We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.
It’s a free service that lets you switch your current account from one participating bank or building society to another. It has been designed to be simple, reliable and hassle free and is backed by the Current Account Switch Guarantee.
Yes, you can choose and agree a date with your new bank or building society and the process will start 6 working days before that date. (Working days are Mon - Fri excluding bank and public holidays.)
The Current Account Switch Service will redirect payments to your new account.
You may be able to transfer your payments to your new bank without redirecting payments from your old account, and you should discuss this requirement with your new bank.
The Current Account Switch Service is backed by the Current Account Switch Guarantee. This guarantees that any charges or interest incurred on your old or new account, as a result of a failure in the switching process will be refunded when you bring this to your new bank or building society’s attention.
No, providing you repay any outstanding overdraft(s) on your previous account(s) as required by your old bank or building society. If there are any problems with payments (as part of the switching process) your new bank or building society will correct them and ensure your credit rating is not affected.
Yes, and your new bank or building society may be able to provide facilities to help you pay off any overdraft, subject to their normal lending criteria. If this isn’t the case you must make separate arrangements to repay your old bank or building society what you owe.
You can cancel your switch up to seven working days before your switch date. After that only certain elements can be cancelled.
Your new bank or building society will guide you through this process if you choose to do this.
You will be able to access the funds in your old account up to and until your switch date when they will be transferred to your new account.
High Street banks and building societies and Internet and Telephone banks that display the ‘Current Account Switch Guarantee’ Trustmark will offer the Current Account Switch Service. You can find a list of participating organisations at www.currentaccountswitch.co.uk.
The Current Account Switch Service is for current accounts only. If you would like to switch other account types, such as a savings account, you will need to ask your new bank or building society if they are able to help you do this.
The Current Account Switch Service should not interfere with this process and any debit card transactions that you have asked your bank to stop should remain so after your switch.
As long as you tell us you are registered for Paym, on your switch date your old bank or building society will de-register your phone number from Paym. We will automatically register your phone number on Paym the same day, using our Pay2Mobile service. This leaflet provides details of our Pay2Mobile service and how to use this to receive and send payments via Paym.
The Current Account Switch Guarantee ensures your current account will switch on a day of your choice, your payments will be automatically transferred and redirected to your new account, and in the unlikely event anything goes wrong with your switch, we will refund any interest and charges (incurred on your old or new current accounts) as a result of this failure as soon as it is brought to our attention.
Your eligible deposits with Cumberland Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.