Will the seven-day switching system make you more likely to switch bank account?

Former_MSE_Debs

Poll started 17 Sep 2013

From this week, when you switch bank account, it’ll all be done in 7 days (see our 7-Day Switching Help). It won’t just be your direct debits and standing orders that’ll move - money coming into your old account will also be forwarded, for 13 months. So will you switch?

Which of the options in this week's poll is closest to your situation? (Please only vote in the category that applies to you)

Vote in this week's poll

Did you vote? Why did you pick that option? Are you surprised at the results so far? Have your say below clicking reply to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide .

To see the results from last time, click this.

KG

The two things that stop me switching bank

1) the fact that I can't clearly see what the new bank's internet banking is like til I have signed up. Systems vary widely and I want to be able to do as much as I can online without having to do things like set up new payments over the phone, for example.

2) the fact that in credit-scoring exercises I have to answer how long I have been with my bank for. The fact that I can say 18 years makes me think (maybe incorrectly) that I will be scored better.

Kite2010

Nah, I like keeping my old bank account open for a few months as a backup just in case the systems go down with the new bank

For example the Natwest system crash last year.

rb10

KG wrote: »

The two things that stop me switching bank

1) the fact that I can't clearly see what the new bank's internet banking is like til I have signed up. Systems vary widely and I want to be able to do as much as I can online without having to do things like set up new payments over the phone, for example.

2) the fact that in credit-scoring exercises I have to answer how long I have been with my bank for. The fact that I can say 18 years makes me think (maybe incorrectly) that I will be scored better.

1) Most banks give an online demo, e.g. https://onlinebanking.nationwide.co.uk/CustomerAssistance/Demo

(Essentially, Nationwide, Halifax, TSB, Lloyds, Barclays and Santander have the best online banking systems. Others are ok but not great).

2) No, it doesn't really have an impact any more.

You are far better off switching to a bank account that's more suited to your needs, e.g. credit interest rate/rewards/overdraft rate.

sprouty76

I switched to First Direct about 6 months ago, but they've been hopeless and now they plan to introduce secure keys I want to switch again. Unfortunately I'm likely to be applying for a mortgage in the next few months and don't want to look like I bounce around current accounts, so I'm stuck with them until around April.

tgroom57

Does there need to be an extra option ?
I'm prevented from switching by my credit score (or lack thereof)

Consumerist

I've had one current account for several years which I rarely use; this account has been handy for the purpose of credit checks. Other current accounts I can switch at will to get better deals.

I'm happy with my main current account at the moment so don't anticipate an imminent switch.

LeeSouthEast

Let the BANKS handle a switch? You must be joking. As above, I'll do it myself and keep the old account for a few months ... just in case.

Consumerist

LeeSouthEast wrote: »

Let the BANKS handle a switch? You must be joking. As above, I'll do it myself and keep the old account for a few months ... just in case.

It's the price you pay to get the inducements on offer.

LeeSouthEast

Consumerist wrote: »

It's the price you pay to get the inducements on offer.

Oh absolutely... but considering the potential disasters that await, the £100 waved in my face just wouldn't even begin to cover it.

Consumerist

If it works it will help a lot of folks who can't afford to keep two current accounts funded during the switching process.

Frankly, the banks should have organised this years ago but they were too busy trying to rob their customers by selling useless products.