How easy is it to switch current accounts? I tried moving banks to find out

While many people happily switch for better deals on car insurance and more, fewer people are keen on changing banks. Lily Canter takes the plunge to find out how easy it is to switch bank accounts.

My husband and I set up a joint account together when we bought our first home 20 years ago.

For no particular reason, we decided to go with the high street bank he had a personal account with. In those days, there was relatively limited choice and it made sense to link it to either of our current accounts.

Like most people, we have never really thought about switching banks even though we switch car insurance annually and energy and broadband providers every couple of years.

In the UK, around six million people switch energy suppliers each year compared to just 700,000 bank switchers.

But switching banks is actually extremely easy.

In 2013, the £750 million Current Account Switch Service (CASS) was introduced enabling customers to switch from one participating bank or building society to another within seven working days.

The scheme is backed by a guaranteed service and as part of the full switch, the new bank will transfer all payment orders in and out of the account.

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Why I decided to switch banks

For the last couple of years, I have become increasingly frustrated with our high street bank. The app is always glitching and I’m constantly having to remove it and reinstall it. The app interface is incredibly clunky, and it is difficult to see previous transactions.

Meanwhile, customer service on the phone and in-branch is practically non-existent and don’t get me started on how appallingly they have handled my husband’s business account.

So, one day I decided it was time to stop moaning every time I opened the app and to do something.

I was keen to try a challenger bank, which had developed in the digital age to meet modern needs and move away from legacy banks which have been slow to adapt.

My husband and I decided to switch to Triodos Bank because of its ethical approach. It is B Corp certified, only invests in funds that have a positive impact on society and publishes details of every organisation it finances on its website.

It is accessed via an app and website and came highly recommended by environmental journalist Anna Turns.

Pre-switching nerves

I must admit I was nervous about switching bank accounts as my husband and I’s joint account is where all the household finances come and go.

We each pay a lump sum into the joint account from our separate personal accounts each month via a Standing Order.

All of our Direct Debits (mortgage, utilities, subscriptions, insurances) come out of the joint account and we use it to pay for food shopping, activities, clothes, and toys for our kids, as well as meals and days out.

Then there are the Standing Orders going into the Childcare Tax-Free account and savings going into an ISA.

So, the thought that something could go wrong, and I’d be left setting up over 20 Direct Debits again, was pretty nerve-wracking.

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How did the switch go?

Naively I thought it would be a huge faff and there would be loads of things to untangle and sort out.

But I couldn’t have been more wrong. The process was so simple.

I applied for the account via my phone, and it took a few minutes to set up. It then sent an email notification to my husband, and he did the same setup on his phone.

The only minor annoyance was having to switch between the app and online banking to read and respond to messages.

I read reviews complaining about an antiquated digi pass login system, but I used the QR code option instead and it logged me into online banking immediately via a PIN code.

I applied for the switch on 21 March and opted for the earliest switch date of 29 March.

Over the next few days, I got emails and texts saying things were in motion. We both received our new bank cards on 24 March and by then the account was set up with a £0 balance. The card was quick to activate and included the expected security checks.

As promised at 12.29pm on 29 March, I received a text message saying the switch had gone through.

I checked my Triodos account and saw that the balance had been moved over from our old high street bank account, which was now inactive.

I was immediately able to set up a payment for my son's guitar lessons and it went through straight away.

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My verdict

Since then, everything else seems to have switched over seamlessly. My bills are being paid via Direct Debit from the new account and even the Standing Orders have been switched across.

I wrongly assumed we would need to change these ourselves but when we checked our personal accounts, we could see that the bank details on the Standing Orders had been changed.

Since the switch, we have had to update our card details for Disney Plus and our Riverford organic veg box delivery, but this would be the same if our banking card expired, so it was not a big issue.

We also received a letter from our water company saying the bank had informed them we had changed account, but we didn't need to do anything if this was correct. They were the only billing company to check in with us about the switch.

I was slightly worried that we had lost our entire transaction history from the old bank but on 3 April, we received an email with access to a PDF detailing the last five years of transactions.

My only quibble with Triodos is that you get notifications on the app that you have a message, but you can only access them via online banking, which means you then have to log in on a browser.

As you need the app to log in to internet banking, I have found myself on my phone and PC simultaneously when I need to read a message.

The account is also £3 a month and I have never paid for a current account in my life.

But I decided that if I truly wanted to be with an ethical bank then I needed to bite the bullet and be willing to pay for it.

It also has no finger recognition to open the app, just a PIN, which seems a little anarchic, but I am willing to overlook this because it does have some great features I didn't have before.

I can now see payments in, and payments out, separately with the touch of a button, plus upcoming Standing Orders, without having to navigate through multiple pages.

If I had known switching would be so easy, I would have done it in 2013.

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