We promise it won't be hard work We know switching banks sounds like it'll be a nightmare, but we promise it's not. Switch today.
Open all. Third Party Provider Permissions. Before you close your old account, check if you have any TPPs set up and make a note of who with. Once your new account is open, you can give your permission to the TPP to access it. Show the section 7 day switching.
Switch in just 7 working days We do everything we can to make the transaction as smooth as possible - you'll be surprised how little you actually have to do:.
Before switching Open an account Opening an account with us and switching are two separate processes. First, you must fully open a first direct Current Account our 1st Account. Switching Day 1 Tell us you want to switch Once your current account is open, give us a call and tell us to begin the switching process. Switching Days 2 - 6 We do the work Your old bank will automatically send us details of your regular payments Direct Debits, standing orders and bills. Switching Day Show the section Fully guaranteed.
Current Account Switch Guarantee The Current Account Switch Service has been designed to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way.
As your new current account provider we offer the following guarantees: the service is free to use and you can choose and agree your switch date with us we'll take care of moving all your outgoing payments Direct Debits and standing orders etc. Show the section FAQs. Your questions answered Open all. Can I switch my current account if I am overdrawn?
Is the Current Account Switch Guarantee the same for all banks? I have a joint account. Can I switch my current account? Can I choose my switch date? Are account opening and account switching all part of the same process? Will the Current Account Switch Service automatically transfer new payment arrangements if I set them up at my old bank within 7 working days of the switch date agreed with first direct?
Do I have to close my old account? What happens to any debit card transactions or Direct Debits that I have asked my old bank to stop? What if I change my mind? What will happen to my Paym registration when I switch?
Will switching my current account affect my credit rating? My Direct debit hasn't moved across after I've switched. What do I do? Ready to switch? New to first direct Firstly, open a first direct Current Account. When an account is dormant, no money can go in or out, and the account can only be unfrozen after identity checks — often requiring customers to go into a branch and provide their account number, balance or old bank statements.
After 15 years, the money is usually transferred into a government-backed charitable fund. If you have been affected or have any information, we'd like to hear from you. Only the Guardian can see your contributions and one of our journalists may contact you to discuss further. Your contact details are helpful so we can contact you for more information. They will only be seen by the Guardian. In breaking news situations it is important to be able to contact you quickly for more information.
Your details will only be seen by the Guardian. HSBC sets accounts to dormant after 12 months for current accounts, and 24 months for savings, which is one of the shortest periods among the big four UK banks. Dormancy is typically only triggered by Barclays after 18 months for current accounts and five years for savings , while NatWest Group applies the change after more than five years, and Lloyds Banking Group after three years.
While the dormancy process is meant to protect against fraud, the HSBC report found the accounts were less likely to be hit by fraud, based on data covering the 12 months before accounts were frozen. A series of 12 anonymous and randomly selected cases contained in the report illustrate how easy it could have been for the bank to find customers who may have lost track of their accounts.
It sent letters to a non-existent home address that was probably mis-recorded due to a language issue. However, the Guardian understands that the conduct team tried to escalate the issue by expanding the report in , assigning at least two staff to the project, which was later reviewed by two superiors. The bank insisted it tries to contact customers — via annual statements in the post or electronically — even after their accounts are made dormant.
It said customers may also receive text messages and can see their dormant accounts through online banking, where the majority of customers can reactivate accounts without providing extra information. The report raised concerns that HSBC was depriving some customers of funds in frozen accounts while simultaneously earning fees and interest through other accounts and credit cards that were kept active. The report urged HSBC to make sure customers were aware of their dormant accounts before approving loans, in order to cut down or cover their borrowing needs.
If ever we discover an issue, we will work to ensure no customer loses out financially and require the firm in question to improve their processes. That is what happened in this instance. After becoming aware of the issue, we discussed our concern with the bank, which changed how it handled dormant accounts and is reviewing old accounts to ensure customers received their money.
Thereafter, you are required to meet the Total Relationship Balance criteria, or Monthly Account Fee will apply accordingly. Personal cheque book for Basic Current Account—i. Enjoy the benefits of a savings or current account that helps you manage your finances easily.
You get to enjoy our deposit accounts to grow your deposits and conduct your banking transactions. For existing customers, please find your nearest branch to apply in person. Withdrawal once per month to encourage savings habit for children. Nurture your child's savings habit with us.
Let us help you building their future. Opportunity to hold accounts in up to 12 foreign currencies. Low minimum account balance requirements.
Easy access to your funds via HSBC online banking. An account where you can make deposits and withdrawals through your ringgit account or by using demand draft and telegraphic transfer.
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