Switching banks

carlbhoy

Hi all, I would like some advice on bank switching please, this will be my first time,, I have read many posts on here, so please don't tell me do to so,
I believe I will first have to open a dummy account, my first question is do you have to have this account open for any length of time before you set up the switch.
Second question is, I am thinking of opening the HSBC Advance Account, as I understand from reading their criteria, I can open the DDebits within thirty days of opening, and not having them already open when I switch, then as I understand from reading the posts as soon as you deposit the £1750 you can then take it out, as long as it shows as going in, many thanks in advance

YorkshireBoy

carlbhoy wrote: »

I believe I will first have to open a dummy account, my first question is do you have to have this account open for any length of time before you set up the switch.

Switch just as soon as you've got the debit card and any pre-requisites in place, ie DDs or SOs.

Second question is, I am thinking of opening the HSBC Advance Account, as I understand from reading their criteria, I can open the DDebits within thirty days of opening, and not having them already open when I switch,

Probably best to read the T&Cs before you go any further. That way, you won't throw £200 away!

then as I understand from reading the posts as soon as you deposit the £1750 you can then take it out, as long as it shows as going in

Correct.

carlbhoy

thanks for replying Yorkshire boy, i've read the t&c's and excuse my ignorance, but does this mean, the DD's have to already be set up



c. [FONT=Univers 45 Light,Univers 45 Light][FONT=Univers 45 Light,Univers 45 Light]you complete a full switch of a current account, including at least two Direct Debits or Standing Orders, to your Eligible Account using the Current Account Switch Service (CASS) within 30 days of the date of your Eligible Account being opened. If you are opening a joint Eligible Account both account holders must do [/FONT][/FONT]


it seems to me you have thirty days to transfer them across, this is why I asked the question as it did not seem very clear to me, when you guys know all the in & outs of these things

YorkshireBoy

carlbhoy wrote: »

thanks for replying Yorkshire boy, i've read the t&c's and excuse my ignorance, but does this mean, the DD's have to already be set up



c. [FONT=Univers 45 Light,Univers 45 Light][FONT=Univers 45 Light,Univers 45 Light]you complete a full switch of a current account, including at least two Direct Debits or Standing Orders, to your Eligible Account using the Current Account Switch Service (CASS) within 30 days of the date of your Eligible Account being opened. If you are opening a joint Eligible Account both account holders must do [/FONT][/FONT]


it seems to me you have thirty days to transfer them across, this is why I asked the question as it did not seem very clear to me, when you guys know all the in & outs of these things

The DDs or SOs need to be switched by the switch itself, ie it's out of your control. Ergo, they must already be on the donor account when you request the switch.


However, why are you messing about with DDs? Clue: Well, see my emboldened text above.

ceredigion

carlbhoy wrote: »

thanks for replying Yorkshire boy, i've read the t&c's and excuse my ignorance, but does this mean, the DD's have to already be set up



c. [FONT=Univers 45 Light,Univers 45 Light][FONT=Univers 45 Light,Univers 45 Light]you complete a full switch of a current account, including at least two Direct Debits or Standing Orders, to your Eligible Account using the Current Account Switch Service (CASS) within 30 days of the date of your Eligible Account being opened. If you are opening a joint Eligible Account both account holders must do [/FONT][/FONT]


it seems to me you have thirty days to transfer them across, this is why I asked the question as it did not seem very clear to me, when you guys know all the in & outs of these things

.........................

carlbhoy

YorkshireBoy wrote: »

The DDs or SOs need to be switched by the switch itself, ie it's out of your control. Ergo, they must already be on the donor account when you request the switch.
c. you complete a full switch of a current account, including at least two Direct Debits or Standing Orders, to your Eligible Account using the Current Account Switch Service (CASS) within 30 days of the date of your Eligible Account being opened. If you are opening a joint Eligible Account both account holders must do


However, why are you messing about with DDs? Clue: Well, see my emboldened text above.

Does this mean I could set up two standing orders to go to my Santander account?

ceredigion

Yes. Setup a sacrificial account, put £20 in it, a standing order to feed it with £20 per month, and two standing orders in it to send £10 each back to where it came from. Then switch the account to HSBC

carlbhoy

Many thanks for your help guys, most appreciated