Difference closing vs switching an account

To close an account:

• Before you request to close your account you must ensure the balance on your account is zero (€0.00).
• You can do this by taking out any money that's left in the account. Or you may need to lodge enough money to pay back any money you owe on the account before you request to close it.
• You have processed an Account Closure Request form online.
• Once the Account Closure Request form has been processed your debit card will be blocked so no further transactions will be permitted.
• When the Account Closure Request form is processed, any transactions you have made that haven’t been paid yet may also be cancelled.
• You will need to set up your direct debits and standing orders again with the new account details. This is because you were required to cancel all your direct debits and standing orders before submitting the Close Account Request.
• When you have sent the request to close your account, it will close permanently.

To switch an Account:

• You start the switching process with the bank you are moving to. This is known as the beneficiary bank.
• You do not have to complete an online account closure form.
• Existing standing orders and direct debits will be moved to the new account. This is arranged by your beneficiary bank.
• Any money that’s left in your Bank of Ireland account is transferred to the bank you choose. This is called a beneficiary bank. It must be in the Republic of Ireland.
• When you finish this switching process, the Bank of Ireland account you want to close, will do so, permanently.

Switching only applies to banks in the Republic of Ireland. Because switching is done by the beneficiary bank, all queries should go to their switching team.