Switch to Santander 123 from my HSBC cuurent account. 29 December 2014 at 2:33PM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts 24 replies 3.1K views

ramenkid

After some researching, I have concluded that Santander 123 current account would be best for me. My current HSBC account doesn't offer any benefits. When I first opened HSBC account, it was a Graduate account so it came with a credit card as well as a debit card. Now the account has been changed to a standard current account and I still have the both credit/debit card. If I switch, would it close my HSBC accounts include my credit card account? And will I have to apply separately for a Santander 123 credit card assuming the current card only include a debit card?

Has anyone had experience regarding the switch? I have over 10+ direct debits so I won't want any hassle if things go wrong.

Thanks in advance.

Archi_Bald

ramenkid wrote: »

If I switch, would it close my HSBC accounts include my credit card account?

Do the T&Cs for your HSBC CC stipulate that you must have a current account with HSBC?

ramenkid wrote: »

And will I have to apply separately for a Santander 123 credit card assuming the current card only include a debit card?

You have to apply for the 123 CC separately. You do not need a 123 current account to do so, but you will not get the first year's CC charges waived if you don't have one.

The 123 current account does come with a debit card (all current accounts do).

You don't have to have your CC(s) with the same provider you have your current account(s) with.

ramenkid wrote: »

I have over 10+ direct debits so I won't want any hassle if things go wrong.

You do get a guarantee if you use the CASS, so if anything goes wrong you can claim under that guarantee. You'd still have hassle if things went wrong but you should not suffer a financial loss, as that's what the guarantee is all about.

grumbler

Don't miss TCB £36.75.

ramenkid

Archi_Bald wrote: »

You do get a guarantee if you use the CASS, so if anything goes wrong you can claim under that guarantee. You'd still have hassle if things went wrong but you should not suffer a financial loss, as that's what the guarantee is all about.

If I apply through Topcashback's website which take me to Santander to apply for the 123 current account, I assume it would it be protected by CASS?

I have had my HSBC account for years so I do not really remember the t&cs. Maybe I'll call them and ask.

Many thanks guys!

roddydogs

They were quick with mine, 9 days just before Xmas, but they are slow with the online pass numbers, Im still waiting... be aware you have to request these separately, I did online but they said "We havent recieved any request" still waiting.!!

Archi_Bald

If you switch your main and only account, you should definitely wait with your switch request until you have full online access and a debit card as well as a PIN for the new account. Before using the account, you might also want to have set up telephone banking if that needs special set-up.

Applying for a new account and switching an existing account are two totally separate processes, and there is no guarantee that opening an account for the first time will be completed within x days. The only guarantee you have is that switching will be complete within 7 days - but having switched to an account you have no online access to, and/or no debit card and PIN for might leave you stranded for money, and out of control.

ramenkid

Thanks again peeps.

Oh, so if I switch today, what date should I set for the switching to be completed so I will have all my new debit card, PIN and online banking ready to use?

HSBC is really rubbish, no interest/incentives for being a loyal customer, and they have closed down the branhces I used to go. Opening hours isn't great either.

colsten

You could do what Archi Bald grumbler suggested - open a 123 via Quidco or Topcashback. When the new Santander account is fully open, you can ask Santander to switch your HSBC account. They'll complete the transfer within 7 working days of receiving your instruction, or you can ask for a specific date (working day) more than 7 days in the future.

roddydogs

Archi_Bald wrote: »

If you switch your main and only account, you should definitely wait with your switch request until you have full online access and a debit card as well as a PIN for the new account. Before using the account, you might also want to have set up telephone banking if that needs special set-up.

Applying for a new account and switching an existing account are two totally separate processes, and there is no guarantee that opening an account for the first time will be completed within x days. The only guarantee you have is that switching will be complete within 7 days - but having switched to an account you have no online access to, and/or no debit card and PIN for might leave you stranded for money, and out of control.

But you dont get the online passwords till after the a/c is set up, ive been waiting for mine since well befor Xmas, ive got a letter today with the "1st" part, now it reads I could wait another 7 WORKING days before the second part,:mad:

Archi_Bald

roddydogs wrote: »

But you dont get the online passwords till after the a/c is set up, ive been waiting for mine since well befor Xmas, ive got a letter today with the "1st" part, now it reads I could wait another 7 WORKING days before the second part,:mad:

This sort of thing is precisely the reason why I am suggesting that people shouldn't start their switch until they have full access to their new account.

Just for the avoidance of doubt: you do not have to have to go through a switch in order to get full access to a new account. A switch is a totally independent process.

pollypenny

Quick question: how reliable is the switching service for credits such as salary and/or pensions?

We have a 123 account for the DDs and the interest, serviced from our HSBC account at the moment. However, we intend to switch from the latter to Nationwide Flex + soon.