Switching accounts

samhodson92

Hi
I am looking at switching the ISA I currently have with Halifax to a savings account with TSB. Is this possible and would it be a simple process with my money being transferred automatically.
The reason I want to close my current ISA is so I can possibly open a Help to Buy ISA or a LISA (when banks start to offer it) but my savings are currently too large to put them all into either option so will need somewhere else to stick the remainder of my savings.

AnotherJoe

I doubt you can do it automatically but it should surely only take a couple of minutes to transfer it online?

[Deleted User]

samhodson92 wrote: »

Hi
I am looking at switching the ISA I currently have with Halifax to a savings account with TSB. Is this possible and would it be a simple process with my money being transferred automatically.

The answer is yes, it may be possible but it depends on the two banks involved (Halifax & TSB in this case). Provided you have the receiving account all set up and ready, some banks will allow you to do this online and it will take just a couple of minutes. At the other extreme there are other banks who like to put in hurdles and bureaucracy to slow you down. For example, it's not unusual for some to demand forms to be filled in signed, sent by snailmail and further slowed by raising queries or just slow processing.

The answer for you is: talk to the banks concerned and see what they say before proceeding.
Good luck!