Switching Bank Account

scandi

Hi,

I always thought that I am one of those people you read about who are more likely to get divorced than switching banks but today I’ve decided that enough is enough because my current bank (NatWest) really pi***d me off. :mad:

As I’ve never used overdraft in my life I’ve decided to switch to the Alliance and Leicester Premiere Current account. I’ve read about it here in the forum and on their website and all seems to be clear but I am not sure about what to do with my credit card & savings account. Both my Credit Card and my savings account are with NatWest as well and I am not sure if I should keep it this way or not.

Can I actually keep my Credit Card if it was issued by NatWest if I switch?

Does anyone has any thoughts on this or has done this before and give some advice? As I said, I've never done this before and feel a bit lost. Thank you!


Scandi

EarthBoy

Yes, you can keep your NatWest credit card. You don't need to have a current account with them to have the credit card. I don't know about the savings account though, it might depend what sort of savings account it is. If it's an internet only savings account, linked to the current account, then you might not be able to use it if you close your current account.

I would think carefully before you change to A&L though, -few people have a good word to say about them. Their customer service is reportedly very poor.

If you can meet the funding requirements (£1500 per month) First Direct might be a better bet and you get £100 for switching to them.

scandi

@EarthBoy,

Thanks for your reply.

I've read the negative A&L posts but I still think they can't be worse than NatWest.
I will look into the First Direct deal though - I have more than £1500 a month, so this sounds good too.

If I switch to another bank, to I have to tell my current one and give a reason for leaving them? Can they force me to stay with them for any stupid reason? I don't trust NatWest and want to be prepared...

xyz123

I was a natwest current A/c holder and switched to abbey last year.

With regards to ur question on ur existing savings account with natwest, if you have an e-savings a/c then is a must to have an instant access current account with natwest. so u can switch ur natwest current account to other bank but just do not close the natwest account at the end of the process or u can open an account like STEP / First reserve account. Both have ATM card facility but no chequebook and are instant access.

I couldnt quite understand when you said " If I switch to another bank, to I have to tell my current one and give a reason for leaving them? Can they force me to stay with them for any stupid reason? I don't trust NatWest and want to be prepared..."

if you are asking if natwest can stop you from switching, i can only think of two possible reasons: 1) if you have an a/c which has a minimum term (dont think any current accounts have them) 2) the point i mentioned above regarding savings account linked with an instant access account.

A piece of advise regarding switching, if i was you i would put some money in new account as soon as they open it as sometimes what happens is that the new bank will transfer all direct debits / standing orders but would not transfer the salary / incoming payments. so you are left wiht a bit of a mess.i was actually told this by an abbey customer service agent. so just keep an eye out on this...

remember you dont have to close the existing account. if i was you i would transfer all payments in and out of the account to the new bank but keep it open. see how things go for first few months with new account and then decide if you want to close the old one or not...

456789

xyz123 wrote: »

but would not transfer the salary / incoming payments. so you are left wiht a bit of a mess.i was actually told this by an abbey customer service agent. so just keep an eye out on this...

You are supposed to inform any parties of your new details yourself in regards to salary etc. I think

Leave the old account open - if it is a fee-paying account downgrade it to a normal current account or basic account

xyz123

456789 wrote: »

You are supposed to inform any parties of your new details yourself in regards to salary etc. I think

They have an option to automatically transfer your salary as well. Well i dont know about all banks but i am sure abbey does. They provide a form where you give them your employer details and they write to the employer and switch your salary to new account. At least thats how it works in theory. however i know in my case they said they tried to contact my employer but it took too long so i did it myself.

rb10

Depending on how much you have in savings, you might want to move that too, as Natwest are not known for their high rates!

bumblebee23

Alliance & Leicester are horrid! I've been with them for 14 years and their customer service is appalling... I would strongly recommend you have a look at a different bank if you are set on switching!

I had bank charges from A&L on one of my statements, even though I hadn't gone over drawn in the previous month, I called them and they called me a liar and said I must have gone over drawn (even though they could not tell me when I had supposedly done this) In the end I had to go into the branch THREE times and practically force the poor counter girl to phone them up and say that she had my previous 3 months statements in front of her and I hadn't been over drawn at all.... it still then took them nearly a month to credit my account back....

I've just changed to the Halifax... bought into their £5 a month for free marketing ploy... Most banks are rubbish in my opinion so I might as well get some cash for using them!

JCB2020

I have just switched to A&L.
Must say I'm impressed with the setup.
Got all the account stuff within a week from initial internet application.
Went online and every thing seems in place.
Good start so I will see how it pans out before closing my Nationwide Flex account.

scandi

Thank you all for your replies. I've decided to move my current account to First Direct and open a savings account with them as well.

I will keep you informed if anything goes wrong with FD - I doubt it though.

johncolescarr

scandi wrote: »

@EarthBoy,

Thanks for your reply.

I've read the negative A&L posts but I still think they can't be worse than NatWest.
I will look into the First Direct deal though - I have more than £1500 a month, so this sounds good too.

If I switch to another bank, to I have to tell my current one and give a reason for leaving them? Can they force me to stay with them for any stupid reason? I don't trust NatWest and want to be prepared...

No they cant stop you. I also closed my NatWest A/C some 3 years ago that I had had all through Uni, best thing I have ever done with my banking! I opened an account with FD (very good service, no interest, but £100 incentive!) and took great pleasure in walking into my branch and closing the account. This was done by a very grumpy woman that had the audacity to say she was checking there was no need to charge me!! A ploy to put people off I presume. After, she gave me loads of spiel that I was a valued customer and if I wanted any other services in the future they be more than happy to advise!

Dont be put off switching, its really easy (done it twice now) and well worth it, so far, I'm £300 better off for about 2 hours work in total.