Switching FAQs
Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying.
FSCS protects eligible deposits up to £120,000 per person, per authorised institution.
Quick answer
Short answers to the bank switching questions we’re asked most: how long a switch takes, what gets moved, what the guarantee covers and how switch bonuses work.
Who it’s for
- Anyone thinking of switching current account
- People checking whether they qualify for a switch bonus
Who should skip it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You rely on an overdraft and haven’t checked whether the new bank would offer one
The catch
Switch bonuses come with conditions — such as minimum pay-ins, direct debits or not having claimed before — and missing one can mean no bonus. Card payments saved with retailers aren’t moved automatically.
Full explanation
The Current Account Switch Service is run by Pay.UK and used by most UK banks and building societies. A full switch closes your old account on the switch date and moves everything across.
Figures and rules were correct as of 3 October 2026 on the service’s own site. Check before relying on them.
FAQs
How long does a bank switch take?
The Current Account Switch Service moves your balance and regular payments in 7 working days, on a date you choose.
What does the switch service move?
Your balance, direct debits, standing orders and incoming payments. Payments sent to your old account details are redirected.
What does the Current Account Switch Guarantee cover?
It says the switch is free and that you’re covered for charges or interest if something goes wrong with the switch.
What is a partial switch?
Moving some payments while keeping your old account open. It isn’t covered by the full switch guarantee and usually doesn’t qualify for switch bonuses.
What are the usual switch bonus rules?
Common conditions include using the full switch service, moving a set number of direct debits, paying in a minimum amount and not having claimed a bonus from that bank before. Check the bank’s own terms.
Who is eligible to switch?
Most UK current account holders can switch, but the new bank decides whether to open an account for you, usually after a credit check.
Does switching affect my credit score?
Opening a new account usually involves a credit check, which appears on your credit file.
Do I keep my overdraft when I switch?
Not automatically. The new bank makes its own decision, so check before you switch if you rely on one.
Can I switch a business account?
Yes. Many business current accounts can also be switched through the service.
See current switch offers checked on each bank’s own site.
Get our weekly email
The Friday Finance Lowdown — five minutes of the money stuff worth knowing.
Free to join. See our privacy policy for how we handle your email address.