Switching your account

Your Private Bank

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Our Current Account Switch Service makes it easy for you to switch from one bank to another. Because we understand that you lead a busy life, we’ve made it refreshingly simple.

  • Easy transfers

    We’ll transfer any existing balance plus all existing outgoing and incoming payment arrangements for you. This includes direct debits, standing orders and payees you have already set up, as well as any regular payments you receive, such as your salary.

  • Switch on your terms

    You can choose a switch date that suits you and you won’t have to contact your present bank. We’ll sort everything for you, free of charge, in just seven working days.

How to switch

  1. Complete a Current Account Switch Application within your Investec Online Profile
  2. Submit a Current Account Closure Instruction Form to authorise your old bank to close your old account
  3. Agree a switch date that is at least 7 working days from the date of application
  4. Relax as Investec manages the switch (you will be contacted if there are any payments that cannot be transferred).
  5. Continue to use your old account until your switch date.

 

Current Account Switch Service Guide

investec private banking account switching
How it works
Day 1: The Switch begins

Investec makes contact with your old bank to arrange the switch.

Day 2: Confirmation

Investec will let you know when your old bank has received your request. Investec will then start transferring your payments to your Investec account.

Day 3-5: Transfer

It’ll take a couple of days to switch over your payment arrangements, and make sure your Investec account is ready for the switch date.

Day 6: Funding an overdraft

If you’re clearing an overdraft at your old account, you’ll need to make sure there are enough funds in your Investec account to cover the transfer.

Day 7: Congratulations

Your switch is complete.
Your payments (such as direct debits, standing orders and bill payments) will have all been transferred to your Investec account. Your old account balance will have been transferred and your old account closed.

investec switch guarantee plain english
Current Account Switch Guarantee
We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee. 
 
  • The service is free to use and you can choose and agree your switch date with us. 
  • We will take care of moving all your payments going out (for example, your direct debits and standing orders) and those coming in (for example, your salary). 
  • If you have money in your old account, we will transfer it to your new account on your switch date. 
  • We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details. 
  • If there are any issues in making the switch, we will contact you before your switch date. 
  • If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.

Client Eligibility

 

If your new bank or building society agrees, bank accounts that include an arranged overdraft can switch using the Current Account Switch Service. And if you’d like to have an arranged overdraft with your new bank account, speak to your new bank or building society before starting your switch. Your new bank or building society will be able to advise if you’re eligible for an arranged overdraft, dependent on their lending criteria and your credit status.

Do you want to join a private bank that gets you?

FAQs

  • Can I switch my current account?

    Yes, you can use the service to switch accounts from and to any of the participating banks and building societies.

  • Can I switch my savings account?

    No, we can’t switch savings accounts or ISAs.

  • I have a joint account. Can I switch my current account?

    Yes, as long as both parties agree to the switch and you are switching to another joint account. It is not possible to use the service to switch a joint account to a sole account.

  • Can I switch my current account if I am overdrawn?

    Yes. You will need to agree any overdraft facilities you require with Investec. Alternatively, we may be able to provide facilities to help you pay off any existing overdraft you may have, subject to our normal lending criteria. If you do not come to an agreement with Investec you must make separate arrangements to repay your existing overdraft before you switch.

  • Can I choose my switch date?

    Yes, you can choose and agree a switch date with us. Just make sure you allow seven working days for the switch to take place and that your chosen date isn't a Saturday, Sunday or Bank Holiday.

  • Are account opening and account switching all part of the same process?

    Account opening and account switching are separate processes. Investec has to carry out ‘know your customer’ security checks as part of our account opening process. Once these are complete to the satisfaction of Investec, you can choose and agree your switch date.

  • Will the Current Account Switch Service automatically transfer new payment arrangements if I set them up at my old bank within 7 working days of the switch date agreed with Investec?

    No. The Current Account Switch Service will take care of all payment arrangements at your old bank up until 7 working days before your agreed switch date. If you want to set up new payment arrangements during the 7 working day period leading up to your switch date you must do this on your new account.

  • Do I have to close my old account?

    Your old bank will close your old account as part of the switching process. This ensures that any payments made to your old account are automatically redirected to your new account. If you want to, you can switch and keep the old account open, but you won’t be able to use the Current Account Switch Service.

  • What happens to payments that people send to my old account?

    All incoming and outgoing payments will be automatically redirected to your new account. Each time a payment is redirected, an automatic message is sent back to the originator advising them of your new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed. If you do not want your new details to be given to someone who sends a one-off payment, contact Investec.

  • When will the money in my old account be transferred to my new account?

    You will be able to access the funds in your old account up to and until your switch date, when they will be transferred to your new account.

  • If the switch is delayed for any reason, can I still use my new account?

    Yes, if the new account is open and you have money in it (or an overdraft agreed) then you can use it.

  • What happens to any debit card transactions or direct debits that I have asked my old bank to stop?

    The Current Account Switch Service will not interfere with this process and any debit card or direct debit transactions that you have asked your bank to stop should remain stopped after your switch.

  • What if I change my mind?

    You can cancel your switch up to seven working days before your switch date. After that only certain elements can be cancelled. We will guide you through this process if you decide to cancel your switch.

  • My new banks says I need to update my personal details with my old bank. Why?

    If the details you provide to your new bank do not match those held by your old bank you may be asked to contact your old bank and update them. Examples include if you have got married and not changed your maiden name to your married name, or if you have moved house and not told your old bank your new address. When you are updating your details with your old bank you do not have to tell them that you will be switching to a new bank.

  • What happens if there is a mistake or unnecessary delay in the switching process?

    In the unlikely event that there are any issues in starting the switch, we will inform you before your switch date. If anything goes wrong, we will ensure that any charges or interest incurred on your old and/or new account as a result of the error will be refunded. It is for your new bank to decide whether you receive compensation above and beyond the refund.

  • Will switching my current account affect my credit rating?

    No, providing you repay any outstanding overdraft on your previous account as required by your old bank or building society. If there are any problems with payments as part of the switching process, we will correct them and ensure your credit rating is not affected. 

  • My switch is not going as promised. Who do I contact?

    If there’s a problem with your switch you should contact the bank or building society you are switching to. If you've got any questions about the switching process, take a look at our Day 1 to 7 Guide. 

  • My direct debit hasn’t moved across after I’ve switched. What do I do?

    If you’re missing a direct debit and your switch is complete, contact your new bank. Remember all payments are covered by the Current Account Switch Guarantee and any charges or interest incurred on your old or new account as result of the error will be refunded. 

If your old bank is not a member of the Current Account Switch Service, you can use the Switching Service to switch your account from one bank or building society to Investec.

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