Are there any implications with switching bank accounts?
Switching bank accounts can come with some consequences. Make sure you check everything carefully before switching – and weigh up the benefits you might lose by switching against those that you gain. For example, you may have an existing overdraft and plan to switch but find when you do so the new bank isn’t willing to give you the same level of overdraft.
If any direct debits/payments are missed during the switch your previous bank will redirect your payments to your new bank account to ensure you don’t miss any payments – this is often known as the payment redirect service.
The service is often in place for 36 months but you should check your BACs payments (electronic payment from one bank to another - standing orders and direct debits) to ensure all payments have been moved over after the switch
You may find that as a new customer to a bank, you’re not yet able to benefit from all of their offers. This is another good reason to make sure you do your due diligence before signing up.