Switch your current account in four easy steps!
March 22, 2021
Switching your current account can seem daunting, but thanks to the Central Bank Switching Code, your new provider will look after nearly everything for you. With potential savings of over €70 per year, spending some time comparing your options could help start your staycation fund! To get you started, we have set out four steps to switching your current account.
Step 1: Pick a new provider
There are several questions you may ask yourself when considering switching accounts. The main one, what are the costs? The good news is that there is plenty of choice, with nine current account providers available at present. Each of these providers have different pricing structures and you can compare the different fees and charges using our current account Money Tool.
Another consideration, especially in the time of COVID-19, is what digital facilities come with the account, such as Apple and Google pay. You may also wish to have access to a physical branch or need to be able to lodge cash into an account. You should factor this into your decision , especially if you are thinking about opening an account with a fintech provider. If you have an existing overdraft facility and would like to keep it, you will need to discuss this with your new provider.
Once you decide which provider is most suitable for your needs, the next step is to request an in-branch or online switcher pack.
Step 2: Getting ready to switch
Once you make a decision to switch and complete the switcher form, the next decision is choosing the switching date. This is the date agreed between you and your bank for the switching process to start. As required by the switching code, your new provider should assist you with choosing a switching date which coincides with a time when your account activity is at its lowest. For example, you should avoid switching close to when your mortgage/rent is due or when there is going to be a lot of standing orders or direct debits due.
Step 3: Switching
Once you have completed the switching form, the Switching Code requires that your old provider and new provider work together to make it a seamless transition. However, we would advise you to actively check that each stage is being completed correctly.
Firstly, your old provider will notify any company you have a direct debit with of your new account details so that they can update their records. If you have a direct debit set up with a company outside of Ireland, then you will need to contact the provider yourself. Likewise, if you have a recurring payment set up using your bank card e.g. for streaming services, you will need to contact the company and update those details yourself.
Next, your old provider will send your new provider a list of your standing orders and they will set these up to go out from your new account, before finally the balance of your old account is transferred into your new account. However depending on timings you may need to keep some funds available in your old account to cover any pending bills which cannot be completed in time for the switch or to cover any fees and charges associated with your old account.
Also, don’t forget to let your payroll department or anyone who lodges money into your account know about your new account details.
Step 4: New account up and running
Now that you have completed all the switching documents, your new account should be up and running and your new provider will send you a debit card. If you have closed your old bank account, then you should destroy and dispose of your old debit card. You have now completed your switch!Return to News