08 October 2015

6 reasons why switching accounts isn't scary

Does the thought of switching current accounts send a shiver down your spine? What are we so scared of? Never mind ghosts and ghouls, it seems what's got many of us spooked is the perception that switching current accounts may be a hassle.

However, thanks to the Current Account Switch Guarantee (PDF), which 40 UK banks and building societies have signed up to, you don't have to be haunted by your current account.

Here are 6 reasons why switching your account isn't as scary as you might think:

1. You can choose a current account that suits your needs

If you've had your current account since you got your first job, when you were at university, or even when you were a child, the chances are it might not be the best one for your needs anymore. Switching your current account gives you the chance to pick one that works for you. See our range of current accounts to find out more.

2. You hardly have to lift a finger

Worried there'll be pages of paperwork to fill in? Dozens of phone calls to make? Don't panic. The providers do all the hard work for you. If you're switching your account, all you have to give us to get started is:

  • the name of your current bank or building society
  • your sort code
  • your account number
  • contact details so we can keep you updated on progress.

We'll get the rest of the information, including details of your direct debits and standing orders from your old bank.

3. All your payments in and out are redirected automatically for 3 years

Got dozens of direct debits leaving your account each month? Don't panic, a list of your direct debits, standing orders and bill payments will be requested from your old bank or building society and all payments going in and out will be redirected for 3 years, plus your new bank or building society will pass your new current account details to the sender.

If you're signed up for Paym and/or Apple Pay with your previous bank or building society, you'll automatically be deregistered. If you would like to sign up to Paym with Nationwide, visit our support page for details on how to register for Paym. For more details on setting up Apple Pay, visit our support page.

4. It only takes 7 working days

From start to finish, the process of switching bank accounts will happen in 7 working days; you choose and agree the switch date with your new bank or building society. In the unlikely event that there's a problem, you can rest assured that your new bank or building society will contact you before the agreed switch date.

5. Any payments accidentally made to your old account will be transferred automatically for up to 3 years from the date of switch

Has an old friend transferred you some cash without realising you've got a new account? Don’t worry; any payments accidentally made to your old account will be transferred automatically to your new account for 3 years. Plus your new bank or building society will pass your new details to the sender.

6. You're covered if something goes wrong

Current Account Switch Guarantee

In the unlikely event that something does go wrong with your switch, it doesn't have to turn into a nightmare. The Current Account Switch Service is backed by the Current Account Switch Guarantee, and you'll get a refund on any resulting interest or charges made on either your old or new accounts if something should go wrong.

Apple Pay is a trademark of Apple Inc.

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