Breaking up with your bank?
May 12, 2022
Break ups are never easy – even when it comes to your bank.
You may want to switch your current account because your fees are too high, you are unhappy with the service, or your current bank is leaving the market.
Find your new match
The good news is the CCPC has done the hard work for you. You can use our current account Money Tool to see what options are available. We also have information about what’s involved in moving your current account. Switching can seem intimidating. But thanks to the Central Bank Switching Code, your new provider can look after nearly everything for you.
We’ve put together a step-by-step guide to help you through the switching process.
Step 1: Pick a new financial provider
Our current account Money Tool can help you find your new provider. Find out the costs, benefits and features of current accounts available from other providers in the market. It’s free, independent, and easy to use. Once you’ve decided which account is most suitable for your needs, the next step is to request an in-branch or online switcher pack.
Step 2: Choose a switching date
The switching date is the date agreed between you and your bank for the switching process to start. Choose a switching date which coincides with a time when your account activity is at its lowest.
Top Tips
- Don’t forget to notify your employer (and anyone else who lodges money into your account, such as social welfare) that you are switching banks. Provide them with your new account details to make sure any future payments will go to your new bank account.
- You must complete this step yourself as your new bank can’t do it for you. The switching pack will have sample letters you can use to inform your employer about your new bank details.
Step 3: Switching
The Switching Code requires that your old provider and new provider work together to make a seamless transition. But we would still advise you to be proactive in checking that each stage is being completed.
Here’s what should happen:
- Your old provider should notify any company that you have a direct debit with of your new account details, so that they can update their records.
- Your old provider should send your new provider a list of your standing orders. Your new provider should set these up to go out from your new account.
- The balance of your old account should be transferred into your new account. It’s up to you to decide whether to keep the old account open, or to close it.
Top Tip
If you have a direct debit set up with a company outside of Ireland, then you will need to contact the company yourself. Similarly, if you have a recurring payment, such as a subscription, set up using your debit card, you will need to contact the company and update those details yourself.
Step 4: New account up and running
Once 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 should note that not all providers are subject to the Central Bank Switching Code. If your new provider does not offer it, you will need to close your old account and move all your direct debits and payments by yourself.
Visit our switching your current account page for further information about how to switch your current account and use our current account Money Tool to help you choose your new provider.
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