Bank switch question

bryanb

I'm switching to santander 123 but I'm unsure if Standing orders will be switched automatically.
Also should I inform pension providers of my new account details?
Thanks BB

YorkshireBoy

bryanb wrote: »

I'm switching to santander 123 but I'm unsure if Standing orders will be switched automatically.

They will.

Also should I inform pension providers of my new account details?

Your old bank will notify the pension providers automatically (that they've redirected your incoming payments to Santander), but I'd take a belt and braces approach and notify them myself too.


Perhaps you should read the Santander switching information?...


http://www.santander.co.uk/uk/current-accounts/guide-to-switching-your-current-account/

Archi_Bald

YorkshireBoy wrote: »

Perhaps you should read the Santander switching information?...

Much easier to expect someone else to read things for you. Then you can complain / ask for compensation if you have misread what your readers said, or if your readers have misread :rotfl::rotfl:

goinkonit

my husband opened a Santander 123 account in his name only yesterday. I didn't want to get involved in tax, but knowing it is taxed at source, I now want to join him as a joint account. (The bank lady wouldn't get involved to talk about tax so we panicked!) My question is does the account number change if I go on the bank account? We have already started changing direct debits

colsten

goinkonit wrote: »

my husband opened a Santander 123 account in his name only yesterday. I didn't want to get involved in tax, but knowing it is taxed at source, I now want to join him as a joint account. (The bank lady wouldn't get involved to talk about tax so we panicked!) My question is does the account number change if I go on the bank account? We have already started changing direct debits

You don't need to panic about tax. Unless you give them an R85 form, all financial institutions will automatically withhold 20% tax from all interest payments. This applies to sole and joint accounts in the same way. On joint accounts, you could have one or two tax exempt account holders, depending on your circumstances.

If anyone is in a higher than basic rate tax bracket, the need to tell the HMRC how much interest they got. The HMRC will then collect any outstanding tax separately.

Whether you can change a Santander 123 from sole to joint I do not know. If it can be done, it can only be done by Santander, so it is best if you ask them.

bryanb

Archi_Bald wrote: »

Much easier to expect someone else to read things for you.

Thanks for your input, in fact I had read Santanders info. I hold my hand up to missing standing orders, but Santander don't mention pension providers in their blurb.
Sorry if asking questions on a forum offends you.

YorkshireBoy

bryanb wrote: »

...Santander don't mention pension providers in their blurb.

They do mention regular payments into your account...but not explicitly pensions, or benefits, or your parents, or your friends, or anyone else. They say, amongst the detail on their website switching T&Cs...

We will take care of moving all your payments...coming in (for example, your salary).

For 13 months, we will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.

http://www.santander.co.uk/uk/current-accounts/guide-to-switching-your-current-account/

bryanb

YorkshireBoy wrote: »

They do mention regular payments into your account...but not explicitly pensions.

Thank you, actually it was pensions I was explicitly asking about. I have the answer now, in fact it was you that answered it in post 2. I shall take your belt and braces advice, thanks again.