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bank account switch
MonkeyRainbows
Posts: 1 Newbie
Hello all, i'm wondering if you can help or if anyone has any advice. I'm wanting to open an account with my boyfriend and use the switch to get the £100 by moving the direct debits from my current account to this joint one. My question is this; does my account *have* to be closed? Has anyone else been able to keep theirs open? I was able to do this a few years ago but not sure if it's all changed?
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Comments
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Who are you wanting to switch too?
Most of the banks now offer the incentives if you use the Account Switching Team, which means your account will be closed, and you are rewarded with the incentive, you are able to do partial transfer of an account and keep the account open but you will not qualify for any incentives as a condition of this is a full closure of the account you are switching from...
hope this helpsI’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
the terms and conditions of the switching process was updated when the service was modified to 7 day processing from 28, when you were able to keep and account open, and only do a partial switch of DD and SO, but this was changed early 2013 I believe...I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0
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If you want to do a switch to a new account without losing your old one for whatever reason, open another sacrificial account with your current bank and use that as a donor account to switch. It may need DDs and/or SOs setting up depending on the Ts & Cs of the respective accounts and switching offers, whether doing all that is worth £100 to you is another story!0
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