Switching Bank Account after remortgage

c1403

Hello

We have just completed on a remortgage with Nat West. We are considering switching our going bank account (currently Nationwide) to Nat West also as they offer a food rate dor switching and be nice to have everything with the ome bank.

Just wondering if this is an good idea so soon after the remortage (obviously I know it's not a good idea when applying for one) and if there's anything we need to be aware off.

Both our salaries cover the payments required and there are direct debits etc so the switch itself should be fine.

Any thoughts/opinions on this?

Many Thanks

colsten

There is nothing that technically would stop you from switching BUT it's not a good idea to have all your eggs in one basket. NatWest were one of the several banks who had dreadful problems which left people stranded without access to their money for weeks.

If you want to go after the switching bonuses (boni?), you could switch one of your two accounts, leaving the other at Nationwide. Then set up a new donor account at Nationwide for the other person and switch that donor account, too.

If you haven't yet had a refer-a-friend bonus at Nationwide, you might also want to look into that. There's lots of money to be made from account switching, without actually switching your 'main' account. Applying for many current accounts in a short period of time will have a small, short-term, impact on your credit file but this doesn't matter if you aren't about to go for a big loan, which by the sounds of it you aren't planning to.

PRAISETHESUN

Definitely wait until after your mortgage is finalised before applying - even without an overdraft NatWest will perform a hard credit search which will leave a mark on your file when you make an application. Your recent mortgage application may make you less likely to be successful but you won't really know until you apply.

You say "we" so I assume you are a couple, in which case I'd also consider you both open a sole account each rather than a joint account and both make a switch to get 2x switching incentives between the two of you. After you have been paid the incentive, you could then make one of your accounts joint and switch the remaining sole account into the joint one to re-consolidate your finances if that is what you prefer.

colsten

PRAISETHESUN wrote: »

Definitely wait until after your mortgage is finalised before applying

The remortgaging seems completed so no need to wait

c1403 wrote: »

We have just completed on a remortgage with Nat West

Zero_Sum

Shouldve done it before as a work collegue got a better rate on mortgage by banking with them.

Personally, i think nationwide are a better & wouldnt switch in full. Open a 2nd bank account, then switch that if your just doing it for the bonus