When to switch your current account?

JamesMason_2

I really ought to get around to doing it

Would I be correct in assuming, due to the switch time presently, it would be more advisable to do so mid-month? DDs obviously can be done, but then of course, your employer needs time for the new bank a/c information to filter through its systems. You could go overdrawn either way if there's a SNAFU!


James.

innovate

Best do it when you can afford to have enough money in both your old and new account to cover your DDs/SOs

In any case, assuming you are using a switcher service: keep a very close eye on your accounts. If a DD/SO disappears from the old account and doesn't show in the new, something has gone wrong and needs attention. If a DD is on the new and the old account, just cancel the one on the old account yourself.

Also, some DD takers refuse to take instructions from banks, and you will have to move these DDs yourself. Examples include Councils and American Express.

Personally I would move all the DDs/SOs myself, unless there is some sort of a condition for a bonus payment that forces me to use a switcher service.

If your regular income doesn't get paid into the new account yet, you could always use Faster Payments to shift some cash into the new account.

JamesMason_2

Sound advice - thank you!

innovate

Sorry, forgot to mention switching will be slightly different from September if you choose to use a switching service. Apparently then it will all be totally transparent to you
http://www.paymentscouncil.org.uk/switch_service/overview_of_account_switching/

But they will apparently also close your old account, which you may or may not want to happen.

You will still be able to do your own "switching", at a pace and time you like.

flashg67

I took ages to decide what to do and eventually bit the bullet and let my new bank (Nationwide - ok, it's a building society!) do the switch. They've just sent me a list confirming the DDs that have transferred so I can check everything's been done. I wouldn't have fancied contacting 19 companies to swap the DDs over - some will accept a phone call, or email, some need letters - a right PITA.

All my standing orders & DD's have switched without a hitch, I just had to give my employer plenty of notice to switch my salary - they said they'd done it....pay day is tomorrow, so we'll see...

Usefully with Nationwide, the Flexplus account I switched to offered 3 months free overdraft so I just moved a minimal amount of money across to the new account at the start of the switch, knowing if it all went wrong, I should avoid any bank charges. Nationwide also offer £100 if they c0ck up.

So, so far, although it's taken nearly a month, I'm happy with the process. I chose to start the switch at the beginning of the month because my 19 DDs go out at various times during the month, so it didn't really seem to make much difference when I did it.

I'm making a good monthly saving with the packaged account on mobile phone insurance alone.

Venusflytrap

I concur - NW offers a reliable switching and banking service. So far I am content with my switch from a high street bank to a Building Society.