Switching A Nominated Account

srous

I'm tempted to switch my current account (Halifax) and pick up a good deal (HSBC).
My concern is that my current account is a nominated account on a few long term savings products.
The switch service account number forwarding is only in place for 36 months.


So what is the risk here?
Presumably any transaction >36 months would bounce and the provider would have to contact me for new details?
I can imagine a fair amount of security around changing a nominated account.


thanks all
Simon

jonesMUFCforever

Open a second account with Halifax then transfer that one to HSBC

[Deleted User]

If you have online access to the savings accounts which have your Halifax account as the nominated bank account, it is usually easy to change the nominated account once you are logged in to the savings account. I have done this on multiple occasions. If you don't have online access to the savings account, or if the site doesn't allow you to change the nominated account, a phone call (with usual telephone security) should do the trick.

Westie983

Hi,

As Hattie has said the nominated account can be changed online or in branch, but as Jones has said if you have online access you could open another account with Halifax (or any other bank) and switch that one instead so there is no issue with any links to your current account.

Westie983

IanManc

srous wrote: »

I'm tempted to switch my current account (Halifax) and pick up a good deal (HSBC).
My concern is that my current account is a nominated account on a few long term savings products.
The switch service account number forwarding is only in place for 36 months.


So what is the risk here?
Presumably any transaction >36 months would bounce and the provider would have to contact me for new details?
I can imagine a fair amount of security around changing a nominated account.


thanks all
Simon

Stop imagining and instead change the nominated account on your "few" long term savings products, and then there's no risk of anything bouncing.

eskbanker

My understanding is that the redirection period was extended last year so that instead of 36 months, it's effectively indefinite after that until a 13-month period passes without any redirections.

This was trailed at https://www.moneysavingexpert.com/news/2017/01/redirection-period-for-payments-to-old-bank-accounts-to-be-extended-/ as a result of BACS committing to the CMA that it would implement recommendations from an earlier report, as per https://assets.publishing.service.gov.uk/media/587ded7eed915d0aeb00015d/retail-banking-investigation-final-bacs-undertakings.pdf:

4.1 Bacs shall maintain the current 36-month CASS redirection period, which redirects payments and payment requests to the current PCA or BCA for customers who have switched PCA or BCA and receive a payment or payment request into an old account, and then continue to provide CASS redirection for customers as long as they have had a redirection payment or payment request within the preceding 13 months.

However, I can't find any reference within the main BACS or CASS sites to this definitely having been implemented as planned for July 2017, does anyone have a definitive verifiable source that this is now how it works?

EarthBoy

jonesMUFCforever wrote: »

Open a second account with Halifax then transfer that one to HSBC

I don't think you can open a second current account with Halifax now, -unless you're prepared to pay for one of them. They withdrew their ordinary current account a while ago, and the Reward account is now their standard current account. You're limited to one Reward a/c per person, although a second is allowed if it's a joint account. So the only way you could open a second (sole) current account with Halifax is to open an Ultimate Rewards current account and pay the monthly fee for it.

I know there will be some existing customers with several accounts, but they will have opened these before Halifax clamped down and changed the rules.

lindabea

srous wrote: »

My concern is that my current account is a nominated account on a few long term savings products.

I can imagine a fair amount of security around changing a nominated account.

Simon

I changed the nominated account on my savings accounts recently, and it was very easy. Only Paragon asked me to send them a copy of a statement of my new current account; the others, just accepted details online. Go ahead and switch your account; absolutely nothing to be concerned about.

Terry_Towelling

Oaknorth is another bank that will not let you change your nominated account online: you have to ring them and jump through a few hoops, but still easy enough.