Switching your bank account

If you are unhappy with the service you are getting from your bank, or you think you are paying too much for your current account, you can easily switch to a new bank or building society.

Switching your bank account

The Central Bank's code of conduct on the switching of current accounts (PDF) is designed to make switching your current account easier and quicker. Under this code your new bank or building society must have your new account up and running within 10 working days of the switching date - this is the date agreed between you and your new bank or building society for the process to start. This is a statutory code, meaning that all banks and building societies offering current accounts in Ireland must comply with it. It was introduced in October 2010.

You will be given the option to keep your old account, or to close it. It is your decision, but you must let your new bank know before you switch. Remember, if you keep your old account open you may have to pay charges on this account and stamp duty on your cards, even if you no longer actively use it. If you decide to close your old account, return your old bank cards to your previous bank once you receive your new bank cards. Also, return any unused cheques for your old accounts to your old bank to receive a refund of government stamp duty.

How do you switch?

Switching is easy. Follow our 4 simple steps:

Step 1: Pick a new provider

Contact the bank or building society where you want to open your new account. We have information to help you choose a current account and details of the fees and charges with each bank. Your new bank will supply you with a switching pack in the branch or you can get it from their website.This contains a description of all of the current accounts currently being offered by that bank to new customers as well as a step by step guide to what you need to do when switching.  When you are opening an account with your new bank you will also receive:

• a copy of the relevant terms and conditions
• full details of any standard fees and charges
• details of any interest rates that apply
• a point of contact to help you with any queries.

If you have an existing overdraft and you want to transfer it to your new bank, you need to talk to your new bank about this before opening your new account. If your new bank will not make an overdraft facility available to you, you need to talk to your existing bank about clearing your overdraft before you switch your account.

Your new bank may also carry out a credit check if you wish to switch account.

Step 2: Pick a switching date

You need to agree a date with your new bank for the switching process to start - this is called the switching date. This should be a date during the month when there is the least activity on your account. Avoid selecting a date on or near when you are due to be paid or when your mortgage repayments are due. Your new bank will help you select the switching date.

You will also need to:

• provide proof of your identity and address to your new bank
• decide if you want to keep your old account open or not
• order bank cards and a cheque book for the new account,
• set up internet and telephone banking and any bill payment arrangements.

Step 3: Complete and return an account transfer form

Your new bank will ask you to complete an account transfer form. They will then send this form to your old bank, which will supply details of your direct debits, standing orders, etc to your new bank, to help make the switching process smoother. You will also be able to transfer the balance in your old account to the new account. Remember, if you want an overdraft on your new account or if you are overdrawn on your old account, you will need to discuss this with both banks when switching.

Step 4: Switch

Your new account will be up and running within 10 working days of the switching date you selected.

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