Switching advice

Gulash

hello! I want to switch my current account to another bank. What will happen with my debit card? At some point it will stop working? And then I would wait to get the new one? I really need to be able to use my card every day. Is there a solution to this?

pinkdalek

Your old bank account will close on the switching day which will mean your debit card will be cancelled with your old bank.

Your new bank will send you out a new card/PIN for you to use and in an ideal scenario you receive these before you have switched.

You can pick a switching date, you don't have to have it done in 7 days, advise the new bank of what date you want everything to come over and this should give you more reassurance that your new card/PIN will be there in plenty time.

Another option would be to withdraw cash from your old bank account before you switch. Or if you have another card you could use eg credit or secondary account?

bigadaj

Or you could set up a second account with your current provider and then switch either that or your original account whilst having access to funds at your current bank.

Many people on these boards now have multiple current accounts with several providers, primarily for benefits such as interest, switching incentives, cashback etc but it does make a lot of sense to have two accounts with separate banks to maintain access, as we've seen many banks do occasionally have problems and if that is your only account then it can leave you in an awkward position.

LXdaddy

Or you can open your new account, wait for the debit card to arrive and then initiate the switching process.

With some banks you MUST have the new account open BEFORE you start the process of switching.

CarolJones

Please also beware that banks will not allow you to made large withdrawals from the account you are switching from during the switching process. I am in the middle of switching and wanted to make a large online transfer to my children, but was stopped from doing so because "I was in the middle of switching". However, my switch date is still 6 days in the future and I need to make the transfer now. Bank told me to withdraw the amount in cash and take it to my childrens' banks(!), but I wasn't prepared to do this. In the end, I had to transfer the money to another account I luckily had with that bank and then make the transfer. I complained that the bank was holding my money until the date of transfer, that I was still their customer until that date, and that they therefore had no right to withhold my money from me, but I was told this was common practice by all banks. The helpful customer service adviser did say, however, that she would take my complaint forward, as it is not made clear when switching banks that you cannot make large/ish online transfers and that you can only withdraw the daily £300/£350 allowance.

colsten

LXdaddy wrote: »

With some banks you MUST have the new account open BEFORE you start the process of switching.

It would be prudent to have to new account up and running (online access, PIN, debit card all sorted) before requesting a switch.

Opening an account, and switching an existing account to it, are two entirely separate processes. The 7-day switch guarantee applies to the switch only and does not include the opening of the new account. The guarantee also doesn't apply to getting a new debit card, PIN or online access.

I have switched lots of times and in my experience, not all banks will actually offer you a switch date within 7 working days of request, even if you have held to to-be-switched-to account for a long time. Many have convoluted processes that involve them sending you reams of paper that you need to have received / signed / returned before the 7 days finally start. Still, most switches will eventually work like clockwork.

colsten

CarolJones wrote: »

I am in the middle of switching and wanted to make a large online transfer to my children, but was stopped from doing so because "I was in the middle of switching". However, my switch date is still 6 days in the future and I need to make the transfer now.

Seems you have been told utter nonsense as there is nothing in the switching terms of any bank that talks about restrictions to large transfers. Given Faster Payments, there is no reason for payments to be turned down when they have been instructed 6 days before the switch date.

Which bank are we talking about?

Fi-91

Hi,
Has anyone been tempted to switch their current account to M&S in order to receive a £220 gift card as a benefit? (Offer ends 5th April).
I do not feel that my current bank has any benefits at present & I am tempted to switch, however I have been with the same bank (HSBC) since opening my very first account & wondered if this switch would affect my credit rating in any way? I'd also like to ask if I would be able to keep an ISA/Savings account with my current bank if I opt. to switch my current account to M&S.
Sorry if slightly off topic, if anyone can help make an informed decision, this would be much appreciated,


Thanks,
Fiona.

diamonds

Fi-91 wrote: »

Hi,
Has anyone been tempted to switch their current account to M&S in order to receive a £220 gift card as a benefit? (Offer ends 5th April).
I do not feel that my current bank has any benefits at present & I am tempted to switch, however I have been with the same bank (HSBC) since opening my very first account & wondered if this switch would affect my credit rating in any way? I'd also like to ask if I would be able to keep an ISA/Savings account with my current bank if I opt. to switch my current account to M&S.
Sorry if slightly off topic, if anyone can help make an informed decision, this would be much appreciated,


Thanks,
Fiona.

All positives, all of your fears are only that

MARTYM8`

colsten wrote: »

Seems you have been told utter nonsense as there is nothing in the switching terms of any bank that talks about restrictions to large transfers. Given Faster Payments, there is no reason for payments to be turned down when they have been instructed 6 days before the switch date.

Which bank are we talking about?

Yes - seems odd.

I made a £900 transfer from my old account the day before switching.