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Si1969

Hi All

Apologies if this has already been covered elsewhere.

I've just switched over from Santander to Nationwide, and had my £200 switching bonus pay out credited to my account. Is there anything whatsoever preventing me from immediately switching again over to another bank account to benefit from another switching bonus?

Also, is there a "guide" anywhere on how to switch easily? As part of my first ever switch last month, I had to redirect my salary and manually set up a direct debit (1 so far), so wondering if there was a "guide" or recommendations as to how to have an additional account to switch from, whilst keeping my main bank account into which my salary goes into, and most of my direct debits come out of.

Thanks in advance! 

Consumerist

Si1969 said:

. . .
Also, is there a "guide" anywhere on how to switch easily? As part of my first ever switch last month, I had to redirect my salary and manually set up a direct debit (1 so far), so wondering if there was a "guide" or recommendations as to how to have an additional account to switch from, whilst keeping my main bank account into which my salary goes into, and most of my direct debits come out of.

If you use the Current Account Switching Service (CASS) then all (well, nearly all) your payments, standing orders and direct debits are switched over as part of the switching service. Google 'Current Account Switching Service' for details.
Once you've been paid your switching incentive, there is nothing to stop you switching again. Bear in mind, however, that each switch leaves a footprint on your credit file.

flaneurs_lobster

Si1969 said:

Also, is there a "guide" anywhere on how to switch easily? As part of my first ever switch last month, I had to redirect my salary and manually set up a direct debit (1 so far), so wondering if there was a "guide" or recommendations as to how to have an additional account to switch from, whilst keeping my main bank account into which my salary goes into, and most of my direct debits come out of.

Thanks in advance! 

Have you seen the guide to bank-swapping for gain here https://www.moneysavingexpert.com/banking/switching-banks/ ? 

The favourite banks to be used as "doners" are the quick to set up online ones such as Starling, Monzo & Chase. 

ColdIron

Chase are not part of the CASS

flaneurs_lobster

ColdIron said:

Chase are not part of the CASS

Ah, my mistake. Post amended. Thanks.

youth_leader

Does anyone know how an 'overdraft' assessment is triggered?  I've just had a letter from HSBC reassessing my overdraft amount, they've reduced it by £200 per month.  

Consumerist

youth_leader said:

Does anyone know how an 'overdraft' assessment is triggered?  I've just had a letter from HSBC reassessing my overdraft amount, they've reduced it by £200 per month.  

A cost-of-living crisis, perhaps.

MiM

Consumerist said:

Si1969 said:

. . .
Also, is there a "guide" anywhere on how to switch easily? As part of my first ever switch last month, I had to redirect my salary and manually set up a direct debit (1 so far), so wondering if there was a "guide" or recommendations as to how to have an additional account to switch from, whilst keeping my main bank account into which my salary goes into, and most of my direct debits come out of.

If you use the Current Account Switching Service (CASS) then all (well, nearly all) your payments, standing orders and direct debits are switched over as part of the switching service. Google 'Current Account Switching Service' for details.
Once you've been paid your switching incentive, there is nothing to stop you switching again. Bear in mind, however, that each switch leaves a footprint on your credit file.

I was going to ask the same question. I'm switching from Santander to HSBC for the bonus but not sure I want to lose the 123 account benefits. Didn't realise I had to transfer all my direct debits. Why do you say "nearly all"?

RG2015

MiM said:

Consumerist said:

Si1969 said:

. . .
Also, is there a "guide" anywhere on how to switch easily? As part of my first ever switch last month, I had to redirect my salary and manually set up a direct debit (1 so far), so wondering if there was a "guide" or recommendations as to how to have an additional account to switch from, whilst keeping my main bank account into which my salary goes into, and most of my direct debits come out of.

If you use the Current Account Switching Service (CASS) then all (well, nearly all) your payments, standing orders and direct debits are switched over as part of the switching service. Google 'Current Account Switching Service' for details.
Once you've been paid your switching incentive, there is nothing to stop you switching again. Bear in mind, however, that each switch leaves a footprint on your credit file.

I was going to ask the same question. I'm switching from Santander to HSBC for the bonus but not sure I want to lose the 123 account benefits. Didn't realise I had to transfer all my direct debits. Why do you say "nearly all"?

If you switch then your Santander account will be completely closed. Not sure why they said nearly all. Possibly to do with things like continuous payment authorities not being set up in the new account.

Consumerist

MiM said:

. . . Why do you say "nearly all"?

Recurring debit card payments are not moved: If you have any ongoing payments from your debit card rather than from your account itself, you’ll have to amend these after you switch. It’ll usually just be a question of updating your payees with your new card details.