MSE News: New 7-day bank switching era begins: Full Q&A

innovate

Goldust wrote: »

A quick query - I've got a Halifax account with a savings and credit card as well and these all come up on my direct banking screen.

If I close my Halifax account automatically as part of this process will the other accounts still remain as normal and just the current account disappears? I know this is a stupid question but just checking!

Only your current account gets switched. You need to think about how you will get money out of your Halifax savings account if you don't have a Halifax current account any longer.

JuicyJesus

innovate wrote: »

Only your current account gets switched.

Actually, not necessarily. Savings account balances can get switched as well, depending on the bank being switched from.

gjs1701

I want to switch to First Direct, but my ISA and one savings account are tied to my existing current account, so I don't want to close my existing account. I want to know what my options are.

I rang First Direct today - the day that the new switching process was due to start and the lady I spoke to was busy telling me that it would take 21 days! She didn't realise it started today!

So then she tried to transfer me to their specialist team, but there was a 27 minute wait. And they don't do call backs after 5pm. So I had no luck finding out what I wanted to know.

pqrdef

You could try overdrawing your existing account on Day 6. They aren't saying what happens then.

(Don't really try it)

anoncol

JuicyJesus wrote: »

Actually, not necessarily. Savings account balances can get switched as well, depending on the bank being switched from.

Its so simple its even already confusing people here.

pqrdef

heloid wrote: »

What if it's a condition of keeping your credit card, what if it provides your travel insurance and it's revoked while you're away?

If any enthusiasm for switching were to develop, I think we'd see a variety of attempts to lock customers in.

Archi_Bald

gjs1701 wrote: »

I want to switch to First Direct, but my ISA and one savings account are tied to my existing current account, so I don't want to close my existing account. I want to know what my options are.

I rang First Direct today - the day that the new switching process was due to start and the lady I spoke to was busy telling me that it would take 21 days! She didn't realise it started today!

So then she tried to transfer me to their specialist team, but there was a 27 minute wait. And they don't do call backs after 5pm. So I had no luck finding out what I wanted to know.

That can't be true because First Direct are so ace at customer service and they are 24x7, you never have to wait for anything there etc etc etc, lol.

Seriously: you don't have to close your old account, you can just open a First Direct account and leave your old account untouched. You probably will not get the FD joining bonus unless you use their switcher service, which so far has allowed you to specify what you want to have switched, and whether you want your old account closed. Remains to be seen whether they will continue to offer this service alongside the new service. You would have to check with them what's what but it doesn't look promising:

Open a 1st Account, then transfer your banking and salary/income of at least £1,000 per month to your 1st Account using the Current Account Switch Service within three months of your account opening and we'll add £125 to your account. This offer is only available for people who haven't previously held any account with first direct and is limited to one payment per customer or joint relationship. If you opened your 1st Account before 16 September 2013, you may have used our previous 'Easyswitch' service to qualify for this payment.

http://www2.firstdirect.com/1/2/banking/current-account?WT.ac=FSDT_HM_BA1776

If you just want to switch to FD for the Regular Saver account, apply for their current account, and then the Regular Saver. Also open their Everyday e-saver and put £1 in it so you don't have to pay £10 month for the current account.

Archi_Bald

JuicyJesus wrote: »

Actually, not necessarily. Savings account balances can get switched as well, depending on the bank being switched from.

Which outfit is offering that? Got any links for it?

pqrdef

gjs1701 wrote: »

I want to switch to First Direct, but my ISA and one savings account are tied to my existing current account, so I don't want to close my existing account. I want to know what my options are.

Do not pass Go and do not collect £125.

MSE has been most remiss in not warning its readers of the urgent need to score their switching incentives before the new system started.

Archi_Bald

pqrdef wrote: »

MSE has been most remiss in not warning its readers of the urgent need to score their switching incentives before the new system started.

MSE, as far as I can see, do not recognise the concept of having multiple current accounts. For them, it is "ditch and switch". All or nothing, no middle ground. Extremely disappointing that MSE effectively take the side of the bankers who want people to believe they can only hold one current account.