At London Mutual, we offer several types of current accounts, with different monthly fees (ranging from Free - £12.40 per month) depending on which features you use and how often. And if your situation changes, it is easy to change things.
How Switching Works
Switching is hassle-free, with minimal hassle or disruption:
- Everything gets moved across automatically, including your Direct Debits, bills, standing orders, and payees you have already set up.
- If you are switching to an account type that includes a Debit Card, you will keep your existing card.
- Your account details don't change, so your salary, benefits, or any salary deduction already set up will continue as normal—there is no need to notify anyone.
How Long Will It Take?
- After we receive your request, we will switch over the account type at the end of the coming month.
- If you are switching to an e-account, we can do that for you within 1-2 working days.
What Happens to My Debit Card?
- E-accounts don't include a debit card, so if you choose to downgrade, we'll cancel your card at the same time as we downgrade the account. The card will no longer work. Make sure you safely dispose of it by cutting it up before putting it in the bin!
- If you are switching between accounts that do include a debit card, your existing card will continue to work as normal after you switch.
How to Request a Switch
Before deciding to switch, we encourage you to check out your options to make sure you are receiving the best value and making use of all the features you need. Our team are more than happy to talk you through this.
To ask us to change your account, simply send us a secure message from within your mobile app, or send us a support request.
Why Might I Want to Switch?
We want to make sure you get the best value from your account and are only paying for the features you actually need. Because of that, we encourage you to check from time to time that you're on the account type that's best for you, and to let us know if you want to switch.
Examples of cases in which you might want to switch include:
- If you are paying for an all-inclusive Advantage account but take out cash or check your balance fewer than four times per month, you save money by downgrading to a Value Plus account.
- If you don't need a debit card, consider switching to our free e-Account, which includes all the same features, but without the card.
- If you sometimes don't have enough money in your account to pay direct debits, you may prefer an Advantage account, which doesn't charge you a fee for 'returned' (failed) direct debits.
- If you are on our Pay-as-you-go account but often use a cash machine to look up your balance or take out cash, you may be better off by upgrading to a Value Plus or Advantage account, which has a certain number of balance lookups and cash withdrawals included each month.