Switching bank accounts

Boxerlover

Ok, I have a current account and a savings account with my bank, on payday a set amount is transferred to the savings account and if during the month I need to, I can transfer cash from the savings account to the current account (or vice versa) using my banks mobile app.
If I use the current account switching service to transfer my current account to another bank would this be possible? or would I also have to change the savings account over to the new bank?

pinkdalek

You don't have to switch the savings, you could send payments to it from your new bank.
But if you want it all under one roof I'm pretty certain your new bank will offer a similar savings account that does exactly the same thing.
You would have to transfer and close the savings account yourself.

Boxerlover

pinkdalek wrote: »

You don't have to switch the savings, you could send payments to it from your new bank.
But if you want it all under one roof I'm pretty certain your new bank will offer a similar savings account that does exactly the same thing.
You would have to transfer and close the savings account yourself.

Thanks Pinkdalek,
How would I set the payments up though?
At present if I'm in a shop and decide to buy a new TV I can open my banks app up on the mobile and transfer a few hundred over from the savings account to the current one, go to the till and buy the TV with my debit card, I can't see how that could be done between two different banks.
I suppose the best option is to transfer the savings account to the new bank as well.

Eco_Miser

Boxerlover wrote: »

Ok, I have a current account and a savings account with my bank, on payday a set amount is transferred to the savings account and if during the month I need to, I can transfer cash from the savings account to the current account (or vice versa) using my banks mobile app.
If I use the current account switching service to transfer my current account to another bank would this be possible? or would I also have to change the savings account over to the new bank?

It depends.
Some savings accounts are conditional on having the current account.
Some savings accounts can only transfer money to/from a linked current account. Others are more flexible.

bigadaj

Boxerlover wrote: »

Thanks Pinkdalek,
How would I set the payments up though?
At present if I'm in a shop and decide to buy a new TV I can open my banks app up on the mobile and transfer a few hundred over from the savings account to the current one, go to the till and buy the TV with my debit card, I can't see how that could be done between two different banks.
I suppose the best option is to transfer the savings account to the new bank as well.

Why have you got money in a a bank savings account?

takman

Open an account with TSB or Nationwide and you can keep up to £2000/£2500 in your current account and earn 5% interest on it!. So no need to transfer money and no need to have a rubbish instant acess savings account.

YorkshireBoy

Boxerlover wrote: »

Thanks Pinkdalek,
How would I set the payments up though?
At present if I'm in a shop and decide to buy a new TV I can open my banks app up on the mobile and transfer a few hundred over from the savings account to the current one, go to the till and buy the TV with my debit card, I can't see how that could be done between two different banks.
I suppose the best option is to transfer the savings account to the new bank as well.

I'd pull a credit card out, and settle it up to 56 days later...and get section 75 protection thrown in!

Sagz_2

YorkshireBoy wrote: »

I'd pull a credit card out, and settle it up to 56 days later...and get section 75 protection thrown in!

And make sure it's a cashback credit card and get them to pay you for the convenience!

Boxerlover

takman wrote: »

Open an account with TSB or Nationwide and you can keep up to £2000/£2500 in your current account and earn 5% interest on it!. So no need to transfer money and no need to have a rubbish instant acess savings account.

Thanks, I will have a look at that.

Boxerlover

YorkshireBoy wrote: »

I'd pull a credit card out, and settle it up to 56 days later...and get section 75 protection thrown in!

Now that's a sensible idea, thank you.