Whether you decide to switch to another account with the same bank or building society or open up a brand new account elsewhere, you should always check interest rates and overdraft charges to ensure it is the best option for you.
Your existing provider should be able to help arrange for Standing Orders and Direct Debits to be switched, but you will need to speak to your branch in the first instance.
Some banks offer an automatic switching service when you move your account to them – so it’s worth double checking this when you open your new account.
You can close most bank accounts at any time without charge or penalty. If there are any conditions on closing the account, your bank or building society must make these clear to you before you open the account. If you decide you still want to close your account before the term is up, you may lose interest or have to pay a charge.
It is also possible that your bank or building society may decide to close your account. If this is the case, they should give you at least two months’ notice for current and instant-access savings accounts. For other accounts, you should be given reasonable notice to enable you to make other arrangements.
Baines and Ernst Ltd