Switching for the first time

butterbear

Hi

I have just applied for and been accepted for the TSB account, i have put in all the details to switch my bank account but now find myself with some questions that I haven't been able to find the answers.

1. Will it just be the currant account that is switched? I have some saving accounts with my currant bank will they remain open?

2. Can i use my currant bank as normal until it all switched over?

3. Will they contact my payroll or do in need to? also same with tax credits?

Thank you in advance. This is my first back switch- not ashamed to admit i'm doing it for the switching bonus!!

eskbanker

butterbear wrote: »

1. Will it just be the currant account that is switched? I have some saving accounts with my currant bank will they remain open?

The switching service will only switch the current account, not any others that you have with the same institution - however, you need to check the Ts & Cs of the savings accounts in case any are only available to current account holders.

butterbear wrote: »

2. Can i use my currant bank as normal until it all switched over?

Yes.

butterbear wrote: »

3. Will they contact my payroll or do in need to? also same with tax credits?

See https://www.currentaccountswitch.co.uk/helpandsupport/Pages/help.aspx:

What happens to payments that people send to my old account?
The Current Account Switch Service will redirect payments to your new account. Each time an electronic payment is redirected an automatic message is sent back to the originator advising them of the new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed.

phillw

butterbear wrote: »

1. Will it just be the currant account that is switched? I have some saving accounts with my currant bank will they remain open?

If the savings accounts require you to be a current account customer then they may want you to close them. You'll need to look at the T&C, it's probably best to contact your old bank. Some accounts may offer different interest rates, or have fees waived if you have your current account with them for example. So you may wish to close the savings accounts anyway.

butterbear wrote: »

2. Can i use my currant bank as normal until it all switched over?

You can, however there can be a delay on switch day between the old account closing and the new account opening with your money in it.

I've had some DD fail because they couldn't cope with one being cancelled and another setup in short time near the payment being taken. So it's worth setting the switch day to avoid DD and your salary. Keep an eye on everything to make sure it's running properly and you don't go overdrawn etc. Although if you do and it's your banks fault, then they'll cover any charges anyway. It's more about peace of mind.

butterbear wrote: »

3. Will they contact my payroll or do in need to? also same with tax credits?

Your old bank will forward any payments for the next 12 months and they will be contacted with your new bank details (although some banks allow you to opt out of this if you don't want your bank details revealed).

butterbear

Thank you both

The direct debits i have will come out before the switch and i have already been paid so all should be good.

woohoo

badger09

phillw wrote: »

Your old bank will forward any payments for the next 12 months and they will be contacted with your new bank details (although some banks allow you to opt out of this if you don't want your bank details revealed).

Now 36 months. For peace of mind, I would probably also inform my payroll dept of my new details.