Current account question

chopperward

I'm interested in switching from Nationwide Flex to Yorkshire Banks Current Account Direct as it's offering £150 for switching.

I have a couple of queries.

1. One of my main points for not switching is that I thought it'd be hassle letting my employers know that I wanted my salary going to another account. But reading tonight, it looks like the new bank do all this work. Is it really that simple?!

2. I read on the Yorkshire site that any credit in the old current account would be switched (super!) and then the old one would be closed. Does the old account have to be closed or can it remain open?

Thanks

jimjames

To qualify it has to be closed. That's how payments get redirected automatically.

chopperward

Thanks Jimjames.

Hmm, I have a Select Credit card with Nationwide. Just read you have to have a flexaccount to have a select card.

Does anyone know if the flex is just need to open the select or can the select credit card remain if flex is closed?

Also guess it might be possible that Nationwide would get in touch to see whether I'd like to reopen a flex account?

EarthBoy

chopperward wrote: »

Does anyone know if the flex is just need to open the select or can the select credit card remain if flex is closed??

It sounds like they will downgrade your card, because it says in the terms and conditions:

16. Cash Rewards
(a) To qualify for cash rewards you must have (and continue to have) a main current
account relationship with us. If you no longer have a main current account
relationship with us you will no longer be eligible to accrue any cash rewards. We will contact you if this happens

http://www.nationwide.co.uk/~/media/MainSite/documents/products/credit-cards/P1911%20Jul%2013.pdf

bellybuttonfluffman

chopperward wrote: »

I'm interested in switching from Nationwide Flex to Yorkshire Banks Current Account Direct as it's offering £150 for switching.

I have a couple of queries.

1. One of my main points for not switching is that I thought it'd be hassle letting my employers know that I wanted my salary going to another account. But reading tonight, it looks like the new bank do all this work. Is it really that simple?!

2. I read on the Yorkshire site that any credit in the old current account would be switched (super!) and then the old one would be closed. Does the old account have to be closed or can it remain open?

Thanks

I recently switched an old, dormant FlexAccount to FirstDirect in order to get the £125. The old account had to be closed and was done for me after the switch.

Have since opened another FlexAccount (with £1 in it) in case I want to do another switch in the future. May even open a couple more.

kangoora

I would drop whoever does your payroll an email with the new account details for peace of mind after the switch but before the payroll run (usually at least a week before the end of the month). I'd imagine any salary would be re-directed anyway.

Also, for my company, I had to inform them to switch any expenses payments to the new bank account or it wouldn't have happened for some reason.

May not apply in your case but it can't hurt