Current Account Switch Guarantee

isingh1

Hi all,

I was just wondering if basic accounts with the banks are classed as 'current accounts'

Should they allow you to switch to an account incentives and follow the same rules as a normal current account switch?

NoMore

Yes,

I recently switched a Coop cash minder basic account to Clydesdale for for the £150 switching bonus

bambos

isingh1 wrote: »

Hi all,

I was just wondering if basic accounts with the banks are classed as 'current accounts'

Should they allow you to switch to an account incentives and follow the same rules as a normal current account switch?

I have a basic account with cooperative and switched to Halifax rewards current account with no issues.

EarthBoy

It depends on each individual bank as to whether basic bank accounts count for switching incentives or not.

With Yorkshire and Clydesdale banks their basic bank account does count, but with some other banks it won't. E.g. Halifax won't pay you anything for taking out their Easycash account.

NoMore

AIUI the question was switching from basic account to a different account for incentives not switching to a basic account

isingh1

Thanks for your replies guys, guess that answers that question.

Now I need to open a Co-op, Metro Bank, and Barclays cash card account. (Not all at once mind you!)

NoMore

Why not all at once?

I've opened 5 accounts in the last month.

EarthBoy

NoMore wrote: »

AIUI the question was switching from basic account to a different account for incentives not switching to a basic account

The question was unclear and could be read either way. "Should they allow you to switch to an account incentives" It doesn't include the word "from".

isingh1

EarthBoy wrote: »

The question was unclear and could be read either way. "Should they allow you to switch to an account incentives" It doesn't include the word "from".

Sorry about that the confusion. My fault.

I did mean FROM a basic account to a current account that offer an incentive.

Archi_Bald

It seems people might confuse the generic current account switch service (CASS) with the terms that apply to the switching bonuses some banks pay.

All personal (and small business and charity/trust) current accounts of a participating organisation can be switched under the CASS and its guarantee. Applications for the new account are independent of a possible subsequent switch. There is nothing in the switch terms that says you can only switch to the same kind of current account - - which is logical, as there is no obligation for the organisations to offer the exact same kind of current accounts (thank goodness).

Some banks may be paying a switching bonus when people switch to any, or to specified, of their current accounts. The terms for such bonus payments will be entirely independent of the CASS terms.

[Deleted User]

I have just set up online a new direct debit from an account I wish to switch from. How long do I need to wait for the dd to be fully set up and be transferred to my new account when using the switching scheme?


Thanks