Switching Bank Questions

chib

Having heard the message from ML for years to switch and receive the free bonus, I've always been happy with my bank but then realised that they are doing nothing special for me and I'd like to switch to First Direct or HSBC for the £125/£200 bonus - leaning towards First Direct as they seem to come highly rated.

I currently bank with Bank of Scotland and with them have a Credit Card (Expected to be paid off and closed March), Mortgage and Flexible Loan. If I switch away from BoS and close my current account will I retain access online to the Mortgage, Loan and Credit Card accounts?

I'm currently in overdraft by £300. My intention is to cancel the overdraft on Wednesday when I get paid and start the switch process then. Do all direct debits and standing orders (Both in and out) get reliably changed, do any of them fail or fail on the odd occasion I should keep an eye out for?

Lastly, will this have any adverse effect on my credit file? I've been with BoS for 17 years and often provide this information when renewing my mortgage (Which I'll do again in a years time).

Advice appreciated from those who have switched.

TIA.

YorkshireBoy

chib wrote: »

If I switch away from BoS and close my current account will I retain access online to the Mortgage, Loan and Credit Card accounts?

Probably a question best put to BoS?...unless someone here has been in EXACTLY the same situation...unlikely?

Do all direct debits and standing orders (Both in and out) get reliably changed, do any of them fail or fail on the odd occasion I should keep an eye out for?

Usually all goes OK. The ones to watch out for are DDs. But you have some protection, as detailed in the CASS guarantee.

Lastly, will this have any adverse effect on my credit file? I've been with BoS for 17 years and often provide this information when renewing my mortgage (Which I'll do again in a years time).

Yes it will. But, there's a very easy solution (which also addresses your first question)...open another BoS Classic account before switching your main BoS current account. That way you can still say "17 years" when asked for 'time with bank'.