Will my savings account be automatically switched too?

TheRed

Hi

Currently have a bank account I want to swtich. I also have a savings account with the same bank. The savings account isn't dependent on the main account, as far as I'm aware.

If I switch the main account, will the new bank automatically open a savings account and switch that account at the same time?

EarthBoy

No, switching only applies to current account and savings accounts will be unaffected.

However, a few savings accounts do have a condition that you must have a current account with the same bank, e.g. First Direct Regular Saver account. In that case, if you switch the current account your old bank will probably close the savings account. If they do, it won't be moved to your new bank, they will just give you any money that's in the account.

planteria

that's right..
you will definitely not have the Savings Account switched automatically.
you might want to close it in advance and move the money into the current account?
or perhaps you want to retain it?

jimjames

Also depending on the amounts involved you may actually be better keeping the savings in a current account as they can pay up to 5%