Changing current account

25.08.2005 If you have applied and been accepted for a new current account, don’t be too hasty in closing your old account. It can sometimes take one or two weeks before all the new documentation arrives. This is because PIN (Personal Identification Number) codes, cash, debit and credit cards are sent separately by post. This is a security measure to prevent fraudsters intercepting the post and obtaining your details.

While the new documentation is being sent, you can spend your time going through bank statements and taking down details of direct debits or standing orders which you may have. When you have the details, you will be able to call the relevant organisations; and inform them of your new bank details.
However, many banks will aid you in the switching of accounts. So it is worth while enquiring what sort of account-switching services they offer when you apply. Lloyds TSB offers a special Account Transfer Unit to do just this. Some of their services, which are also provided by other banks like HSBC, include transferring Direct Debits and standing orders, transferring salary and other credits, and closing old accounts once the new one is up and running.
Aside from savings accounts, banks do not usually stipulate a particular length of time for which an account must be held open, so switching accounts is something you can do whenever you want. By checking the interest and overdraft rates on current accounts shown at forium.co.uk, you can keep yourself updated with the best account deals on offer.