Wanting to switch bank accounts

joematch

Hi there,
Im looking for some advice if anyone has any to give I'm looking to open another bank account and transfer everything over to it, my direct debits, paying in etc. But I want to keep my current account open to do matched betting transactions in.
The account that I have at the moment is Nationwide Flexaccount and I don't think it gives many advantages for my situation at the moment. I don't really travel at all so the travel insurance feature isn't useful to me.
I earn around £1200 a month, have a couple of direct debits and will soon be renting my own place. I have around £6000 in the account at the moment.
When I switch, will I then need to inform my employers of my new paying in account or do the bank take care of that?
Can anyone recommend what they think the best current account for me would be with my current situation?
Many thanks,
Joe

colsten

Switching is explained here: http://www.paymentscouncil.org.uk/switch_service/account_switching_explained/

If you want to keep your old account, you do not get any guarantees or any switching bonus, and not many banks offer partial switches to start with.

If you want to keep a Nationwide account for matched betting (good idea), just open a second one before you switch your existing account. Then use that second one for your MBing.

NB. Have you ever asked yourself why you have £6K in an account that pays you no interest at all?

joematch

Thank you for the info.

So if I open another flexaccount now and then switch my main account after then I would get the bonuses?

I have pretty much accumulated this 6k in the last 6 months really and never thought about switching until now. I've been with nationwide since I was a child and never have had another bank account.

Many thanks

colsten

FlexAccount, or better still a FlexDirect as that can pay you 5% for 12 months if you meet the pre-req - - which you should easily be able to, having £6K sloshing about.

You haven't said which bonuses you are trying to get so I can't comment on whether you would get them. But generally speaking, if you are after a switching bonus, your old account must be closed as part of the switch.

If you had the Flexaccount for eons, you might actually wish to keep it as it will look good on credit/mortgage applications if you have held a current account for many years. So you could just open a second NW account and switch that one, instead of your main one.

You should still consider splitting your MBing onto a different account as if you ever have to show someone (e.g. mortgage company) your banking transactions, they will mark you down as a gambler when they see all the bookie transactions. It's pointless to try and convince them you aren't a gambler - much easier to just do your MBing on a separate account. NW allow you 4 current accounts.

joematch

Yes that's very much the reason of why I want to switch, so if that in the future me and my fiance want to get a mortgage then the bookie transactions wouldn't stop that.
Would you suggest that I open a FlexDirect then and transfer everything over to that and keep my current account for MB'ing? Or open a 3rd account for the MB'ing?
Also if I am applying for a mortgage in the future would the bank want to see all of my accounts or just my main one? Because if they wanted to see them all then they would still see the MB'ing in the other account.
Many thanks for all your help and advice

joematch

Has anyone got any more ideas on what my options are here? Should I open a FlexDirect account with nationwide, move everything there and keep my current current account to do the MB transactions? Or something different?
Many thanks

colsten

You still haven't made up your mind? :eek:

joematch

I've sent off an email to nationwide asking if I can switch everything over into a flexdirect / flexplus account whilst keeping my flexaccount that I've had for years active.
I think this is probably the best way to go about it?

colsten

You could

1. upgrade your Flexaccount to a FlexDirect. You keep the sort code and account number(and original account opening date) so no need to move any DDs and SOs or tell your employer etc about it. For more, see http://www.nationwide.co.uk/products/current-accounts/flexdirect/apply#tab:Howtoapply
   
   
2. open a Flexaccount or two to use for switching

5 minute job.

joematch

Ideally I want the new current account to be different from my current flex account as it has all the bookie transactions from my matched betting. Is this possible?
Sorry to ask a stupid question but why would I need to open a flexaccount or two for switching?
Many thanks for the help,
Joe