By entering your details, you acknowledge that your information will be used in accordance with our privacy policy. You can unsubscribe at any time. Searching Money Mentor. See all results. Article How to switch bank accounts Updated November 3, Switching bank accounts might be more straightforward than you think.
In this article, we explain How the switching process of finding a new bank account works Whether switching affects your credit score If you are able to switch when you have an overdraft Remember that it takes seven working days to switch, so allow for that timeframe Reasons to switch your account The original benefits of your existing account have now ended, such as a generous interest rate expiring after a year You could secure a higher rate on your credit balance Lower arranged overdraft charges Cashback on purchases Low or no fees for using your credit card abroad The switching process is free, straightforward and should be completed within seven days.
This includes the institution: Running a credit check on you Requesting proof of ID Asking for proof of address for your account details. Find a new bank account When shopping around for a new account, think about what you want from it — or need.
Top rated premium bank accounts Our independent ratings can help you find the right premium account — with added extras like free insurance and retailer discounts — for you. Co-operative Bank Everyday Extra. Halifax Ultimate Reward Current Account. Nationwide FlexPlus. Top rated products Top rated basic bank accounts.
Bank of Scotland Basic Account. How much do you need, ways to build your pot, transferring and merging. Complaints, financial help when retired, changes to schemes. Starting a pension, types of pension, understanding pensions. How it works, what you might get, National Insurance.
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How to invest, types of investing, buying and managing. Help with meeting goals, tax-friendly saving, saving for children. You could save hundreds of pounds with an account that better suits your needs. For all the information you need to make a decision, read our guide How to choose the right bank account. If you have a partner, you might want to read our guide Joint bank accounts. The bank will run a credit check to find out your credit history.
If you have, you might not be able to open some types of account. How do you prove your address or identity? Here are some of the documents banks and building societies will usually be looking for:.
Different banks will ask for different forms of ID. If banks turn you down for a standard account, you can always apply for a fee-free basic bank account.
Almost all banks and building societies now offer a free seven-day Current Account Switch Service. As long as you can prove your overdraft limit, for example with a bank statement, your new account might match your current limit.
Comparison websites are a good starting point for finding a current account that gives you everything you need. You can then look at other features of accounts. For example, do they offer linked higher interest savings accounts, cashback or switching bonuses? This will help you find the right account for you.
For example, compare fees for using a card abroad or costs for sending or receiving money outside the UK. Even if you have an overdraft, you can switch using the Current Account Switch Service. The service will:. Your overdraft will need to be agreed with your new bank or building society for it to be switched.
Or they might be able to offer you a way of helping you pay off your overdraft instead. The switching service takes seven working days. They might turn you down if you have a very large overdraft or have been in it for a long time. The decision depends on lots of different things. Bear in mind that your credit score is a factor when switching accounts. This is so you can make other arrangements. This should be at least 14 days. For example, a cheque or card payment.
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Read our guide How to choose the right bank account for all the information you need to make a decision. If you have a partner, you might want to read about Joint accounts.
You can see the requirements for each fee-free bank account on our Fee-free bank account page. Find out more about fee-free basic bank accounts. Find everything you need to know about switching bank account on the Current Account Switch Service website. Read How to improve your credit score. Read Choosing the right type of loan. For other options when making a complaint read Sort out a money problem or make a complaint. Before you do that, first check the list you made earlier to see if there are any recurring deposits or payments you want to cancel outright.
Once you know what you want to transition and what you want to cancel, you can update your account information. Other small tasks you may need to do at this stage include ordering new checks if you use paper checks, setting up a new safety deposit box and updating your mobile wallet payment details.
Leaving the account open for at least one full billing cycle after making a move to a new bank can help you spot any recurring payments or transactions you might have missed.
Depending on the bank, you may be able to do this in person, online or over the phone. Also ask whether there are any account closing fees. When you get the final statement from your old bank, review it carefully to make sure there are no lingering payments or deposits you need to transfer. But switching to a new bank can offer certain advantages if:. I'm a freelance financial journalist and a regular contributor to U.
News and CreditCards. You can find me on LinkedIn or follow me on Twitter seemomwrite. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing. As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices.
Select Region. United States. United Kingdom. Rebecca Lake, Daphne Foreman. Contributor, Editor. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
Decide Where to Open a New Bank Account The first step in switching banks is figuring out where you want to move your accounts. As you shop around for a new bank, considering the following can help with your decision-making: Features and benefits you need or want, such as automatic bill payment or mobile check deposit Fees each bank charges Interest rates you can earn on savings Online and mobile banking services Branch and ATM locations Also, consider what different banks require for minimum opening deposits and minimum balance requirements.
Make a List of Your Automatic Payments and Deposits Automated bill payments, direct deposits and recurring transfers can all make managing your money easier. So, as you plan to change banks, make a list of: Automatic deposits.
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