Swapping current account - is it worth the pain?

handsy

Infact is it even a pain swapping nowadays?
Saw that A&L are offering a £100 bonus for moving accounts, and they have a Premier Transfer service too.

Anyone have any experience of this?

Baldur

Lots of threads about this if you search on the Budgeting & Bank Accounts board.

Reaper

Shame they are not doing the same offer on their "Premier Direct" current account as it is the better choice, though you can still get £50 by going via cashback sites such as Quidco.

I had no problem switching. It takes a while but all the work is being done by them. I suggest leaving your old account open with a small sum of cash in it until you are sure all the direct debits have been switched over ok.

ScarletBea

I'd rather swap saving accounts and keep the current account, as you ask, not worth the bother.
I never have more than £200-400 in current account anyway...

G_M

The hastle involved, and risk of c*ck-ups on direct debits, salary etc is not worth the £100 bonus in my view. Use savings accounts to earn money. Use current account for its facilities.

Having said that I recently moved from N/wide to Natwest, but mainly as I was fed up with the repeated, and ongoing, missed dates for launching Faster Payments.

My advice is not to rely on in-house switching services. Make a list yourself of DDs, SOs, salary payments, linked accounts and then DIY, ticking them off as you go. Many can be done in a day by phone or online. Some you need to write to. And yes, keep the old account open for a while just in case.

redpete

I'd swap again with a big enough incentive, but I wouldn't trust the bank's transfer service, I'd make sure all my DDs were changed myself.

handsy

Thanks for all the tips guys....think I'll give it a miss

DiggerUK

handsy,
Everybody should have two bank accounts, two credit cards and at least two savings accounts. In financial matters you need two of everything.

For a hundred it isn't worth it, unless you don't have a second account, then it is.

Best of fortune.

Red_Ant

I've had bad experiences with both A&L and HSBC. HSBC were insistent that they don't allow dual current accounts to stop people overstretching themselves with two overdrafts - and thus wanted a commitment the original account would be closed by their switching service. They did not understand that some people have "nominated bank accounts" set up for their savings accounts, and these won't be sorted by a switching service. A&L was a tale of dreadful customer service.

G_M

They did not understand that some people have "nominated bank accounts" set up for their savings accounts, and these won't be sorted by a switching service

Another of the many reasons to do the switch yourself!

Newly_retired

It is some years now since I switched to A & L and had no problems with direct debits. I did keep my old account open for a while but everything went through without any hitches. No problems since, either.