Regular bank account switching, how much hassle and any good stories?

niftythrifty33

I'm interested in switching bank accounts to make the most of their cashback schemes. I wondered how much hassle it really is? Are there any hints & tips on reducing the hassle and are there any stories of anyone actually making a fair bit of cash from doing this.


I have a diary on the mortgage free board and I'm looking at ways of getting it paid off quicker so thought this might help?


Thanks in advance

JuicyJesus

I asked Halifax to switch my account with First Direct to them and everything switched on the switch date with no hassle. They gave me £100.


It's a very nice, reliable service.

DCFC79

I've used the switching process once with no issues.

MyOnlyPost

You don't have to switch your main bank account, you can open a sacrificial account and switch that, maintaining your regular account going forward

Jibeddy

I've only had one switch, from Barclays to First Direct. All I had to do was instruct them, give a date and then it happened. I'm currently in the process of a Natwest to Halifax switch so will report back so you know how consistent it is (seems to be just as simple so far).

Clare43

I'm just switching for the fourth time in a few months. Everything has gone fine each time. The only minor problem is rearranging direct debits to meet each accounts criteria but that only takes a few minutes and once sorted is done with. I've got a few hundred pounds so far plus I've been able to open a few regular savings accounts at good rates as well

louby40

I switched my current account from Santander to First Direct last June. Really easy, it happened with no fuss and I've been happy with First Direct so far - although their online banking isn't as good as Santanders.

I got £100.

MrsShazbat

I've switched once so far, for M&S's £220 deal and am now considering the TSB one. Only issue I had with it was that not all companies sign up to the switching service and you've no way of knowing until you get a spurious charge for cancelling your DD with them. So M&S did the switch, everything was set up as far as they were concerned but one of my DD's didn't get paid - M&S had no issue with it, they said the other party didn't claim it, the other party just said I'd cancelled my DD and charged me for the privilege!

Jo_Blogs

I'm a bit of a bank tart and made a nice few hundred..... :T

I have always used MyOnlyPost method

MyOnlyPost wrote: »

You don't have to switch your main bank account, you can open a sacrificial account and switch that, maintaining your regular account going forward

Never had any problems and always got the cash incentives and there was no need to move again, as I just tarted out another newly set-up and waiting sacrificial account.........:D;).

No_6

Open another account with your favorite bank,
wait for the debit card to arrive after setting up any required DD's

Then switch...you keep the old account.

may be useful for another S..H

colsten

I would say: hurry up before all the switching incentives dry up. You could lose hundreds of pounds if you don't and they do.