Current Account Switching Service
How it works
The Current Account Switch Service makes switching from your old current account to us quick and simple.
As part of the service, we’ll transfer all your payment mandates (such as Direct Debits) over to your new HSBC Innovation Banking account. Any UK domestic payments sent to your old account will be automatically redirected to your new one. Once the switch is complete, we’ll let you know, and your old account will be closed.
Everything is backed by the Current Account Switch Guarantee. If anything goes wrong with the switch, 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.
Overview
- We take care of everything: All you need to do is tell us your old bank details and when you want to switch.
- All your payments moved automatically: Including all your existing regular payments such as Direct Debits.
- Stay updated at every step: We’ll let you know when everything’s sorted.
- Your switch completed in just 7 working days: From start to finish, that’s all it takes (you'll need your new current account ready to switch into).
Check your eligibility
If your business has an annual turnover of up to and including £6.5 million and employs less than 50 people, then you can switch your account. Don’t worry if that’s not the case - you can still switch your regular payments to HSBC Innovation Banking using the partial switch service.
When I switch current accounts, what happens and when?
The switching process starts 7 working days before the date you've chosen to switch.
Day 1: We’ll contact your old bank to let them know you're moving. We'll ask them to close your old account once everything's been transferred safely.
Day 2: Your old bank will send us details of your regular payments, such as Direct Debits and other regular payments.
Days 3 to 4: We’ll set up these payments for you in your new account.
Day 7: Any credit balance will be transferred to your account with us, and your old bank account will be closed.
We'll keep you updated throughout, and we'll let you know when everything's switched successfully.
Can I use my old account while my current account switch is taking place?
Yes. You’ll still be able to use your old account up until it's closed (which will be on your switching date, if you're using the Current Account Switch Service).
What if I don't want to close my old bank account?
You can make what's called a partial switch to a new current account, but this isn't covered by the Current Account Switch Guarantee. It also takes longer than 7 working days. You'll need to arrange for credit payments to be transferred into your new account.
What is the partial switch service?
A partial switch means that your old account will remain open, and any remaining balance will not be transferred to your new account. You have the option to transfer all or some of your regular payments to your new account, but any one-off payments received in your old account will not be redirected. Please note that you will not be covered for any issues, including potential fees or charges and this type of switch will take longer than 7 working days.
Do Third-Party Provider (TPP) permissions switch across?
If you've allowed TPPs to access your financial data or make payments on your behalf, these permissions won’t be transferred automatically to your new account as part of the Current Account Switch Service.
- Before you close your old account, check whether you have any TPP permissions set up.
- Once your new account is open, you can give permission to the TPP by giving them your new account details for account access. You'll need to contact the TPP directly to set this up.
Resources
Current Account Switch Service guide and agreement
Current Account Switch Service privacy agreement