NatWest won Best Everyday Current Account Provider at the YourMoney.com Personal Finance Awards 2024 on a busy night for the provider, which won two other gongs at the ceremony.
As part of YourMoney.com‘s showcase of award winners, Lewis Broadie, customer journey lead at NatWest, shares five key things to weigh up when switching to a new provider.
Switching your current account to a new bank might seem daunting, but thanks to the Current Account Switch Service (CASS), it’s easy. Whether you’re looking for better perks, lower fees, or just a fresh start, switching accounts is a simple process. Here are five key points to help you understand how it works and what to expect when making the move.
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1. The switch is free and guaranteed to take seven days
One of the best things about switching current accounts is that it’s completely free and covered by the Current Account Switch Guarantee. This means your switch will be completed within seven working days, and if anything goes wrong, your bank will cover any fees or charges that result from the delay.
Why it’s great: The seven-day switch guarantee ensures that the process is quick, smooth, and hassle-free. You’ll know exactly when your switch will be complete.
2. Direct debits and standing orders are automatically transferred
Worried about your regular payments? There’s no need. When you switch, all your direct debits (like for bills or subscriptions) and standing orders (like rent payments) will be transferred automatically to your new account. The CASS takes care of this for you, so you don’t have to manually set them up again.
Why it’s great: You can rest assured that all your regular payments will move to your new account without you having to lift a finger.
3. Your incoming payments move too
Not only are your outgoing payments switched, but any incoming payments – such as your salary, benefits, or other income – are also automatically redirected to your new account. Your employer, HMRC, and anyone else who pays into your account will be informed of your new details.
Why it’s great: You won’t have to worry about contacting your employer or any other payers to let them know about the change – everything is done for you.
4. Old account closed, no loose ends
Once your switch is complete, your old account will be closed for you. Any balance you had in the old account will be automatically transferred to your new one. This closure ensures that there are no confusing overlaps, and you won’t need to monitor two accounts at once.
Why it’s great: With your old account closed and all your payments transferred, you get a clean break and can focus solely on your new account. No need to juggle two accounts or keep track of what’s happening in the old one.
5. Redirection safety net for three years
Even if someone tries to send money to your old account after it’s been closed, the service ensures that any payments sent to your old account will be automatically redirected to your new one for up to three years. You’ll also get a notification letting you know this has happened.
Why it’s great: This safety net provides peace of mind. You don’t have to worry about forgotten payments or missed transactions – it’s all redirected to your new account, giving you plenty of time to notify anyone who might need your new details.
NatWest is committed to supporting customers, communities, and businesses across the UK. The bank serves over 19 million customers, helping people, families, and businesses to thrive.
