Transferring Bank Accounts - Natwest to Halifax

MrStarship

I'm currently with Natwest and have bank account, savings account and credit card with Natwest. I of course have online banking and everything is there on the screen when I log in.

I do want to switch to Halifax, but have concerns about the process.

Essentially, I don't want to transfer everything at once. I want to do bank account first and get that running at Natwest. Then I will transfer savings to Halifax or a building society. However, if I transfer and shut down the bank account, will I risk losing my internet access to my savings account online? I have this fear that should I transfer my bank account to Halifax that I will for whatever reason that I will not be able to use internet banking as my bank account, at NAtwest, would be closed. I obviously need access to online banking to access my savings account information.

jinkster

Any reason for leaving Natwest. I am just joining....

matty_544

MrStarship wrote: »

I'm currently with Natwest and have bank account, savings account and credit card with Natwest. I of course have online banking and everything is there on the screen when I log in.

I do want to switch to Halifax, but have concerns about the process.

Essentially, I don't want to transfer everything at once. I want to do bank account first and get that running at Natwest. Then I will transfer savings to Halifax or a building society. However, if I transfer and shut down the bank account, will I risk losing my internet access to my savings account online? I have this fear that should I transfer my bank account to Halifax that I will for whatever reason that I will not be able to use internet banking as my bank account, at NAtwest, would be closed. I obviously need access to online banking to access my savings account information.

there is no such transfer system for savings that there is for bank accounts. It is a mere manual opening of a new savings account with halifax and then closing ur natwest one when ever you tell them to. Credit card uve got to again apply for a new one and ask to close your old one.

MrStarship

jinkster wrote: »

Any reason for leaving Natwest. I am just joining....

I've never had any problem. I just like Halifax's £100 offer and £5 per month thing they have going

To reiterate, I would like to use the Switch facility to open up a bank account with Haliax of which will then result in the closure of my Halifax bank account. However, I am concerened I will lose access to my Savings account online if my bank account is closed.

Archi_Bald

You don't have to close everything at Natwest just because you want to move your current account. Although the question is why do you have savings in a Natwest account when you would get up to 4 times as much interest elsewhere, like in a TSB Plus account?

There is no obvious reason why you should need to give up your Natwest credit card.

You should also consider opening a second current account at Natwest before you switch your main account to Halifax. Usually takes just a few minutes before it's all set up and usable. This second account to be used to switch to the Coop, from where you can then switch to M&S, and from there to First Direct. I.e. get yourself set up so you can collect all the switch bonuses on offer.

Switching your main account should be a 2-step process - first get your Halifax account opened and ready to use (internet access, debit card, PIN). Second, when all is ready to use, request the switch of your main Natwest current account.

grumbler

MrStarship wrote: »

..However, I am concerened I will lose access to my Savings account online if my bank account is closed.

Nothing to worry about unless it's some online saver linked to the current account only.

I see that for their Instant Saver you aren't required to have a current account with them and can transfer money to another bank directly.