Moving your current account is free, and the banks do most of the work for you.
Almost every UK bank and building society uses the same system to move current accounts, called the Current Account Switch Service. You open an account with the new bank and ask it to switch. The new bank moves your payments and your money across, and your old bank closes the old account.
The steps
1.
Pick the account you want. Some banks ask for a set amount paid in each month or a number of direct debits, so check you can meet those first.
2.
Apply for the new account and say you want to switch. You sign a form that lets the new bank move everything and close the old account.
3.
Choose a switch date. It has to be a weekday that is not a bank holiday, and at least seven working days away.
4.
Wait. The new bank does the rest, and you do not need to contact your old bank.
What moves with you
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Money coming in, like your salary or benefits.
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Direct debits and standing orders, so your bills keep getting paid.
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Your balance, on the switch date.
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People you have saved to pay.
After the switch, anything sent to your old account details is passed on to your new account, so you do not need to give everyone your new details straight away.
What you need to sort yourself
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Regular payments on your debit card, like Netflix or Spotify. Your card number changes, so these need the new card.
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An overdraft. Agree one with the new bank before you switch if you use one, because it does not move.
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Anything new you set up during the seven days. It may not move, so wait until the switch is done.
If something goes wrong
Every switch is covered by the Current Account Switch Guarantee. If a payment is missed and you are charged a fee or interest because of it, it is refunded. Contact your new bank, not the old one.
Why banks pay you to switch
Banks want your main account, so some pay a cash bonus when you switch to them. Each offer has its own rules, usually a minimum amount paid in, a number of direct debits that must come across with the switch, and a deadline.
You can switch more than once. Many people move a spare account from bank to bank and collect a bonus each time. That is where it gets fiddly. Some banks will not pay you if you have had an account with them before, some rule out the bank you came from, and the order you do them in decides how many you can claim. See the switch offers running now.
Where Bank Switcher comes in
Bank Switcher asks which banks you already have, works out which bonuses you can claim and the order to do them in, and emails you before each deadline. For the detail behind it, like how many direct debits each bank wants, read the guides.
Want this worked out for your banks?
Six tap-only questions and Bank Switcher tells you which of these offers you can actually take, in the order that collects the most. Free, and about a minute.