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. This service means you will switch from your old bank in 7 workings days, all your payments will be transferred and your old account will close.
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 account have to close for a ‘full’ switch (i.e. using the Current Account Switch Service)?
A key benefit of the service is the 36 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?
This service is for current accounts only. If you would like to talk to us about transferring a different type of account (such as Savings) please visit us in branch or call us.
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 currently makes one off payments to my old account?
If there are some payments you do not need redirected from your old account to your Lloyds Bank account, should they be attempted after the switch is complete, please let us know and we will be able to discuss options with you.