Switching account question

Jeems

I asked this in another thread but it got lost amongst all the other replies so here goes again...

I'll be switching my Nationwide flexdirect next week when the 12 month period ends. I've never switched before though - should I take the 2.5k out first? Where will this months interest end up - my new bank account? Or can I specify another Nationwide account? Assume I dont need to tell NW I'm switching...? Thanks!

ceredigion

Jeems wrote: »

I asked this in another thread but it got lost amongst all the other replies so here goes again...

I'll be switching my Nationwide flexdirect next week when the 12 month period ends. I've never switched before though - should I take the 2.5k out first? Where will this months interest end up - my new bank account? Or can I specify another Nationwide account? Assume I dont need to tell NW I'm switching...? Thanks!

I would take the 2.5k out, mines enough to cover the DD's plus the same again. Alter the S/O in, to an amount equalling to the DD's and cancel the S/O out.
Wouldn't integrate the switch until the interest had been credited

Jeems

Ok, I'll wait until I receive the interest at the end of the month, take all the money out then switch with a £0 balance. I use this account as a savings account only, so no DD's etc. Was hoping to switch out mid month as this is when the 5% ends, but I'll wait another couple of weeks.

colsten

Nationwide will pay you any interest up to the day the FlexDirect gets closed, and send the entire closing balance incl. interest to your new account.

Decor58

There's no need to take the money out and risk carrying it down the street.

If you use the switching service:

• You don't have to tell Nationwide a thing, your new bank will sort everything with them.
• Nationwide will send all your money, inc. interest paid to the new account
• All your direct debits should be forwarded to your new account.

It's pretty simple and pretty much all of it is done for you. The only thing you may find is that you have to do a couple of manual payments if you switch near to your direct debit date. i.e. when I switched, my mortgage company didn't have time to get the new direct debit setup in time for that months payments so I had to make a manual payment.