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A guide on how to switch bank accounts
Thinking about switching bank accounts? If you're looking for better customer service, better rates, or a smoother digital experience, switching banks could be a smart choice. The good news is, moving your account to TSB is quick, easy, and comes with lots of great perks.
In this guide, we talk you through the benefits of banking with TSB, how to switch bank accounts, and answer some frequently asked questions on the subject.
Why switch to TSB?
At TSB, we want to help you make the most out of your money, so you can get more out of life. We want you to feel confident and in control when it comes to managing your money. Here are just a few reasons why you should consider switching bank accounts and joining TSB.
- Trusted customer service that makes you feel heard and supported. Whether in-branch, online or through the TSB Mobile Banking App, our friendly team is on hand to help.
- Transparent fees with no unexpected surprises. All our products have terms that are straightforward, clear and transparent so you feel in control every step of the way.
- Competitive rates and offers that reward you for banking smarter. We often offer switching incentives and rewards to new customers – discover our most recent switch reward.
- Digital banking with a human touch to provide help when you need it. Our innovative banking app lets you manage your money whenever and wherever you need to.
How the Current Account Switch Service Guarantee helps
The Current Account Switch Service makes switching your bank account simple, stress-free, and guaranteed – in only 7 working days.
As your new current account provider, we offer the following promises:
- The service is free to use and you can choose and agree your switch date with us.
- Your switch will only take seven working days from whenever you start the process.
- We will take care of moving all your payments going out (such as your direct debits) and all those coming in (such as your salary).
- We will transfer any money from your old account to your new one on your switch date.
- Any payments accidentally made to your old account will be automatically redirected by us to your new account – we will also contact the sender to provide them with your new account details.
- We will make you aware of any issues with your switch before your switch date. We also keep customers informed about the progress of the switch by sending regular updates via text messages and letters, ensuring they are always aware of each stage.
- In the unlikely event that something goes wrong with the switch, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as soon as we are told.
Find out more about the Switch Guarantee.
How to Switch Bank Accounts (Step-by-Step)
- Get all your information ready
You’ll just need to have your ID, proof address and existing bank details ready to open a new bank account and make the switch - Open your TSB bank account
Before you start your switch, you’ll need to open a new TSB bank account. You can apply online, in-branch, or download the TSB Mobile Banking App. Once confirmed, you can start using your account straight away. - Complete the online switch form
You will need all of your information ready, including your new TSB account details, as well as your old bank details. Once you’ve got everything, you will then need to complete the online switch form. - Submit your online switch form
Once complete, submit the online form to start your switch. We will complete your switch in seven working days, guaranteed. In the meantime, you can still use your old account as normal. - Let us handle the rest
Once your application is submitted, sit back and relax, we’ll take care of:
• Moving your account balance to your new account.
• Closing your old account.
• Copying over the details of your payees.
• Transferring your direct debits and standing orders to your new account.
• Redirecting your income (such as salary, pension or benefit payments).
• Adding a redirect so that any payments to your old account go to your new one automatically.
FAQs
Your switch to TSB will take just seven working days from beginning to end.
Customers can choose the completion date for the switch, and sometimes they prefer selecting a date further than 7 days to avoid overlapping with major payments, such as mortgages.
As part of our Current Account Switch Guarantee, direct debits will be automatically moved over when you switch. You don’t need to do anything at all, we’ll handle it for you. TSB will contact the companies you pay direct debits to and provide them with your new bank account details.
If you’re overdrawn, it is possible to still switch bank accounts, but you’ll need to pay off the outstanding amount with your old bank - speak with us first to assess your options - we’re on hand to answer any questions you might have. You’ll need to apply for any overdraft facilities you might need with us. Alternatively, we may be able to assist with paying off any existing overdraft, subject to our usual lending criteria.
If you agree to an overdraft limit with us, it might be different from what your previous bank offered. You might need to make separate arrangements with your old bank to settle any balance before switching. Just keep in mind that your old bank may use any funds it receives to clear the outstanding balance on your account.
To start your current account switch, you’ll need:
- Open a TSB bank account
- Your new TSB bank sort code and account number
- Your old bank sort code and account number
- Your old debit card number (if applicable)
Once you’ve opened your new TSB account and have all the above information in front of you, you can then start your bank account switch by completing and submitting this online form.
Additional benefits after switching
Now you’re a fully-fledged TSB bank account holder, there are a whole host of additional benefits for you to enjoy. Here’s just a few to be aware of:
- Mobile and Internet Banking
Our mobile and internet banking offers a range of features to our customers that make managing money more convenient, quick and accessible. From user-friendly design, to enhanced security measures, and clever account management and budgeting tools (such as Savings Pots), you’ll be saving and spending with money confidence in no time. - Financial guidance and planning support
From mortgages, to investments, pensions, savings, and so much more, our expert team are on hand and ready to help support your financial goals. To get support or seek guidance, you can contact us via Chat, call us, visit us in-branch, or book an appointment with our Money Confidence experts. - Paper-free options for eco-conscious customers
If you prefer your paperless banking, say no more. Rather than receiving physical statements through the letterbox, you can have most of your banking letters sent directly to your TSB Digital Inbox instead, where they’re stored together in one secure place.
Make the switch today and discover how easy better banking can be.
18+ UK resident Only.
TSB Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service.
