Switching current accounts - how to prepare

KittyB52

I am thinking of switching from my current account and I am trying to 'tidy up' as much as possible to avoid any hitches with the switching process.

I have an HSBC savings account which relies on me maintaining my HSBC current account - will the savings account simply be closed and the money transferred as part of the switch, or do I need to transfer the funds across prior to starting the switch?

Also, I assume my HSBC credit card will no longer be active - will it be an issue to apply for another credit card soon after switching accounts? I have only been resident in the UK for 2 years (expat returning from within EU) and I don't want to affect my credit rating by having too many searches done in a short space of time.

Thanks in advance.

TheBanker

The switch process will only affect the account being switched, not the savings account or credit card. What may happen then is HSBC identify that you are no longer eligible for the other products and give you notice of closure.

In the case of the savings account, it's more likely that the Terms and Conditions say it will change to a lower interest rate, as I think their products generally pay a poor rate which is "topped up" with a loyalty rate for customers who also have current accounts.

Alter_ego

I switched from HSBC. CC is not a problem, it's nothing to do with their CA. Not sure about the saver.

KittyB52

I thought that as the direct debit for payments on the CC came from the CA, it might mean that the card would have to go, but I suppose the DD for payments could come from the new CA with another bank.

Thanks, both.

Alter_ego

KittyB52 wrote: »

the DD for payments could come from the new CA with another bank.

Thanks, both.

Yes, when I switched the CC direct debit moved to new bank with no problem.