.

By following these steps, you can switch your current account with ease. While the process may seem intimidating, the benefits of finding a better account can be worth the effort. Take the time to research your options and prepare for the switch, and you’ll be on your way to better banking.


Is there a charge for switching current accounts?

No, there is generally no charge for switching current accounts. In fact, many banks and financial institutions offer incentives, such as cash rewards or introductory interest rates, to encourage customers to switch their accounts.

How long does the current account switching process take?

The current account switching process typically takes 7 working days. During this time, your direct debits, standing orders, and incoming payments will be automatically transferred to your new account, ensuring a smooth transition. But, if for any reason you need to delay the switch date, you can often request this.

Will switching my current account affect my credit score?

No, switching your current account does not directly impact your credit score. However, if you have any outstanding debts or loans linked to your current account, it’s important to manage them responsibly as they can affect your creditworthiness.

Can I switch my current account if I have an overdraft?

Yes, you can switch your current account even if you have an overdraft. However, it’s important to note that the new bank or financial institution may have its own criteria and eligibility requirements for providing an overdraft facility.

Are there any limitations or restrictions on the number of times I can switch my current account?

There are no specific limitations or restrictions on the number of times you can switch your current account. You have the freedom to switch as many times as you want to find a bank or account that best suits your needs.

Do I have to switch or can I have multiple current accounts?

You have the option to have multiple current accounts if you prefer. It is not mandatory to switch, and you can maintain accounts with different banks simultaneously, allowing you to take advantage of different features, benefits, or services offered by each bank.