Understanding switching bank accounts

Current Account Switch Service

The Current Account Switch Service has been designed to be simple, reliable, hassle-free and is supported by our dedicated switching team.

For further information call us on 0345 587 3430. Lines are open Monday to Friday 8.30am - 6.00pm excluding public holidays. Calls may be monitored.

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How the Current Account Switch Service works

Talk to our staff about switching to HSBC on a date that suits you.
You can either do this in one of our branches or call us providing you have a UK or some Channel Island or Isle of Man current accounts. The Current Account Switching Service is not offered by all banks in the Channel Islands and Isle of Man.

Day 1

Your old bank will be notified of your request to switch.
You can continue to use your old account right up until your switch date.

 

Day 2-6

We'll take care of moving all your payments 
For example, your Direct Debit and standing orders going out, and those coming in (for example, your salary).

 

Day 7

If you have money in your old account, we'll transfer it to your new account. 
Your old account will be closed and we'll contact you to let you know that the process is complete.

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 incurred on either your old or new current accounts as a result of this failure.
  • The Current Account Switching Service is not offered by all banks in the Channel Islands and Isle of Man. Please check whether your existing bank supports the service.

 

You can choose your switch date
Once your new account is open you can choose any date to be your switch date, as long as it is in at least seven working days’ time i.e. seven working days’ time is the earliest you can switch.

What will happen on my switch date?

  • Your payments (such as Direct Debits, standing orders) will have all been transferred to your new account
  • Any credit balance from your old account will have been transferred to your new account
  • Your old account will be closed.

 

Switching Manually
If your bank* is not a part of the Current Account Switch Service (CASS), you can Switch Manually at no cost by giving us your Old / New Account details so we can contact the other bank*.

Switching In
If you are switching your UK, Channel Island or Isle of Man based current account into HSBC, you can contact us to initiate the request. We will ask you to confirm that your direct debit and standing order details are correct, which will be provided by you or your Old Bank*. If any direct debits and standing orders are initiated by a third party (e.g. your employer), you will need to inform the creditor about your New Account details. We will request the Old Bank* to transfer any credit balance to your current account with HSBC, and on your instruction communicate to close the account. The whole process will take approximately 12 working days (excluding the time taken for a response from your Old Bank* or you).

Switching Out
If you are switching out of HSBC into another UK, Channel Islands & Isle of Man based financial institution, we will send out a list of your Direct Debits, Standing Orders within 5 working days to your New Bank*. We will transfer out the balance and close the account on the switch date as per communication received from your New Bank*.

If you are switching out to an EU based financial institution, we will share a list of active direct debit, standing order and regular credits from your existing account over a period of the last 13 months. Upon your request, we will transfer any positive balance remaining and close the account.

If you are unhappy with any aspect of this service, please visit Contact & Support

* building society or service provider

 

Ready to switch?

Visit your local branch.

Or call us on 0345 587 3430

Lines are open Monday to Friday 8.30am - 6.00pm excluding public holidays. Calls may be monitored.