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.

  • 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.
  • The service is free to use and you can choose and agree your switch date with us.
  • 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 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.
  • If there are any issues in making the switch, we will contact you before your switch date.

Frequently Asked Questions

  • Current Account Switch Service
    What is the Current Account Switch Service?

    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.

    Can I switch my account on a date that suits me?

    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.)

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

    The Current Account Switch Service will redirect payments to your new account.

    Can I prevent my new account details being given to someone who sends one-off payments to my old 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.

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

    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.

    Will switching my current account affect my credit rating?

    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.

    Can I switch my current account if I am overdrawn?

    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.

    What if I change my mind?

    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.

    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.

    Do all Banks and Building Societies offer the same Current Account Switch Service?

    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.

    What type of accounts can I switch using the Current Account Switch Service?

    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.

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

    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.

    What will happen to my Paym registration when I 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.

    What does the Current Account Switch Guarantee mean?

    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.

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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.

Further information is available here or visit www.fscs.org.uk.