Can i switch to 2 new accounts?

Turningacorner_2

Hi

This is a naive (and possibly stupid) question from someone who has been with the same bank for the last 18 years!

First of all does 'switching' in order to get the perks, mean that I have to close my old account? I think it does, but just checking.

Secondly, could I switch to two new accounts (assuming I'm accepted) instead of just one? I wasn't sure if that is allowed or not.

Thanks in advance for any advice.

YorkshireBoy

Yes and no (if I've understood the second question correctly), in that order.

tom222

If you use the switching service, then yes, your old account will be closed and all direct debits/standing orders, along with any money will be moved to the new account.

There is no limit to the amount of times you can switch to different accounts, so long as you are accepted for them.

Many people on here, myself included, have switched many different accounts to take advantage of free money/gift cards offered by banks.

Don't always switch your main current account if you want to go down that route though - set up dummy accounts with dummy standing orders/direct debits on them.

I'm sure others on this board will offer you more advice than I can.

Turningacorner_2

That's great, thanks. It feels like a scary and daunting thing to do, but certainly the most sensible thing to do. I get no value from my bank and the only thing I've ever had from them is the temptation of more debt (large arrproved overdraft limit and even larger cc limit). Time to move on from my old relationship with money and forge a more positive one.

I'm not sure if this is the right place to ask, but am I better off staying away from a bank I have cc debt with? I've never missed a payment and always pay more than the minimum each month, but didn't know if might be a negative link. It's the Halifax....

YorkshireBoy

You're considering switching away from Halifax or to Halifax?

Turningacorner_2

Switching to Halifax, from natwest. Is that a bad idea?

Turningacorner_2

Thanks for the advice tom222, when you say dummy dd/so, what do you mean exactly?sorry for all the questions. I've spent years working for my money and I've had a bit of an epiphany this week and realised I need to make my money work for me, so any pointers very gratefully received :-)

YorkshireBoy

For the sake of your credit file/report, you may wish to maintain your 18 year relationship with NatWest. Consider opening another account with them (a so-called donor account) and switching that instead, moving any requisite DDs before switching.

"Dummy DDs" are those you set up to pay yourself (ie pull money into a savings account), rather than those you set up to pay traditional DD originators such as utility suppliers etc.

No current switching incentive requires SOs so forget about those.