Switching your bank account is easy: here’s how it works
14/05/2026
Have you ever switched mobile network provider? Did the new provider handle the transfer and the paperwork for you? Well, switching current accounts works in much the same way.
If you’d like to switch your account to another bank, the process is straightforward. Simply ask your new bank to get things started. They will then coordinate with your current bank to carry out the switch.
Transferring your account is a free and swift process, which takes up to 13 business days (Monday to Friday, excluding Saturdays, Sundays and public holidays) and is designed to spare you complex or unnecessarily burdensome administrative steps.
To start the process, you need to submit a request to your new bank. In that request, you need to indicate:
- (i) The date from which you want your new account to be up and running. This can only happen once your current bank has sent the new one all the information it needs. This step will take at least six business days from the date the information is received, which means that the account cannot be activated before then.
- (ii) The steps to be taken by both your current bank and your new bank, like setting up direct debits or transferring balances.
- (iii) The payments you want to switch, for example, the standing orders you receive or send and any direct debits you have (water, electricity or phone bills, etc.).
- (iv) Whether you want to close your old account and any associated cards.
Once you’ve submitted the request, your new bank has two business days to ask your current bank for the information needed to complete the switch according to your instructions.
After receiving this information, your new bank has five business days to put the arrangements in place. It will open the new account, activate the standing orders, set up direct debits and notify the new account details to those who send you payments or charge you bills. At the same time, and within that same period, your current bank will cancel existing payment orders, transfer the available balance to the new account and, if you’ve requested it, close your old account and any associated cards.
Lastly, bear in mind that the bank you’re switching from may withhold the balance in your account if you have unpaid debts, such as a loan, either with them or with third parties. If there are no outstanding payment obligations, the balance should be transferred to your new account as normal, without delay or obstruction.
