Is Current Account switching guaranteed?

jfke

I realise lenders have differing criteria in order to assess eligibility for accounts and services. However, if I hold a full current account with one large banking institution does it stand to reason I will be accepted by another using their account switching service?

I've been trying to get an account with the Co-operative bank for three years, since I returned from a long absence from the UK, and they've refused me on two occasions. One was as recent as November last year. I am currently with Santander and whilst reasonably satisfied with the service I strongly identify with the Co-operative brand and would prefer to hold a full account with them.

Santander brought me through from basic to instant plus to current account over the last two years. I probably could've got the current account sooner but I neglected to pursue. Having a full Visa Debit card and other associated banking facilities I would be loathe to downgrade to the Cashminder offered to me by the Co-operative 5 months ago.

Any help or advice gratefully received.

onlypaddy

every institution has different eligibilty criteria, so no its not an automatic acceptance it's individually assessed

scott_lithgows

I,ve just opened a savings account with cashcard with the co-op,the girl asked if I would consider opening a current account with them.It might be a way for you to get a "foot in the door".

jfke

Cheers for the replies,

I've recently acquired a Tesco Credit Card and opened Halifax Reward Current Account so some people seem to think I'm not that bad a risk. Thinking back I might not have been on the electoral roll at my new address so that could well have nixed any decision. I'll wait till April so it's 6 months and try again using account switching this time. If they're still anti-me then I'll open the savings account as suggested.

Not sure if most people would go to these lengths to join a bank with very few branches and reportedly ugly online banking! My Mrs banks with them though so it would be very convenient for that and I've used her online banking and it seemed perfectly good to me...

jambosans

jfke wrote: »

I'll wait till April so it's 6 months and try again using account switching this time.

FYI opting to use the switching service isn't going to improve your chances of being accepted (just incase you thought otherwise).

calebdylan

Regarding this every institution has different eligibilty criteria.So this one cannot be accepted automatically..Its individually assessed..

jfke

jambosans wrote: »

FYI opting to use the switching service isn't going to improve your chances of being accepted (just incase you thought otherwise).

Yeah, thanks, that was cleared up already and was pretty much what I was getting at with my original question. However, I'm going to use the service anyway as it takes all the hassle out of moving all my direct debits over. Also, on the Co-operative site they state that they ask you if you want to close your old bank account. In my case I'm not going to do that as I want to keep it open as a savings account given the in credit interest is one of the highest around.

scott_lithgows

http://www.co-operativebank.co.uk/servlet/Satellite/1193206373705,CFSweb/Page/Bank-Savings

It was the smartsaver account I opened for the cashcard.
Good luck.