Switching but want to keep account open

stuckinazoo

Hi

Accounts I have: Halifax reward current account & Natwest select account.
Account I want to switch to: TSB Classic Plus

I want to close Natwest and keep Halifax open as I like their website and want to continue having my salary paid there. However, Halifax would be the account I have to close if switching to TSB.

My question is can I switch my Halifax direct debits to Natwest now so TSB would consider that my current account? TSB do not require salary to be paid into Classic Plus so that shouldn't have to be moved. Would this cause a problem?

Alter_ego

You can switch you dds wherever you choose, but you'd have to DIY it. Recent personal experience says it can be a nightmare with some companies.

TheBanker

I'm a bit confused - if you don't want the Natwest account, you should switch that one to TSB and leave the Halifax alone.

You can manually change a couple of your Direct Debits from Halifax to Natwest before the switch by contacting the companies, but you'll need to wait a little while for it to take effect. Remember if you are claiming the £5 monthly bonus from Halifax, you need to keep at least 2 DDs there (I think).

Could you set up some "throwaway" DDs on the Natwest account e.g. small charity donations?

TSB don't ask for a salary to be credited as such but you do have to credit a minimum amount to get the account benefits, so you'll need to transfer some money from Halifax every month (and back again if you want)

meer53

Switching using the Current Account Switching Service automatically closes the old account. You can switch manually without closing the old account but you'd have to move all the DD's and SO's yourself.

Archi_Bald

meer53 wrote: »

Switching using the Current Account Switching Service automatically closes the old account. You can switch manually without closing the old account but you'd have to move all the DD's and SO's yourself.

and you won't get any switching bonus if you switch manually

stuckinazoo

Thanks for replies.

I've now phoned TSB and have confirmed any 2 DDs is fine. So I've set up 2 charity DDs with Natwest, meaning Halifax can hopefully continue to earn me £5 a month. For some reason, I incorrectly assumed that by switching, I was agreeing TSB would be my sole current account.

And yes this will be done with the switching service and through this website to get the incentive. And I will be transferring £500 from Halifax every month.

zagubov

I'm with the Banker on this. Transfer the least useful account and leave the better one alone.

There's a general consensus across MSE that you always have two bank accounts same way you have a spare key for your house or car, because banks can arbitrarily close accounts they don't trust.

If you've the energy to have multiple accounts to milk money out of them, fair enough. Not sure I could be bothered.

Kernel_Sanders

According to the T&Cs (which are still a mess over two days after launching), the DDs can be registered after the Classic Plus is opened, therefore avoiding any delay to this time-sensitive offer. Do it that way though, and it has to be 3 DDs. Apparently.
http://www.tsb.co.uk/cashback-money-saving-expert/?WT.mc_id=1613487|122013894|294961544|0#TermsandConditions

Archi_Bald

Kernel_Sanders wrote: »

and it has to be 3 DDs.

who knows - - it says twice that 2 are required, and once that it's 3.

TSB should be ashamed of themselves, publishing such a mess.

Kernel_Sanders

Archi_Bald wrote: »

who knows - - it says twice that 2 are required, and once that it's 3.

TSB should be ashamed of themselves, publishing such a mess.

Indeed. Have they just taken the T&Cs from the previous offer and not changed the eligibility section? From memory, somebody on this board explained when it was 2 DDs required and when 3. Did it differ whether you went through MSE or Moneysaver?

My interpretation (probably wrong) of the current offer is, that if two are transferred with the donor account, that will do. If not, then you'll have to register three. Do you think it feasible that they'll allow the donor account to have no DDs, no SOs and no credits going in each month?

zagubov

I'm slightly worried that this offer looks like it was written on the cheap by some interns. What other stuff are they cutting corners on?