Do you want to move your account to another bank? You just need to go to a new bank of your choice and instruct them.
The switching service makes it easier to move your account to a new bank, by ensuring that all regular payments, such as standing orders and direct debits
are transferred seamlessly. This saves time as minimises the risk of missed or delayed payments during the process of switching accounts. How does it work?
The deadlines when switching accounts
Submission of data
Your old bank must transmit all the data to the new bank within five business days.
Setting up payments
The new bank must set up payments within a further five working days following receipt of the data.
Closing your account
Your old bank must close your old account and transfer the balance within one month of receiving the instruction to do so.
Steps involved for switching an account
- Instructing the bank:
The first step is to open a new account at the bank of your choice, and ask your new bank to conduct the switching process. This is usually done by filling out a form that you can get from your new bank.
- Exchanging of information between banks:
Your new bank contacts your old bank and requests it to transmit all relevant data (e.g. about existing standing orders and direct debits). Your old bank is required to transmit this information to your new bank within five working days.
- Setting up payments:
Once your new bank has received this information, it will set up all direct debits and standing orders in your new account within five working days. Your new bank informs all payers (e.g. your employer) and payees (e.g. your energy supplier) about your new bank account details.
- Closing your account (optional):
You may instruct your old bank to shut your old account. Once your old bank receives this instruction, it has a maximum of one month to close the account and to transfer any remaining credit balance into your new account.
Standing order
an automatic, regular transfer of a fixed amount on set dates.
It is suitable for recurring payments such as rent or membership contributions.
Direct debit:
a payment where the recipient debits money from your account. You grant permission to perform direct debits for regular payments of different amounts.
Tip
Plan your account switch in advance, and ensure that you have all necessary information and documents at your fingertips to guarantee a smooth transition. Your new bank will support you in the process and will ensure that everything is finalised in a correct manner within the allowed timeframe.
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