No 40

Farewell, old account!


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

Information being handed over.

Submission of data

Your old bank must transmit all the data to the new bank within five business days.

Setting up regular payments

Setting up payments

The new bank must set up payments within a further five working days following receipt of the data.

Closing your old account

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

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.


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.

Price comparison:
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A to Z of Finance:

You can find basic information about insurance on our website in the A to Z of Finance section. > A to Z of Finance