Switch Bank Account but Keep Current Account Open

Corbula

When switching bank accounts, is it an option to keep the current bank account you have open?

I've read that when you switch so all of your direct debits and standing orders and everything moves over your old account gets closed. I've got a friend though that is certain that when they switch there account a few years ago (and got the reward) but they still have the old account and is still in use today.

I'm thinking of switching to Halifax to take advantage of their low interest car finance but you need an active current account with them for at least 3 month. I don't want to lose me current account that I'm using at the moment though.

Is it an option in the switching process to close the old account or keep it?

What happens if you switch but you just keep using the old account and putting money into it?

Thanks all.

teddysmum

To have a switch, the old account has to close or it hasn't switched (as in moved).


You are free to open any other account anyway, but if you want the bonus,the only way is to close the old account or open another,with required direct debits and switching that, which will then close.

Corbula

Thanks. So is there a relatively easy way to open a new bank account and move direct debits and standing orders and things to the new one without closing my current one. Or do you have to do them one at a time contacting the companies and such?

mt99

you can try asking your new bank for a partial switch i think its called - that will leave the old account open but not all banks do it

JuicyJesus

You can do a partial switch, however you will most likely not get any kind of switching bonus for doing so and it also will not go through the Current Account Switching Service (the new, post-2013 service) but just a simple transfer of mandates, so you also won't get any of the niceties like redirection of transactions or the transfer of balances.

YorkshireBoy

JuicyJesus wrote: »

You can do a partial switch, however you will most likely not get any kind of switching bonus for doing so and it also will not go through the Current Account Switching Service (the new, post-2013 service) but just a simple transfer of mandates, so you also won't get any of the niceties like redirection of transactions or the transfer of balances.

...or protection against unauthorised overdraft fees, late payment fees charged by DD originators, and a resultant damaged credit file.


Faced with the choice of partial switch or DIY, I'd go DIY every time!

Sea_Shell

What benefits does your current (old) account give you, that you really don't want to lose, by having the account closed?

If its just customer loyalty, that doesn't count for much these days.

colsten

Sea_Shell wrote: »

What benefits does your current (old) account give you, that you really don't want to lose, by having the account closed?

If its just customer loyalty, that doesn't count for much these days.

Keeping an existing account can be good for your credit worthiness as lenders will be looking for stability. So it's always good to be able to say "I have had my current account for X years". Nothing stops you from applying for additional current accounts.

Corbula

colsten wrote: »

Keeping an existing account can be good for your credit worthiness as lenders will be looking for stability. So it's always good to be able to say "I have had my current account for X years". Nothing stops you from applying for additional current accounts.

Exactly, and also I've had it for nearly 10 years so there will be numerous things and people that will have the details for the account I'm using now. If someone sends me some money but they have the old account I won't receive it. I know payments get directed to the new one but that doesn't last forever.

Simply, there's no need for it to be closed so would rather keep it, there's no benefits to the account. Then I could use it as a cash account. I could have the Halifax one as my main for wages, DD and purchases then just have my Natwest one for cash withdrawals.

YorkshireBoy

Corbula wrote: »

I could have the Halifax one as my main for wages, DD and purchases then just have my Natwest one for cash withdrawals.

Halifax doesn't need DDs or SOs to be switched for the incentive. If you'd like an easy £75 then open another NatWest account, bung £20 in, and switch that to Halifax.


Or option 2: Open Halifax and start using it. Then, when they lift the offer back to £100/£125, switch the NatWest donor account.