On your switch date, we will automatically transfer your main account and Tax Pot balance to your new account and Tax Pot. You do not need to do anything; we'll handle all of the transfers internally.
Timeline
8:00 PM (night before): Inbound Faster Payments will start redirecting to your new account immediately. You will receive a notification and see the transaction in your activity list, but your available balance will not update until after midnight.
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Shortly after midnight: Your main account balance and Tax Pot will move to your new accounts. You will see 2 line items per account on your timeline categorised as 'Internal transfer' or 'Tax pot'. This is an automated transfer moving your funds safely over to your new account.
If you didn't have a Tax Pot set up, you'll only see 2 line items: for the transfer out of your old account and into your new account.
Once the transfer is complete, your new account is then live 🎉
Your old card is automatically blocked, and you can activate your new card directly in the app.
Your entire account history and data will move over automatically with zero interruption. This includes your account balance, receipts, transaction history, bookkeeping data, tax information, and saved invoices.
Automatic payment forwarding: Inbound Faster Payments sent to your old account details will automatically forward to your new account for 3 years. CHAPS payments will not be automatically forwarded so please be sure to provide your new account details to anyone sending you a payment using CHAPS.
Direct Debits: Existing Direct Debits will automatically re-route to your new account.
Card subscriptions: These will not update automatically. You must provide your new card details directly to your service providers.
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Business verification check: You may be asked to quickly confirm minor details in the app, such as tax residency, before the switch completes.
Check out the full terms and conditions for your new account at any time.