Which Banks Are Part of the Current Account Switch Service?

Switching your current account has never been easier, thanks to the Current Account Switch Service (CASS). This service simplifies the process, making it stress-free and reliable, whether you’re switching personal or business accounts. Over 10 million personal and business current accounts have been switched through CASS to access better, more rewarding banking. In this article, we’ll explore what CASS offers, how it works, and provide a list of banks and building societies that participate in this service.

Understanding the Current Account Switch Service

The Current Account Switch Service (CASS) was introduced to help individuals and businesses switch their current accounts from one bank or building society to another seamlessly. Here’s what you need to know:

• Ease of Switching: The service ensures a smooth transition, handling all aspects of the switch, including transferring your balance and switching all your regular payments such as Direct Debits and standing orders.
• Account Switch Guarantee: This guarantee ensures that your new bank will take care of all the necessary changes, and any errors will be corrected promptly. If any mistakes cause you to incur fees or interest charges, these will be refunded.
• Overdraft Transfers: You can even switch if you have an overdraft, though it’s important to discuss this with your new bank beforehand.
• Free Service: The service is entirely free to use.
• Quick Process: The switch process takes only seven working days.

Why You Might Benefit from Switching Your Current Account

There are many reasons why switching your current account might be beneficial:

• Top Customer Service: For those seeking excellent customer service, switching to First Direct could be advantageous. They are renowned for their top-notch customer support.
• Digital-Only Banking: If you prefer managing your finances digitally, Monzo offers a robust digital-only banking experience with helpful budgeting and expenditure tracking features.
• Simplify Financial Affairs: Consolidating your banking with one institution can simplify your financial affairs. For instance, having your current account with the same bank as your mortgage can make managing your money more straightforward.
• Track Finances Easily: Consolidating pots of money into one account can make it easier to track your finances and ensure you have a clear overview of your funds.
• Special Bonuses: Many banks offer special bonuses for switching your current account. These incentives can provide an immediate financial benefit for making the move.
• Higher Interest Rates: Switching to a bank that offers higher interest rates on current accounts can help you earn more from your deposited funds.
• Cashback and Low Fees: Chase offers attractive perks such as cashback on everyday spending and low transaction fees abroad, which can be very appealing for frequent travellers.

Steps to Switch Your Account

1. Check Eligibility: Ensure your current account is eligible for switching. Note that joint accounts, savings accounts, ISAs, and non-sterling payment accounts cannot be switched.
2. Find a New Account: Consider your banking needs to find the best new account. Resources like MoneyHelper, DoshMaster, MoneySuperMarket, Money Saving Expert, and uSwitch can help.
3. Check Requirements: Verify the new account’s requirements, such as minimum Direct Debits or monthly deposits. Discuss any overdraft facilities you may need.
4. Review Payments: Cancel any payments you no longer need before switching.
5. Prepare Documentation: Gather any transaction history or old statements you might need, as these won’t be transferred.
6. Choose a Switch Date: Select a switch date that suits you, allowing for the seven working days needed to complete the switch.
7. Initiate the Switch: Contact your new bank to start the switch. You’ll need to agree to the ‘Current Account Switch Agreement’ and the ‘Current Account Closure Instruction’.

Participating Banks and Building Societies

CASS covers 99% of UK current accounts, with over 50 banks and building societies participating in the service. Here’s the list of participating institutions:

• Acorn Account
• AIB (NI)
• Allica Bank
• Allied Irish Bank (GB)
• Arbuthnot Latham & Co., Limited
• Bank of Ireland UK PLC
• Bank of Scotland
• Barclays
• Barclays Private
• C. Hoare & Co.
• CardOneMoney
• CHASE
• Citibank UK Limited
• Clydesdale Bank Plc
• Co-operative Bank
• Coutts
• Coventry Building Society
• Cumberland Building Society
• Danske Bank (Northern Bank Limited)
• First Direct
• Habib Bank Zurich plc
• Halifax
• Hampden & Co
• Handelsbanken
• HSBC CIIOM
• HSBC Private Bank
• HSBC UK Bank plc
• Investec Bank plc
• Isle of Man Bank
• Lloyds Bank
• Lloyds International
• Lloyds Private Bank
• Metro Bank
• Monzo
• Nationwide Building Society
• NatWest
• Natwest International
• Reliance Bank
• Rothchild & Co
• Royal Bank of Scotland
• Santander
• smile
• Starling Bank
• thinkmoney
• Tide – provided by ClearBank
• Triodos Bank
• TSB Bank
• Ulster Bank
• Unity Trust Bank
• Virgin Money
• Weatherbys Bank Ltd
• Yorkshire Bank

Conclusion

Switching your current account is a straightforward process with the Current Account Switch Service. By following the steps outlined above, you can ensure a smooth transition to a new bank or building society that better meets your needs. Whether you’re looking for better customer service, lower fees, or more rewarding banking features, the CASS makes it easy to make the switch confidently. For more information, visit the CASS website or consult your new bank for specific details.