What is the Current Account Switch Service?
It’s a free service that lets you switch your current account from one participating bank or building society to another. It’s been designed to be simple, reliable and hassle-free, and is backed by the Current Account Switch Guarantee.
Can I switch my account on a date that suits me?
Yes. You can choose and agree a date with Lloyds Bank, and we’ll start the process six working days before that date (working days are Mon – Fri, excluding bank and public holidays).
What happens if there is a mistake or unnecessary delay in the Current Account Switch process?
The Current Account Switch Service is backed by the Current Account Switch Guarantee. This guarantees that any charges or interest incurred on your old or new account as a result of a failure in the switching process, will be refunded when you bring this to our attention.
Will switching my current account affect my credit rating?
No. As long as you repay any outstanding overdraft(s) on your previous account(s) with your old bank or building society. If you have any problems with payments (as part of the switching process) we’ll correct them and make sure your credit rating isn’t affected.
What if I change my mind?
You can cancel your switch up to seven working days before your switch date. After that, only certain parts can be cancelled but your old bank account will still close. You might want to consider waiting until after your switch date. You can then ask another bank or building society to switch your account from us. Please note that you may not be able to switch back to your old bank or to the type of current account you held with your old bank.
Why does the old bank account have to close for a full switch?
A key benefit of the service is the 13 month redirection service. For this to work the old account must be closed.
What type of accounts can I switch using the Current Account Switch Service?
The Current Account Switch Service is for current accounts only. If you want to switch other account types such as a savings account, we could still help – just ask.
Can I transfer funds from my new account to pay off a debit balance at my old account?
Yes. We can arrange for an amount to be transferred to your old account on your switch date. Please ensure you have sufficient funds or an agreed overdraft in your Lloyds Bank current account on the day before, and on your switch date.
What happens to any debit card transactions that I have asked my old bank to stop?
The Current Account Switch Service should not interfere with this process, and any debit card transactions that you have asked your bank to stop should remain so after your switch.
Can I prevent my new account details being given to someone who sends one-off payments to my old account?
You may be able to transfer your payments to Lloyds Bank without redirecting payments from your old account, and you should discuss this requirement with us.