How to switch bank accounts with the Current Account Switch Service
The seven-working-day switch guarantee moves your payments across for you and covers you if anything goes wrong, yet most people never use it.
Changing bank feels like the kind of admin that is more trouble than it is worth, which is exactly why so many people stay put for decades. In reality the Current Account Switch Service, usually shortened to CASS, was built to remove nearly all of that trouble, and it comes with a guarantee.
What the service does
CASS is a free, industry-run service that moves your current account from one bank or building society to another. It launched in 2013, is backed by most major banking brands covering the vast majority of UK current accounts, and it moves everything across for you within seven working days.
That means your incoming payments, such as salary or benefits, and your outgoing ones, such as direct debits and standing orders, are automatically transferred to the new account. Payments that arrive at your old account after the switch are redirected to the new one, so a payer who has your old details does not cause a missed payment. Your old account is closed as part of the process.
The guarantee
The part that removes the fear is the Current Account Switch Guarantee. If anything goes wrong with the switch and it costs you money, for example a payment is missed or you are charged interest or fees because of a switching error, the banks undertake to refund those charges and put it right. In other words, the risk of the mechanics failing sits with the banks, not with you.
How the switch works, step by step
You start by opening the new account with the bank you want to move to and telling them you want a full switch using CASS. You choose a switch date, which must be at least seven working days ahead and fall on a working day. You hand over your old account details and the new bank does the rest, coordinating with your old bank.
You can keep using your old account as normal right up to the switch date. On the switch date, the balance and all your payment arrangements move to the new account and the old one closes. There is no need to contact everyone who pays you or takes payment from you individually, because the redirection handles late arrivals.
Why people do it, and what to check first
The usual motivations are a switching incentive (banks sometimes pay a cash bonus to move), better in-credit interest or perks, poor service, or wanting features a current account offers. Before switching, check any conditions attached to a bonus, such as paying in a minimum each month or setting up a number of direct debits, and make sure the new account genuinely suits how you bank. Confirm the current details and participating banks on the official Current Account Switch Service site, then let the guarantee do the heavy lifting.