With so many different bank accounts available, it’s worth checking you have the best one for you. You could save hundreds of pounds with an account that better suits your needs. Show
Opening a bank accountChoose a bank accountFirst, make sure you know what bank account you’d like to open. For all the information you need to make a decision, read our guide How to choose the right bank account. If you have a partner, you might want to read our guide Joint bank accounts. How to open a bank accountWhen you know what bank account you want, it’s time to speak to the bank. You can do this in branch, over the phone or online. The bank will run a credit check to find out your credit history. This will tell them if you’ve had problems with paying back money in the past. If you have, you might not be able to open some types of account. You’ll also be asked to provide proof of identity and address. How do you prove your address or identity? Here are some of the documents banks and building societies will usually be looking for:
Different banks will ask for different forms of ID. You can check online what ID you’ll need, so you’re prepared when you open your new account. Fee-free basic bank accountsIf banks turn you down for a standard account, you can always apply for a fee-free basic bank account. These accounts don’t charge fees or offer overdrafts. They also won’t charge you if a Direct Debit fails. How to switch bank accountsAlmost all banks and building societies now offer a free seven-day Current Account Switch Service. It’s backed by a guarantee that means you’ll be refunded any interest and charges on your old and new accounts if anything goes wrong. During the switch process, you’ll be asked about your current overdraft. As long as you can prove your overdraft limit, for example with a bank statement, your new account might match your current limit. How to choose a current accountComparison websites are a good starting point for finding a current account that gives you everything you need. You can start by thinking about some basics:
You can then look at other features of accounts. For example, do they offer linked higher interest savings accounts, cashback or switching bonuses? Here are a few websites that compare current accounts:
In Northern Ireland, you can also try the Consumer Council Comparison Tool Compare charges for basic bank accounts by using our Compare Bank Account Fees and Charges tool. This will help you find the right account for you. For example, compare fees for using a card abroad or costs for sending or receiving money outside the UK. Switching bank accounts if you have an overdraftEven if you have an overdraft, you can switch using the Current Account Switch Service. The service will:
Your overdraft will need to be agreed with your new bank or building society for it to be switched. Or they might be able to offer you a way of helping you pay off your overdraft instead. If this isn’t possible, you’ll need to repay your current overdraft before you switch. The switching service takes seven working days. And if something goes wrong, you’re covered by the Current Account Switch Guarantee. This means you’ll be refunded any interest or charges you get as a result of any problem with the switch. What do I need to be aware of when trying to switch with an overdraft?It’s up to the new bank or building society to decide if they accept your overdraft, and different providers have different rules. They might turn you down if you have a very large overdraft or have been in it for a long time. The decision depends on lots of different things. For example, if you’ve used an overdraft before, and have always paid it off, this sends a good signal to your new bank or building society. It shows you’ve been able to pay off debts in the past. When you find a better account, speak to the account provider to find out if you can get it. Bear in mind that your credit score is a factor when switching accounts. You’re more likely to get the account you want if you have a good credit score. Even if you can’t get the new account you wanted, it’s important to shop around to find a loan with better rates than your current account. How to close a bank accountYou can close most bank accounts whenever you like without being charged. It’s usually just a case of getting in touch with your bank. But if you’re overdrawn, you’ll have to pay off what you owe. If you’re not using the Current Account Switch Service to shut your account, make sure you transfer any Direct Debits or payments to your new account. If your bank decides to close your accountIf your bank decides to close your current or instant access savings account, you’ll usually be given two months’ notice. For other accounts, they must give you ‘reasonable notice’. This is so you can make other arrangements. This should be at least 14 days. The bank can delay the closure if you’ve made payments that haven’t left your account yet. For example, a cheque or card payment. If things go wrongIf you’re unhappy about something your bank has done, the first thing to do is to talk to someone at the bank about it. Was this information useful? Thank you for your feedback. We’re always trying to improve our website and services, and your feedback helps us understand how we’re doing. Share this with Copy this link Looking for us? Now, we’re MoneyHelper MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper. Continue to website Do not show this message again for Money Advice Service Looking for us? Now, we’re MoneyHelper MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper. Continue to website Do not show this message again for The Pensions Advisory Service Looking for us? Now, we’re MoneyHelper MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper. Continue to website Do not show this message again for Pension Wise Can a bank hold your money if you want to close your account?Also, the bank may freeze transactions in the process of closing your account. If your bank gave you credit for a check or money order that is found to be fraudulent, the bank can reverse the funds from your account.
How do you get money out of a closed account?Money cannot generally be sent to a closed account. To get your money, you need to obtain a check from your employer, client, or whoever is sending you the money.
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