Traferring a main account for first time in years

locka

Good afternoon MSE forums people I have a bit of a newbie question.

I was looking at open HSBC account however as bad as this might sound I've not switched banks for years. (Yes I understand how stupid this. Not least since my Santander account is paying nothing.) I have lot of saving in that account, attached is an instant savers account. I also have an ISA by them. Plus an old Barclay account with small amount in. I'm looking to try and make most of money which I have not been doing for the last few years.

My question is I'm little worried about transferring my main bank account. This account pays all my direct debits plus get's my monthly income paid in. I read on here about some people creating dummy accounts? (hope thats the right term). Should i worry about transferring my main account?

RG2015

I have never switched bank accounts but I have opened new accounts that offer better interest and access to high rate regular savings accounts.

One thing to bear in mind is that if you switch your main account you may lose access to your online transaction history. NatWest give me access to 7 years history but when I closed an ISA, the account was deleted from online banking. For this reason I have never considered switching my main account.

locka

But from what I understand to get these rates I have to switch a bank account not just simply open a newone and put in the required direct debits correct?

18cc

Hello I am not sure what you are trying to achieve are you wanting to get the switching bonus for switching to HSBC in which case you will definitely have to switch your account and it will be closed

or are you just trying to open a bank account to get access to some better savings rates eg the HSBC Regular Saver

if it's the latter then you just need to open the HSBC account you don't need to switch

locka

I'm after both, of-course, isn't that why most people would be switching to that account. As I thought it would mean closing my old account.

So I go back to my original questions, is that a wise thing to do? Or is there a better way around this?

RG2015

locka wrote: »

I'm after both, of-course, isn't that why most people would be switching to that account. As I thought it would mean closing my old account.

So I go back to my original questions, is that a wise thing to do? Or is there a better way around this?

If you want to keep your old account then you need to open a new donor account to switch. If you are okay switching your old account the switching service will transfer your DDs, SOs and any other arrangements you have.

CurlySue2017

locka wrote: »

Good afternoon MSE forums people I have a bit of a newbie question.

I was looking at open HSBC account however as bad as this might sound I've not switched banks for years. (Yes I understand how stupid this. Not least since my Santander account is paying nothing.) I have lot of saving in that account, attached is an instant savers account. I also have an ISA by them. Plus an old Barclay account with small amount in. I'm looking to try and make most of money which I have not been doing for the last few years.

My question is I'm little worried about transferring my main bank account. This account pays all my direct debits plus get's my monthly income paid in. I read on here about some people creating dummy accounts? (hope thats the right term). Should i worry about transferring my main account?

Sorry I don't have any advice OP but I wanted to keep an eye on this one because my situation sounds much the same as yours.

I opened an account back when I was 16 and now *coughs* I am over 40 and still have the same one.....yes I know.....this is a terrible offence.

No complaints with them at all, but I get nothing from them interest or bnous wise, so I was also interested in switching just to get the incentives.

It can be quite daunting when you have never switched before, so I know how you feel!

ValiantSon

You don't have to switch the account you use for your day to day banking if you don't want to. You can open a new account (normally with your current provider) and then switch that to get the switching bonus.

If you do want to switch your "main account" then you can do this too. Everything will be moved across (all standing orders and direct debits, plus your balance) and they will inform your employer so that your salary will be paid to the new account too (although it doesn't hurt to double-check that your employer has the new details).

stehouk

why don't you switch the old barclays account first if you are not using it as your'e main account,
i switched an old tsb account to nat west, although you have missed the £125 incentive.
ive just done the halifax twice, used switch service and £125 incentive paid in within 3-4days, really easy.

locka

Thanks that thought had crossed mine mind this evening. It only has £300 pounds in it and the only payment into is my Barclay shares dividend (that's how old it is). It has no other DD or payments and is hardly ever used.

Should be ok though?

ValiantSon

locka wrote: »

Thanks that thought had crossed mine mind this evening. It only has £300 pounds in it and the only payment into is my Barclay shares dividend (that's how old it is). It has no other DD or payments and is hardly ever used.

Should be ok though?

To qualify for the HSBC switching bonus your account needs to have two direct debits or standing orders set up. You can easily set up standing orders to pay out to your other account on different days and for different amounts, so that would satisfy the requirement. (Technically they could be the same day and for the same amount, but I prefer to cover my bases). Just make sure that there is some money in the account to cover those standing orders.