Switching Bank Accounts

inderjits

Hello,

I have a Santander 123 account but have exceeded the £20,000 limit which they pay interest on. I wanted to switch current accounts to qualify for any bonuses I can get, but I was told that if I wanted to switch accounts I would have to close my current account and transfer all direct debits to the new one, along with any funds, however I wish to keep the original £20,000 in my Santander and only switch over any residual funds I have (3-4k) above this. Is this possible with any of the current account switch deals? If not, what would be the best option for myself? Would I need to open an entirely new account, manually transfer over 3-4k this and then use this new account to switch to other current accounts? If I want to qualify for the switching offer, then would it need to be a current account or could it be from a basic account?

ceredigion

I've always found Santander efficient at opening everyday accounts.
What dose your intuition tell you to do,

knightstyle

To qualify for the switching offer you MUST use the 7 day switching routine and your old account will be emptied and closed.
But there is nothing stopping you from opening a new Santander account a week or two later and transferring the £20k over.
Have you looked at the TSB account linked to a 5% savings account?
Wish I was in your position, my account is almost zero when next income is due.

NectarCollector

if you don't need £100 - £150 switch bonus in 1 lump, you could open a new Tesco or TSB account (neither require DD, and only TSB has a min pay in) for monthly interest.

Otherwise, open a new current account with a no frills bank, then switch that account for the bonus.

No_6

Open a Santander Every Day account, move money to it.
Then do a switch
Add DD's, if required by the new bank.

Topper1900

No_6 wrote: »

Open a Santander Every Day account, move money to it.
Then do a switch
Add DD's, if required by the new bank.

Or open an account with any bank then do a switch to a different bank and pick up the switching bonus.