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How does the Current Account Switch Service work?
How to switch your current account
When you complete the switch form you will need your old bank details to hand.
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Representative example (based on using a Reward Current Account)
Representative example (based on using a Reward Account) A variable representative rate of
A variable interest rate of
Based on borrowing
A variable representative rate of
39.9% APR
A variable interest rate of
39.9% EAR*
Based on borrowing
£1,200
How does our overdraft compare?
You can use the representative APR to compare with other products or credit providers, this can help you make sure that you choose the right type of borrowing for you.
How much does my overdraft cost in pounds and pence?
As an example, the interest cost of borrowing £500 is:
Interest on borrowing £3.22 for 7 days
£13.86 for 30 days
£28.09 for 60 days
Arranged overdrafts are subject to application and approval and repayable on demand. You must be 18 or over to apply. Arranged overdraft limits and interest rates vary based on your individual circumstances.
*EAR is the Equivalent Annual Rate. This is the annual interest rate of an overdraft. This means you are charged over the year based on how often and how much you are overdrawn by, and the effect of compounding it – charging interest on interest already charged. This interest rate does not include any other fees and charges.
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The Current Account Switch Service makes switching from one bank or building society to another simple and hassle-free whether you’re a consumer, small charity or small business. You’ll find the main benefits of the service below:
Switch on your terms.
With the Current Account Switch Service you can choose a switch date to suit you. Just make sure you allow a minimum of seven working days.
Simple and hassle-free.
The new account provider transfers any existing balance and all existing payment arrangements for you – including those going out (for example Direct Debits and standing orders), those coming in (for example, your salary) and payees you already have set up.
Wide ranging spread of UK banks and building societies are on board.
This means over 99% of UK current accounts are covered by the Current Account Switch Guarantee.
The switching process is the same everywhere.
Every bank and building society offering the service follows exactly the same switch process.
Payments are automatically redirected.
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.
Backed by a Guarantee.
In the unlikely event that something goes wrong with your switch, the new provider will refund any interest or charges incurred on your old or new account as a result.
A single point of contact.
The whole process will be handled by the bank or building society you are switching to. If you have any questions or concerns, just ask your new provider.
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- 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.
For more information and FAQs, please read the Account Switching Guide (PDF, 190KB).
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If you have given permissions to Third Party Providers to make payments on your behalf, or to access your financial data, access to these services won’t be transferred automatically to your new account as part of the Current Account Switch Service.
- Before you close your old account, check whether you have any Third Party Provider permissions set up and if so, who with.
- Once your new account is open you can give your permission to the Third Party Provider to access your new account by providing them with your new account details. You will need to contact the Third Party Provider directly yourself to set this up.
- If you are unsure as to whether your New Bank will support the Third Party Provider permissions on your account, you will need to discuss this ahead of your switch with your New Provider who will be able to advise you of this. Please check your new provider’s terms and conditions for more information about Third Party Providers.
Switching your account: FAQs
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It’s a free service that lets you take your current account to another bank. In just seven days, you can close your existing account and move everything to a new account, without the hassle. That’s Direct Debits, wages - the lot.
If you don’t want to move everything over and would rather keep your existing account open as well, you can apply for a Partial Transfer.
This will let you move some payments over but keep others in the same place. This might take more than a week, though.
The service covers 99% of UK current accounts. But you can’t switch any of the following:
- A joint account (without both parties’ permission)
- Savings accounts
- ISAs
- Foreign currency accounts
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The Current Account Switching Service will take care of all the admin for you. Best of all, it’s completely free to switch over, with no fees or charges for you to pay.
Choose your own switch date and the service will do the rest. It’ll also forward on payments to your old account for three years after you switch.
While the service is free, your new account might not be. You may be paying an agreed-on fee for an overdraft allowance, or other service charges. If you’re further into your overdraft than your new bank will agree to carry, you’ll also need to arrange to pay off the rest with your old bank before you can close that account.
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You can switch current accounts as often as you like. But most banks won’t give you the same reward more than once if you switch again during a certain period.
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Yes, the Current Account Switching Service is free of charge each time you choose to use it. But the bank you switch to may have their own monthly fees.
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It depends on how often you make the switch. Frequent switching within the course of a year might tell lenders that you aren’t very reliable.
This should only be a problem if you’re planning to take out a mortgage. Otherwise, changing banks every few years has little impact on your credit score.
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No, you can choose to apply for a Partial Transfer. This only moves the outgoings and payments that you want it to. You can keep your old account open if, for example, you’d still benefit from their rates or ongoing offers.
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There are more than 40 participating banks, covering 99% of the UK’s current accounts. Visit the Current Account Switch Service website to see which banks are included.
Halifax current accounts and services are offered subject to status. Whether you can have an arranged overdraft and the amount will depend upon your personal circumstances at the time you apply for one. Any overdraft we agree is repayable on demand.
