The objective of the Current Account Switch Service is to provide a robust service that enables personal, business (Microenterprise), small charity and trust banking customers to switch their current account seamlessly from one bank or building society to another in seven working days. The accounts covered by this service are UK Sterling current accounts including personal, small business and small charity current accounts. The Current Account Switch Service delivers a number of benefits for customers, including:

  • The amount of time it takes to switch an account will reduce from between 18 and 30 days to just seven working days.
  • The switch from old bank to new bank will take place on a date agreed by the customer and the new bank.
  • The new bank will arrange for all of a customer’s existing payments to be automatically transferred to their new account.
  • The old bank account will be closed at the end of the process and any credit balance transferred to the new bank account.
  • Any payments (debits and credits) accidentally sent to the old account will be caught and forwarded to the new account, for a period of 36 months.


CHAPS Account Switching Scope

As one of the service providers to the Current Account Switch Service, the Participants will ensure that all CHAPS transactions that continue to be received by the old bank, for a period of thirteen months after the completion of the account switch on Day 7, will be forwarded to the new (latest) bank. As a result CHAPS Transaction Forwarding is a mandatory process for all CHAPS Clearing Company Participants who provide sterling current accounts and sign (or will sign) up to become a participant in the Current Account Switch Service. In addition, it is also a mandatory process for all other institutions that wish to participate in the Current Account Switch Service (e.g. this includes Agency banks). 

CHAPS may also be used to transfer the closing balance and the value of other transactions that credit the old account from the old account to the new account, and there are requirements that need to be addressed to make the payment that are included in these procedures. 

All CHAPS payments that are forwarded as part of the Current Account Switch Service will be processed without the deduction of any charges or fees from the payment or passed back to the originator. 

The scope of the CHAPS procedures excludes institutions that only participate in the Partial Switching service (or ToDDaSO whilst it continues to operate). There is no transaction forwarding requirement by the old bank to the new bank in the partial switching service.