Switching accounts whilst maintaining another

april87

So I switched my bank account last year. I switched from BOS who I had an account with since I was 8. Since then I have realised that maybe it would be a better idea to have a single current account where my wages gets paid into and then pay that money into another that has all my DD 's in it. I was basically looking to switch my account again, to take advantage of the switching bonuses. What would be the best way to go about this?

Could I keep my First Direct account but switch to another say - Co-op/TSB that are offering switching bonuses. Alot of the bank accounts seem to say a full switch but the problem with this is that on my credit file it states that I have not had my current account for very long.

TIA for ang info/advice given.

Placitasgirl

It's a condition of using the switching service that the "Donor Account", i.e. the one being switched is closed as a part of the process, so you can't switch your FD account and keep it open.

The best option would be to open another current account elsewhere and switch this, allowing your FD account to remain open and operating as it is now.

april87

Thanks Placitas, so basically open a basic account and have a direct debit or 2 come out of that, then once that is up and running switch it?

mt99

Yes, open a spare account and then switch that.


However, another possible route is to switch and have your old account closed. As soon as the switch is complete, call your old bank, ask them to re-open it. They can always say no, but it might be a risk worth taking.

april87

Ok, so new account opened last night. I just need to wait till it's all set up, set up a few direct debits and then switch or is it better to leave it a month or 2?

Thanks again

badger09

april87 wrote: »

Ok, so new account opened last night. I just need to wait till it's all set up, set up a few direct debits and then switch or is it better to leave it a month or 2?

Thanks again

No need to leave it for that long. Probably a good idea to wait until the DDs have been paid though, so you know you'll meet the switching T&Cs.

april87

Thanks Badger, I will transfer the ones that are paid mid-month then apply to switch once they are set up

TheShape

OP,

Halifax does not require DDs to qualify for their switching incentive (they are only needed for the ongoing reward on the Halifax Reward account).

Switching a BOS current account won't qualify but switching another current account using CASS would.