Switching your current account from your existing bank or building society is super easy.
That's it!
All your Direct Debits, standing orders, and bill payments will be automatically transferred.
Any payments into your old account will be redirected to your new account.
If anything does go wrong, we guarantee to sort it out for you and cover any losses you might incur. This is covered in the Current Account Switch Guarantee.
We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee:
The service is free to use and you can choose and agree your switch date with us.
We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
If you have money in your old account, we will transfer it to your new account on your switch date.
We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
If there are any issues in making the switch, we will contact you before your switch date.
If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.
For more information go to www.currentaccountswitch.co.uk
It takes 7 business days to complete the switch. During that period, you'll be able to use your new account as you would normally.
If you choose a partial switch, not a full switch, we won’t cover you for any potential financial loss.
If you keep your old account open, we won't cover the costs of any missed payments.
You can begin a switch even if you're overdrawn, but overdrawn balances are not transferred as part of a switch. This means you must pay back the overdrawn balance and any fees or charges on your old account before you can complete the switch.
You can pay back overdrawn balances on your old account using an overdraft with us if you’ve applied and been approved. Approval is subject to eligibility and based on a credit check and assessment of your personal circumstances.
Your money will be moved to your new account on your switch date. Before this you will be able to access your money in your old account.
Switching current accounts is always free of charge.
If you apply for a full switch, you will be covered the by the Current Account Switch Guarantee. This means we will cover you if anything goes wrong and you’re charged as a result, such as for late payments.
If you apply for a partial switch, you won’t be covered the Guarantee, so you may be charged if you miss any payments, so it’s important to pay attention to your regular payments and bills once your new account is open.
Your switch will fail if any of the following happens:
Your Open Banking services and permissions won’t transfer with your switch. If you have any set up on your old account which you’d like to continue using:
We may not support your service provider as we only work with service providers that have been certified by the Financial Conduct Authority (FCA).
Open Banking services involve allowing service providers to make payments on your behalf, and to access your financial data. Examples of service providers include financial comparison websites, money management apps and payment services. Read more about Open Banking
It's easy to apply to switch online.
Have an open smile bank account and have received your sort code and account number
Have kept open the bank account you are switching from
Have not already requested a switch to smile that's still in progress.
Make sure you enter your debit card details on your switch form or we'll need to contact you, which may cause a delay in your account opening.
Or you can apply as part of your application for our current account.
Your eligible deposits with The Co-operative Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co-operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website