With the Current Account Switch Service, switching from one bank or building society to another is simple and stress-free.
It couldn't be easier to switch
Your new account provider takes care of closing your old account, moving your balance and transferring your payments. If anything goes wrong, you’re protected by the Current Account Switch Guarantee.
This is how it works:
Choose a switch date - allow at least seven working days
Your balance and all payments paid in and out are transferred to your new account
Payees are transferred automatically - no need to worry about missing payments.
Switching your account
You can find out all about the account switching process below, but if you'd like to talk to us, call us on 0800 121 8899 or pop into a branch.
Here's what happens
1. Your new bank starts the switch
Day 1 - Your new account provider tells your old bank you’re switching and the date you’d like to switch. They ask them to close the old account when everything’s been transferred.
2. Your new bank receives details of your payments
Day 2 - Details of your Direct Debits, standing orders and bill payments are sent to your new provider.
3. Your payments are set up on your new account
Day 3-6- Your new bank sets up payment mandates on your new account. Direct Debit originators are told that you’ve switched banks and given your new bank account details. All payments in are redirected, too.
4. The switch is complete
Day 7 - Your old account is closed and any remaining credit balance transferred. Your new bank will write to you to tell you that it’s all done.
If a payment is accidentally made to your old account, it’s automatically redirected and the sender is given your new account details.
It's completely risk-free
More than 99% of UK banks and building societies offer the Current Account Switch Service, including Coventry Building Society.
When you switch you’re protected by the Current Account Switch Guarantee which is below, this is provided by your new bank or building society.
Current Account Switch Guarantee
We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.
The service is free to use and you can choose and agree your switch date with us.
We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
If you have money in your old account, we will transfer it to your new account on your switch date.
We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
If there are any issues in making the switch, we will contact you before your switch date.
If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.
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