Switching multiple accounts in to a new one

davidpeltz

I have done a little searching for "multiple accounts" but not found the answer I wanted so I thought I'd spell out my situation and ask.

I have multiple accounts, not for loads of benefits but simply to be organised.

I have 2 current accounts with HSBC, I get paid in to one and have a standing order from it in to another current account with HSBC from all of my household direct debits are paid.

I also have a HSBC ISA with over 10k in it, an HSBC Flex Saver and an old Online Saver.

I was wondering whether I can "SWITCH" and move both my current accounts in to santander 123 along with my isa money thereby having loads of DD's and a decent savings ammount? Can a switch move from multiple other accounts and consolidate?

Also, is it worth doing considering I currently get Save Together on HSBC ISA?

Thanks in advance

David

grumbler

You can switch several current accounts to one current account. I would do this sequentially, not simultaneously.

You can't switch ISA and savings accounts. For ISA it's a special and separate 'transfer' procedure.

davidpeltz

Thanks for the response, makes sense I guess as long as once enough DD's and savings are in the 123 account it starts to validate me for the cashback and interest rate.

For the ISA, I have instant access. I could just move the funds to the current account so that when it switches, it is in place to get the 3% net interest in the 123 account right?

Dan83

Probably go into a branch, move everything into 1 account then switch?

eskbanker

If you have two HSBC current accounts that you want to switch, why not switch them separately to two other banks offering switching incentives? Or if you're set on a Santander 123 for the cashback on DDs (which helps offset the £5 monthly fee), switch one HSBC to Santander and the other to one of the banks in http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#bonus

colsten

davidpeltz wrote: »

I could just move the funds to the current account so that when it switches, it is in place to get the 3% net interest in the 123 account right?

Interest is paid gross, and you need to use the gross rate (2.96% for Santander) to calculate interest.

davidpeltz wrote: »

Also, is it worth doing considering I currently get Save Together on HSBC ISA?

How many months are left on your Save Together? The Save Together will stop once you no longer have your Advance account.

I wouldn't do a 123 at all if I had not maxed all the other interest paying accounts, and the Regular Savers that come with it because I can get more interest in these other accounts.

I would also never live with all my current accounts (+savings) at the same bank as you might get stranded with no access to your money - as has happened to people in recent history at RBS Group, Northern Rock and HSBC.