Switching C/Accs

simmmy_2

I've been with my bank for 20years now....and want to switch but how much hastle is it....im looking at 1stdirect through Quidco...but do they also transfer E.G Working tax credits,and Payroll info...of do i have to do that..also i transfer money to a IF savings acc...do they sort that out....and how long does this whole process take..?

Thanks

pennies2pounds_3

Normally between 6 to 8 weeks max . I recently joined A+L and it was all done in 3 weeks .

grumbler

simmmy wrote:

..also i transfer money to a IF savings acc...do they sort that out....

I've never heard about such service as transferring a savings account. Just open a new one and transfer the money. However, I don't thint that it is a good idea to have all products with the same bank. AFAIK FD e-savings account is very bad if you need regular access to your money.

Lord_Furcum

Hi

I'm looking to switch my C/account & saving accounts to other banks for better interest, but I'm funding refurbishment of my house on plastic and being a rate tart.

My question is, if I change accounts to another bank will it affect my credit rating with the credit card companies and prevent me playing the rate tart game?

Sorry if this isn't the correct area for this post.

Regards
Brian

Pontoon

I am aware that they supposidly do all this for you, but I was one of the unlucky ones who got the worlds worst from A&L and then they had the cheek to not even apologise to me, till I wrote them a second complaint, though they don't do it over email (Which irritated me as it meant I had to waste money on a stamp and it takes longer) I now have given up as the longwinded reply I got basically told me "you are unhappy, we acknowledge that, we apologise for one of our staff possibly being less professional than she should have been, and I hope that we meet your future standards" NB that was paraphrased, but they never actually apologised for their incompetance or offer any compensation or any encouragement for me to stay.

In my opinion I wouldnt touch them with a bargepole, however I am afraid that I may be bitten a second time by someone else. I would like to know whether First Direct or Lloyds are better when it comes to switching over all your bills and pay?
Has anyone had any problems with either of these?

mdean

Personal view - probably at odds with Martin - but I would never change my main account which takes my salary and pays my DDs etc.

That How long have you been with your bank question - which I can answer nearly 20 years is a stable factor in your credit file

Obviously does not stop tarting - I have my A+L a/c recently opened thro quidco - feeding it £500 month and using the reg saver - but will not change my main current a/c

canny_yorkshireman_2

but if you do not change your bank for over 20 years then you must be throwing money down the drain as any money left over will earn next to nothing in intrest compared to most internet banks which offer leading edge commission on current accounts but its your choice

mintymoneysaver

i am the same, I will not change the current account that all my bills come out of.It would only be pennies in interest that I would save as the money goes into and out of it so quickly.
It would be so much hassle as there are probably 20 dd's in there.
I only pay as much into it as absolutely neccessary and eveything else is transferred out to somewhere it gets a better rate.

exel1966

canny_yorkshireman wrote:

but if you do not change your bank for over 20 years then you must be throwing money down the drain as any money left over will earn next to nothing in intrest

Maybe sometimes, but not always. I've had a current account with Lloyds for 22 years and because I keep a minimum of £2000 in the account I get AA cover, Travel insurance, mobile insurance plus others which would cost me a lot more than the loss of interest by moving that £2k into a taxable savings account.

Secondly having an account for such a time increases my credit score when applying for further credit/finance/mortgages etc.

My advice ref the OP is by all means get a new account, but keep the old one too.

gingerdad

We changed to A+L two years ago, no problems in changing but they are crap. just changed to first direct again no hassel. we have (or will be closing our a+l account). We do still have a natwest account which wifes salary goes into and straight out again to f/d (well most of it goes out again) and use this if any one asks the how long with your bank.

but I don't see any reason to stay with a bank, insurance co, mortagage or any othe company longer than neccessary as loyalty counts for very little these days.

heppy23

I am in the middle of changing accounts and I am doing all the DD and SO changes manually. It's given me a good opportunity to look at a lot of them and review them (i.e. cancelled some mag subscriptions).