iVillage logo
Search iVillage
Pregnancy
Parenting
Health
Diet & Fitness
Beauty & Fashion
Relationships
Home & Garden
Food & Drink
Work & Money
Entertainment
Horoscopes
Travel
Work & Money 
  |  Money  |  Budgeting  |  Switching accounts
Advertisement
Topics
Succeeding & Surviving
Finding a Job
Community
Computers and Internet
Money
Savings
Budgeting
Property
Family
Insurance
Debt
Office Culture
Starting a business
Work-Life Balance
iVillage shopping

Hot stuff
The urban girl's guide
Make extra cash!
Beat the credit crunch
Put work to bed
Try our Mensa workout
Competitions
Special offers
Newsletters
sign up for FREE!




 
Promotions

Switching accounts

Banks and building societies offer lots of different services and you may want to move your account to a new bank. Here's the lowdown on what to do if you want to swap to a new account

It's easier than you think! Often the new bank does everything for you - once they agree to open you an account and you've signed a couple of forms. Just follow steps 1 to 7.

  1. Decide what type of account you want and fill out the application form.

  2. Give the new bank/building society what they need to open your new account - the main things you'll be asked for are proof of address, identification and proof of income.

  3. Once they've agreed to open your account, make sure you know when you can use it. Your new bank/building society should give you what you need to use your account within ten working days.

  4. Once your account has been approved, you'll be asked to fill out a mandate form, so your new bank/building society can call your old bank and switch over your direct debits, standing orders etc. Your old bank/building society should give all these details within three working days. Your new current account provider also speaks to the companies you have any direct debits with - so it's less hassle for you.

  5. Set a date to change to your new account and tell everyone who pays money into your account.

  6. Make sure you have enough money in both your new and old accounts for any bills.

  7. Keep your eye on both accounts. It can take a while for the switch to happen, so you may have two accounts for a short time.

Wait till you are happy with your new account before closing your old account. You should be told by your new bank/building society when it is safe to cancel your old account.

Want to see if you could save money by switching? There are a number of web sites, such as www.switchwithwhich.co.uk/banks.html where you can compare different types of accounts.



print printer friendly send to a friend
  
Comment on this article


Posted by:


View all comments

Delicious     Digg     reddit     Facebook     StumbleUpon