Switching Your Current Account

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Current Account Switch Guarantee

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.

  • The service is free to use and you can choose and agree your switch date with us.
  • We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
  • If you have money in your old account, we will transfer it to your new account on your switch date.
  • We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
  • If there are any issues in making the switch, we will contact you before your switch date.
  • If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.
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Frequently Asked Questions

Can I switch my current account?

Yes, so long as you have an annual turnover that does not exceed £6.5 million and you employ fewer than 50 people. If you are a small trust with a net asset value of less than £6.5 million you can also use the service. If you are still unsure whether you qualify, speak to your new bank or building society.

Can I switch my savings account?

No, we can’t switch savings accounts or ISAs.

Can I switch my current account if I am overdrawn?

Yes. You will need to agree any overdraft facilities you require with your new bank or building society. Alternatively, they may be able to provide facilities to help you pay off any existing overdraft you may have, subject to their normal lending criteria. If you do not come to an agreement with your new bank you must make separate arrangements to repay your existing overdraft before you switch.

Is the Current Account Switch Guarantee the same for all banks?

Yes, all banks and building societies that display the Current Account Switch Guarantee Trustmark will follow the same switching process and must offer the same guarantees. There are over 40 participating banks and building societies in the UK and you can see them here.

What if my bank is not signed up to the Current Account Switch Guarantee?

If your old or new bank is not signed up with us, then you won’t be able to use the Current Account Switch Service. You should talk to your new bank to find out how to switch your account.

Who provides the guarantee?

As a participant of the Current Account Switch Service, your new bank or building society guarantees your switching process. Bacs, the people behind Direct Debits and Direct Credits in the UK, manage and oversee the service.

Can I choose my switch date?

Yes, you can choose and agree a switch date with your new bank or building society. Just make sure you allow seven working days for the switch to take place and that your chosen date isn’t a Saturday, Sunday or Bank Holiday.

Are account opening and account switching all part of the same process?

Account opening and account switching are separate processes. Your new bank or building society has to carry out ‘know your customer’ security checks as part of their account opening process. Once these are complete to the satisfaction of the new bank or building society, you can choose and agree your switch date.

When does the switch begin?

Once you have applied for and opened your new account, you can choose the switch date to suit you. The date of your switch must be at least seven working days from this point.

Will the Current Account Switch Service automatically transfer new payment arrangements if I set them up at my old bank within 7 working days of the switch date agreed with my new bank?

No. The Current Account Switch Service will take care of all payment arrangements at your old bank up until 7 working days before your agreed switch date. If you want to set up new payment arrangements during the 7 working day period leading up to your switch date you must do this on your new account.

Do I have to close my old account?

Your old bank will close your old account as part of the switching process. This ensures that any payments made to your old account are automatically redirected to your new account.

If you want to, you can switch and keep the old account open, but you won’t be able to use the Current Account Switch Service.

What happens to payments that people send to my old account?

All incoming and outgoing payments will be automatically redirected to your new account. Each time a payment is redirected, an automatic message is sent back to the originator advising them of your new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed. If you do not want your new details to be given to someone who sends a one-off payment, contact your new bank.

When will the money in my old account be transferred to my new account?

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.

If the switch is delayed for any reason, can I still use my new account?

Yes, if the new account is open and you have money in it (or an overdraft agreement) then you can use it.

What happens to any debit card transactions or Direct Debits that I have asked my old bank to stop?

The Current Account Switch Service will not interfere with this process and any debit card or Direct Debit transactions that you have asked your bank to stop should remain stopped after your switch.

What if I change my mind?

You can cancel your switch up to seven working days before you switch date. After that only certain elements can be cancelled. Your new bank or building society will guide you through this process if you decide to cancel your switch.

My new bank says I need to update my personal details with my old bank. Why?

If the details you provide to your new bank do not match those held by your old bank you may be asked to contact your old bank and update them. Examples include if you have got married and not changed your maiden name to your married name, or if you have moved house and not told your old bank your new address. When you are updating your details with your old bank you do not have to tell them that you will be switching to a new bank.

What will happen to my Paym registration when I switch?

On your switch date your old bank or building society will de-register your mobile phone number from Paym. If your new bank or building society offers Paym then you can re-register your mobile number with them. You can do this on or after your switch date, or earlier if you de-register your mobile number at your old bank or building society yourself.

What happens if there is a mistake or unnecessary delay in the switching process?

In the unlikely even that there are any issues in starting the switch, we will inform you before your switch date. If anything goes wrong, we will ensure that any charges or interest incurred on your old and/or new account as a result of the error will be refunded. It is for your new bank to decide whether you receive compensation above and beyond the refund.

Will switching my current account affect my credit rating?

No, providing you repay any outstanding overdraft on your previous account 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.

Can I be sure that all payments made to my old account are redirected?

Yes, any payments made to your old account will automatically be redirected to your new account. Each time a payment is redirected, an automatic message is sent back to the originator advising them of your new account details so they can update their records. Some organisations may contact you directly to confirm your details have been changed. Let your new bank know if you do not want them to provide your details to anyone.

My switch is not going as promised. Who do I contact?

If there’s a problem with your switch you should contact the bank or building society you are switching to. If you’ve got questions about the switching process, go to the Current Account Switch Service website.

My Direct Debit hasn’t moved across after I’ve switched. What do I do?

If you’re missing a Direct Debit and your switch is complete, contact your new bank. Remember all payments are covered by the Current Account Switch Guarantee and any charges or interest incurred on your old or new account as a result of the error will be refunded.

Who do I tell if I think the Current Account Switch Service does not meet my requirements? (Please note: if you have a complaint about the way the service has been delivered by your new bank please contact them directly.)

If you think you have found a flaw, or missing feature, in the service design, or in the way that Bacs operates the service, please contact:

  • By post: CASS Advisor, Bacs Payment Schemes Limited, 2 Thomas More Square, London, EC1W 1YN. Enclosing a summary of the issue that you would like to raise.

Bacs will acknowledge receipt within 2 working days of receiving the email / letter and for more complex questions provide a detailed (initial) response within 10 working days.

Current Account Switch Guide
Download the official Current Account Switch Guide as a PDF here
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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.

Please click here for further information or visit www.fscs.org.uk.