Switching banks in 7 days: how the service works

People stay for years with a bank they dislike for one reason: fear that the salary will land in the wrong place and the direct debits will break. Britain has a dedicated scheme for exactly this — the Current Account Switch Service. It moves an account in 7 working days and guarantees your money back if something goes wrong.

How does a 7-working-day switch work?

The process is run by the new bank, not the old one. You open an account with the new bank and ask for the switch. From there, incoming and outgoing payments are taken care of: Direct Debits, standing orders, salary.

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Payments that someone keeps sending to your old account are redirected to the new one. That is the fear the scheme removes: a payroll department may keep using the old details for weeks, and the money still arrives.

There are no fees with the service.

What you have to do yourself

Three steps.

Choose the account. Compare using independent sources rather than the bank's own advertising.

Check you are eligible. Banks set their own conditions: a minimum monthly incoming amount, a minimum number of Direct Debits leaving the account, or an agreed overdraft. Before switching, collect and keep your old statements — access to them can disappear afterwards.

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Open the new account and request the switch. You sign two documents: the Current Account Switch Agreement and the Current Account Closure Instruction. You choose the switch date, though it cannot fall on a weekend or bank holiday.

What not to do during the switch

One mistake is more common than the rest: do not set up new payments during those 7 days. Anything you add mid-switch will not be transferred — the scheme moves what existed when it started.

An overdraft also needs settling in advance: agree it with the new bank before the switch begins. The bank may offer lending to clear the overdraft at your old bank, but that is a separate decision and subject to eligibility.

What the guarantee covers

The Current Account Switch Guarantee means that if something goes wrong with the switch, any charges or interest incurred as a result will be refunded. Whether you receive anything beyond that refund is decided by your new bank.

One limit matters: the service only covers regular current accounts. ISAs, savings accounts and non-sterling payment accounts are excluded.

Is it worth it

Seven working days, two signatures and no fee — against years of tolerating a bank that charges for transfers or has a poor app. If what keeps you is fear of a technical failure, that is precisely what the scheme insures against: payments are redirected, and losses caused by an error are refunded.