Current Account Switch Guarantee

The Current Account Switch Service

The Current Account Switch Service was launched in 2013 to make it faster and easier to change your current account.

It has so far been used to switch over 3 million accounts, with more than 40 banks and building societies being part of the service. This means 99% of UK current accounts are included.

To use the Current Account Switch Service, you simply have to choose a new current account, then ask your new bank or building society to move your old account over using the Current Account Switch Service.

Your new current account provider will then do everything for you, moving your balance, your Direct Debits and standing orders over. This means you don’t have to spend time cancelling and restarting all your payments , which means you don’t risk missing a payment and getting into arrears.

What is the Current Account Switch Guarantee?

The Current Account Switch Service offers a Current Account Switch Guarantee, giving customers the following:

• Free current account switching
• Switch on a date of your choosing
• They will take care of all outgoing and incoming payments (e.g. your salary)
• They move any money in your old account to your new one
• They will let you know before your switch date if there are any issues
• If anything goes wrong, they will refund any interest (paid or lost) and any charges you incur

Compare current accounts to switch to

Thinking about changing your current account? Then you need to make sure you have carefully compared current accounts from all across the market to make sure you are getting the best possible deal.

Below are three of the most popular current accounts presently available, offering attractive rates of interest and other benefits.

Santander 123 current account

This accounts pays interest at 1.50% AER/1.49% gross (variable) up to a £20,000 balance. As well as this, you can also benefit from 1-3% cashback on various household bills, including payments on a Santander mortgage or insurance policy.

You have to pay a £5 per month account fee for this account and to qualify for cashback you are required to deposit at least £500 a month into the account and have two active Direct Debits.

TSB Classic Plus account

Earn 3% AER paid monthly on a balance of up to £1,500 with this account and you can also get £5 per month cashback when you have at least two Direct Debits from the account, plus another £5 each month that you use your debit card at least 20 times.

There is no monthly account fee, but to earn interest you must pay in a minimum of £500 each month.

Nationwide FlexDirect current account

Nationwide offer a highly competitive 5% AER (4.89% gross p.a.) interest on balances up to £2,500 for the first 12 months with this account. After this the interest drops to 1% gross p.a./AER (variable).

You won’t pay a monthly account fee, but this account doesn’t offer any cashback and you must pay in at least £1,000 a month to earn interest.