MSE News: Moving banks is getting easier – but don't wait to ditch and switch

Goldust

I know it says don't delay in the article but are the banks likely to be offering some good deals to switch?

I'm about to switch to Nationwide from Halifax but will hold off if there might be a bigger carrot dangling come September!

dalesrider

Goldust wrote: »

I'm about to switch to Nationwide from Halifax but will hold off if there might be a bigger carrot dangling come September!

Just remember using the new switch service will see the old account closed.....
Unlike now where you can keep the old account open.

Archi_Bald

dalesrider wrote: »

Just remember using the new switch service will see the old account closed.....
Unlike now where you can keep the old account open.

You will still be able to keep your old account open when the new switching service launches- - - you just don't use the switcher service and move your DDs, SOs and incoming payment(s) yourself. It's easy to do, anyway.

alanq

Archi_Bald wrote: »

- - you just don't use the switcher service and move your DDs, SOs and incoming payment(s) yourself. It's easy to do, anyway.

However, joining incentives are often not available if you do your own switching of DDs and SOs.

I agree that it can be easy to do. (Perhaps less so for someone with an enormous number of DDs/SOs). I'd say it took an about hour overall for me - mostly online and a couple of phone calls. I preferred to do this than rely on others to get things right.

Archi_Bald

alanq wrote: »

However, joining incentives are often not available if you do your own switching of DDs and SOs.

That is indeed true - - but there's no law against opening a current account somewhere and adding a couple of small DDs to it, for the single purpose of letting some bank use their switcher service to move the entire account and close it.

I can't see myself to ever let a switcher service loose on a current account that I actually rely on for day-to-day management of my spending money and bills. No amount of them re-assuring me that it will all work like clockwork will convince me that I want to allow any of them to control what's happening on my important accounts, even if it's only for a short period of time.

brewerdave

Archi_Bald wrote: »

I can't see myself to ever let a switcher service loose on a current account that I actually rely on for day-to-day management of my spending money and bills. No amount of them re-assuring me that it will all work like clockwork will convince me that I want to allow any of them to control what's happening on my important accounts, even if it's only for a short period of time.

....in view of my current experiences with a move from NatWest to Santander...I'm in 100% agreement with you!!!!:T

pqrdef

So is anybody ever going to mention what will happen about debit cards and CPAs?

Will accounts really be closed, or just left in a semi-usable state?

If accounts are closed, what happens to linked savings accounts that don't support direct withdrawals, but only internal transfers to a current account?

Archi_Bald

Haven't seen anything official about these subjects at all. I suppose CPAs will be re-directed for a year, just like DDs. The bumph I have seen states accounts will be closed. As to 'linked accounts' - - I suppose the account owner will be expected to change their linked account information at their leisure.