moving current accounts

random456

might seem like a stupid question but ive got a bog standard current account and i want to move to another bank for various reasons (im fuming mad with them) is there an easy way or will i have to sort out all the things going in to the account seperately? im just worried it wont change over right or take a long time and my money will be paid in late etc (i know im thick but ive been with the same bank for over 10 yrs and dont know any diff!)

floppomoppo

I've been fuming mad three times and it all went smoothly each time. However you can add some safeguards.

Try to leave enough in your old bank to pay all your standing orders and direct debits, transfer the rest, hopefully enough to do the same. You could use some savings cash as it's only temporary.

Authorise your new bank to switch all SO/DD's to your new account a week or so before a payday. They should get the info and ask you to confirm which to transfer (mine did, A&L).

Instruct your employer to pay future salary into your new account immediately after a pay day.

Usually the new bank offers to transfer all SO/DDs, switch salary and close the old account all as one operation. I prefer to switch salary/keep old account open until I see everything working ok in the new account.

YorkshireBoy

Length of time with bank is a key stability indicator, when being 'scored' by lenders for credit purposes. Closing a 10 year-old current account will seriously impact on your credit rating.

Keep it open, with one or two transactions a month trickling through it.

random456

i dont borrow anything, ive got a debit card thats it-no loans credit cards, me money goes in then i take it back out lol no direct debits just money being paid in

kenshaz

keep your old account open,for credit ref purposes and as a safe guard if the transaction goes wrong,delay in receiving card etc,always leave a door open ,just in case you need to escape.

miketebb

The Halifax pay you 5% on your current account so I would recommend looking at them (up to a balance of £2,500). They also handle the transfer of all your direct debits for you, and give you a temporary free overdraft to deal with the cross-over period (really couldn't be easier).

(Unless of course it is them you are unhappy with!!)

kenshaz

but you have to pay £1000 in each month to qualify for that interest