Delay between opening current account and switching to it

cnm

Hi
I'm intending to switch to some new current accounts in order to get benefits of cashback and interest.
If I open the new account, is there any time limit on when I can switch to it? I would have to sort out donor accounts first, before I can switch, so I'm reckoning that I might not be ready to do it immediately. So, can I open the new account, and switch at some later point? Does this depend on the provider?
Thanks - Calum

colsten

If you are switching for a bonus, you need to refer to the switching T&Cs as they contain the rules.

Alter_ego

Switching usually means opening an account by transferring your old account via the switching service.
I don't think you can "switch" to an existing account.

YorkshireBoy

Alter_ego wrote: »

Switching usually means opening an account by transferring your old account via the switching service.

But not all (in fact hardly any?) require you to initiate the switch during/at the end of the application.

I don't think you can "switch" to an existing account.

Halifax allow you to switch into an existing account, with no restriction on account age.

Marks & Spencer allow 3 months (they used to allow 6 months).

There may be others.

cnm

On the TSB page for switching, it says:

You can request to switch when you apply for a current account online, or at any time after.
If you’ve got a TSB account already, simply complete this quick online form.

So, as suggested by some of the previous commenters, it looks like it might depend on the provider.

YorkshireBoy

cnm wrote: »

On the TSB page for switching, it says:

But if you went directly you'd miss out on the MSE/MSM £100 switching incentive!...

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts?_ga=1.35758371.2021331137.1453283251#tsbswitch

...and, if you use the above link, you must comply with the 4th March deadline.

cnm

Yes, you're right regarding the dates for this TSB offer. I'm currently applying for the account, via the MSE link.

colsten

Alter_ego wrote: »

I don't think you can "switch" to an existing account.

In fact, you can only switch to an existing account as if the account didn't exist, there'd be nothing to switch to.

What you probably mean is that most bonus switch terms require you to open a new account that you then can switch to. If you switch w/o wanting a bonus, you can switch to an account you have held for decades if that's what you want.

The process of applying/opening an account, and switching to an account are two entirely separate processes, even if you might be able to apply for a switch at the same time you apply for a new account.

If you switch your "main" account, it would be quite foolish to request the switch before you haven't got the target account fully operational (internet access, debit card etc all working), as otherwise you could be left without access to any money.

ceredigion

YorkshireBoy wrote: »

But if you went directly you'd miss out on the MSE/MSM £100 switching incentive!...

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts?_ga=1.35758371.2021331137.1453283251#tsbswitch

...and, if you use the above link, you must comply with the 28 day criterion stipulated.

Sure;
4th march

YorkshireBoy

ceredigion wrote: »

Sure;
4th march

Thanks. Post amended.

ceredigion

That's a first:D