Advice re bank accounts please

mardatha

We are pensioners and we bank with the RBS. I really want out of there but husband is fussing over switching. He is worried the pensions won't go into the new bank and the money gets lost.
Can I ask if anybody has switched or changed banks - how long did it take for the pensions to go into the new acc ?

cbsexec

Hi

It really is much easier now. I have changed from Halifax to M&S no problems and a gift card as an extra. Pension payment transferred easily with no effort from me. They do all the work. Also bank with First Direct Excellent service.

Naseby

I have switched fairly recently and it was a painless process since they have brought in "seven day switching". I made an appointment with the new bank to see someone about opening an account and switching from old account. They set up my new accounts, took details of my Direct Debits, Pension etc and the switch occurred quickly and painlessly. My state pension gets paid weekly and my company pension gets paid monthly and there was no problem. If you want to read Martin's blurb about it here is the link.

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#fact1

My advice would be to keep an eye on your new account and make sure everything you expect to go through does go through. You will probably not be able to get internet access to your old account after the transfer starts because they will close it when they get the instructions to transfer.

You will also receive standard letters from DWP and your private pension provider plus all your Direct Debit companies saying that they have had instructions to change your bank account.

Hope this helps.

mardatha

Oh this really helps, thanks both! So the new bank does it all for you then? Even contacts the pension people?

Naseby

I am not sure whether it is the old bank or the new bank who contacts DWP etc but I didn't contact anyone. It was really easy. When you set your new account(s) up the new bank asks for Username and Password if you want to use online services and that is something you can never think of when you are put on the spot. If that is something you want to do then I would suggest you have one or more passwords in your head before you go in.

Best of luck!

mardatha

Husband fussing like mad here, he doesn't want online -only, he isn't good with internet anything. So it's going to have to be the BoS as that's the only other one within reasonable reach. But this all helps me such a lot, I thought we'd have to phone round the DWP and all the rest of the gubbins, and then cope with the usual muddle and mistakes TY!

Three_Wheels_on_my_Wagon

Just a point on switching bank accounts. People seem to treat it the same as switching electric/gas supplier in that you can only have one at a time so have to close one to get another. I have six bank accounts and don't pay any fees. I transfer money between them depending on who gives me the best deal. I've had this arangement for over 10 years without any problems and would hate to have to rely on one bank.

mardatha

I don't leave any money in the bank - we use cash for everything, apart from a couple of D/Ds. I just need an account for the pensions coming in. But you give me an idea - maybe open a second account just for me and see how it goes... That will stop him fussing at least TY.

castle96

Why not operate some online accounts just for yourself. There are many people on this board that have earned £000s from opening accounts, and/or earning a decent rate of interest for their savings.

In fact here
https://forums.moneysavingexpert.com/discussion/5391950
is one from y'day
£100 free and 5% on £2000

MarkFromCornwall

mardatha wrote: »

So it's going to have to be the BoS as that's the only other one within reasonable reach.

Remember that there are lots of banks that allow you to pay in cash and cheques and make withdrawals at your local post office. Perhaps that allows you a wider choice than just BoS.

mardatha

That's true Mark yes, we have a mobile post van twice a week. Good thinking!