How much time did it take you switch bank accounts?

I'm tired of earning 0% from my current account, but I also don't want to spend hours at a bank.

Asked by hullscott

1 Answer

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
You shouldnt need to spend hours at the bank, it should take no longer than 15 minutes of time with someone to complete a bank account application and fill in the necessary authority forms for them to switch you.

But you will need to ensure that you have relevant ID (uk passport or drivers licence) and proof of address ie current bank statement or utility bill but not an internet paperless bill that you have printed off or mobile phone bill. If you have been at your address for a short time, less than 6 months, take proof of address for the last 3 years of addresses.

you will need your old bank details, sort code and account number and if your wages are paid to the account, the details of your payroll dept to switch all across.

many of the banks offer guarantees to switch within X days as long as they have all the data from you but to move DDs will rely on the payee updating their system so there can be a time lag here. At least standing orders/faster payments can be set up instantly but ensure that you have an overdraft on the new account to cover the switch - often this will be interest free to entice you over - the last thing you want is for the mortgage not to be paid because the DD bounced!

be careful when choosing your new account, the bank will probably try and upsell you to a fee paying account which can cost from £5-£20 per month! do make sure that you will use enough of the add-ons to make it worthwhile... | 01.05.11 @ 12:57
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$commenter.renderDisplayableName() — {comment} | 11.24.17 @ 02:04
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE