Santander Current Account - Switch questions

Rachylou1981

Hi all

A friend recently told me about the Santander 123 current account which I am interested in opening but I don't want to close my current account with Barclays - most of the info I have been reading includes a total switchover.

My BF has recently moved in and is giving me a lump sum every month towards bills and so the plan would be to both put a lump sum in the Santander account and have all the bills come out of there so that we earn the interest and then the rest of our wages are in our normal separate accounts.

Questions:

Is it possible to have two current accounts?

If not, is there an easier solution than closing my Barclays account?

Archi_Bald

You can have two current accounts, or as many as you like. https://forums.moneysavingexpert.com/discussion/4884276

You don't have to close your Barclays account to open a Santander 123.

If you don't use their switching service, you will have to move any Direct Debibts you want to pay from the 123 yourself. This should not be difficult to do though.

Rachylou1981

Thanks for the reply.

That is good news.

Yeah I figured I would do the switching myself which would be quite easy as I am quite organised with my DD's.

Clever_with_finance

If barclays not doing what santander are get rid. 2 123 current accounts okay but need 1 single and 1 joint. Will be 2 x £2 fee so move relevant direct debits to cover both fees. Council tax, gas & elect, tv package and phone bills should do the trick but make sure £500 funding paid in to both Via external source

nickcc

All banks will do a partial switch. We opened a Lloyd's current account solely to fund a second 123 account for my Wife as she is a non tax payer, we transferred two credit payments from our existing joint 123 account in to our new Lloyd's account this was classed as a partial switch by Lloyd's.

innovate

The max 2 123 accounts can be both single, both joint, or one single and one joint per person.

Whilst the 123 account is good, having 2 current accounts at the same bank doesn't protect you against IT issues. Much better to have the second account at an entirely different financial institution.

I agree, though, Barclays is amongst the worst of current accounts? Nationwide, Santander, Lloyds, TSB all have better offerings.

Still worth keeping the Barclays dormant so if asked how long you had a current account, you can refer to the Barclays account. Lenders like people who can show have had accounts with the same bank for many years. I still have £1 in my Natwest account from back in 1983, and I log in now and then so they know I am still alive.

innovate

nickcc wrote: »

All banks will do a partial switch. We opened a Lloyd's current account solely to fund a second 123 account for my Wife as she is a non tax payer, we transferred two credit payments from our existing joint 123 account in to our new Lloyd's account this was classed as a partial switch by Lloyd's.

No bank will do a guaranteed switch unless the old bank account gets closed. The guarantee wouldn't work with the old account still open.

Almost none of them now offer anything but a guaranteed switch. But of course you can open accounts and switch/move some direct debits etc yourself. The OP has already said she is happy to move her relevant DDs.

nickcc

innovate wrote: »

No bank will do a guaranteed switch unless the old bank account gets closed. The guarantee wouldn't work with the old account still open.

Almost none of them now offer anything but a guaranteed switch. But of course you can open accounts and switch/move some direct debits etc yourself. The OP has already said she is happy to move her relevant DDs.

Must have changed in the last couple of months then, suggest the OP contacts their bank to confirm for themselves.

innovate

The guaranteed switch service never changed since it got introduced in September 2013. You won't get any switch guarantee from any bank unless you use the guaranteed switching service, which cannot work without closing the old account.

Anything else a bank might do for you to help moving some DDs does not come with any guarantee, and most don't even bother offering anything but the guaranteed switch now.

I will now stop repeating myself but I had to say this again.

nickcc

Not sure where you got the idea that anywhere in my posts that I mentioned the word that you keep highlighting, I can only speak as I find and that is exactly what I posted. Just by repeating yourself doesn't mean that you are posting the correct information.

zerog

nickcc wrote: »

Not sure where you got the idea that anywhere in my posts that I mentioned the word that you keep highlighting, I can only speak as I find and that is exactly what I posted. Just by repeating yourself doesn't mean that you are posting the correct information.

I wouldn't risk an old switch now anyway, as somebody might screw up and get the old account closed