Switching Saving Account

alipops1986

Hello All,

Me and the Husband have made good progress on switching. So far we have both switched our own accounts to Halifax earning £250 and we've swapped our joint account to Santander 123 account.

The last remaining account we have is a joint savings account with Northern Rock. Now, we have about £5k in there, we are spending a little on our new kitchen in the next few weeks but will have a fair amount to transfer across but will need access to this just in case as i'm on maternity leave at the moment.

My question is:
1. Is there any difference between swapping from a savings account to another account? We can access the money at any point so not locked it away.
2. Which is the best account to swap to - we'd ideally prefer to earn cash as a reward or failing that, would the M&S account be a possibility?

Thanks in advance,
Alipops x

CLAPTON

alipops1986 wrote: »

Hello All,

Me and the Husband have made good progress on switching. So far we have both switched our own accounts to Halifax earning £250 and we've swapped our joint account to Santander 123 account.

The last remaining account we have is a joint savings account with Northern Rock. Now, we have about £5k in there, we are spending a little on our new kitchen in the next few weeks but will have a fair amount to transfer across but will need access to this just in case as i'm on maternity leave at the moment.

My question is:
1. Is there any difference between swapping from a savings account to another account? We can access the money at any point so not locked it away.
2. Which is the best account to swap to - we'd ideally prefer to earn cash as a reward or failing that, would the M&S account be a possibility?

Thanks in advance,
Alipops x

if it's any ordinary easy access savings account (i.e. not an ISA) then there are no offers for switching, so just draw out the money and pay it into whatever account you wish to open (or use internet banking).

colsten

Have you got less than £15K in your 123? If so, you can earn a bit more interest by moving the money from your Northern Rock savings account into the 123. Or other interest paying current accounts - although it might not be worth it if you are imminently spending the money.

alipops1986

Thanks - our initial idea was to put money in the 123 account, just wanted to check there wasn't a switch deal we could take advantage of first.

agrinnall

Most - maybe all - switching deals require you to use the switching process, which is only available for current accounts. Savings accounts have to be opened and closed manually.