Switching Current Accounts - a warning!

ukmarkwilson

Hi all,

I have just recently switched from Barclays to Nationwide using the new Switching Made Simple service.

In essence, it was fine - however, there is a problem if you have multiple accounts and use mobile / internet / telephone banking.

When Nationwide asked if I wanted 'the full switch' (which closes down the current account you are switching from) I said yes. However, the original current account was linked to all of my banking platforms.

This meant that I could no longer log-in to my mobile banking, for example, despite having a community account, business account, savings account and mortgage (plus mortgage current account) with Barclays. The key point here is that your current account is the "key" to accessing all of your mobile / internet / telephone banking - this was not made clear by Nationwide.

Perhaps, few people are likely to have a) more than one account and b) use mobile / internet / telephone banking.

If you are one of them, make sure you either;
- Explain how you access your account and that you have other accounts you want to access
- Select the 'part switch' not the 'full switch' if given the option
- Set up your regular payees / payers in your new current account as soon as it's open

I'm still having teething problems 2 months later, having had to set up a totally new current account to be able to access my mobile / internet / telephone banking again and, therefore, my other accounts so it's worth being prepared and making sure your banks are aware of the repercussions of a 'full switch'.

Zanderman

This isn't a problem I've ever come across or experienced (and I've done a lot of switching and have multiple accounts with several banks).

So it might just be something to do with Barclays and how your Barclays online access was set up - and not the general problem you seem to think it might be. I have not ever switched from Barclays so have no direct experience of that.

I have however switched to Nationwide several times, and can confirm I've never had this problem following those switches.

Re Full Switch v Part Switch - if you're switching for a switching incentive a Full Switch is, usually, a requirement. So to suggest asking for a Part Switch may be counter-productive for incentive-seekers.

grumbler

ukmarkwilson wrote: »

I have just recently switched from Barclays to Nationwide using the new Switching Made Simple service.
...
.... make sure you either;
- ....
- Select the 'part switch' not the 'full switch' if given the option
- ....

I don't think that many people here would want to miss on ~£150 bonus for switching to Nationwide.

However, the original current account was linked to all of my banking platforms.

What does this 'link' mean actually?

badger09

I'm puzzled as to why OP thinks Nationwide ought to have known how Barclays mobile/internet/telephone banking systems are linked via a current account:huh:

To echo what Zanderman said, I too have switched several accounts without any problems. I think this is a Barclays specific issue, rather than a general one.

Eagalitarian

Another thing you need to watch out for is whether or not your existing bank is signed up to the current account switching service. Many are, but some are not. I tried to switch from Coventry Building Society to Yorkshire Building Society, only to find that Coventry do not belong to the scheme. That does not of course mean I can't transfer my account to YB if I really want to, but there are no guarantees on timescales and I cannot benefit from the switching rewards YB are currently offering.

Dan83

I switched my Halifax account not long ago, I also have a mortgage and credit card with Halifax, I didn't have the same issue

xylophone

Is it not Yorkshire Bank (not BS) that is offering the reward for switching?

And you need to be switching a current account - Coventry BS does not offer a current account.

martin2345uk

I've just switched from HSBC to Santander, my HSBC current account has now disappeared from my list of accounts in online banking but I can still access the other ones.

My Santander account that now has all my money in it however is not currently easily accessible as the PIN number for my new debit card appears to have been lost in the post and my details for online banking are "on the way".

All good fun!

badger09

Eagalitarian wrote: »

Another thing you need to watch out for is whether or not your existing bank is signed up to the current account switching service. Many are, but some are not. I tried to switch from Coventry Building Society to Yorkshire Building Society, only to find that Coventry do not belong to the scheme. That does not of course mean I can't transfer my account to YB if I really want to, but there are no guarantees on timescales and I cannot benefit from the switching rewards YB are currently offering.

Could this be because neither Coventry Building Society nor Yorkshire Building Society offer current accounts, so have no reason to be signed up to the Current Account Switching Service?:cool:

System

Coventry did offer their 1st Current Account until recently and Yorkshire do offer a current account via their N&P brand. Neither are part of the switching scheme.

The recipient is likely Clydesdale Bank via it's Yorkshire Bank brand.

badger09 wrote: »

Could this be because neither Coventry Building Society nor Yorkshire Building Society offer current accounts, so have no reason to be signed up to the Current Account Switching Service?:cool:

colsten

martin2345uk wrote: »

My Santander account that now has all my money in it however is not currently easily accessible as the PIN number for my new debit card appears to have been lost in the post and my details for online banking are "on the way".

That's why you should never switch to an account you don't have full access to - online banking (and app if you use it), debit card and PIN. There is a common misconception that opening a current account and switching to it can all be done within 7 working days. Reality is that these are two entirely separate processes, and it is only the switch that is guaranteed to take no more than 7 days. There is no guarantee for the opening of an account. My first Nationwide took almost a month to be fully operational, for instance. Subsequent ones were much faster.

Not even the switching process is actually guaranteed within 7 days for everyone. I am presently switching an account to an existing M&S account, something that can only be requested by phone. They initially gave me a switch date 13 working days in the future. Presumably that's for postal delays, as they then send you switching documents in the post, and you need to ring them again to confirm you have received the paperwork. On that second call, they offered me, unprompted, to bring the switch date forward. The 7 working days are from the 2nd call only for M&S. I didn't care too much as there is no urgency to this switch, and I will get £220 on a gift card as a reward but all this 7-day switching needs to be taken with a pinch of salt.