Current account switch service info

Simba-ali34

Hey,

So I have to switch accounts and have quite alot of savings in my existing current account and am worried that these could be lost in the process and was wondering if anyone has experience with the switch system?

I'm trying to decide whether to trust the banks in organising sending my savings to the new account and changing my direct debits or just manually do it myself.

My first thought was to set up a new account and transfer the saving in stages with online banking and phone all the direct debits with my new details

Any advice?



Regards

Zanderman

If your savings are actually in the current account they will be moved - the switch simply moves the whole balance, and all direct debits etc, to the new bank account. There's no need to worry about this - it's a guaranteed service and loads of people have done it (I've switched loadsa time myself).

But if you mean you have savings in separate savings accounts with the same bank as your current account then no, they won't be transferred. Only money within the current account is switched.

Simba-ali34

Thanks for the quick response.

I'm probably being overly cautious (from experience with banks) but I just have this scenario in my head of my old account being closed and the funds not showing up in the new account and fighting to find out where it is! ��

Simba-ali34

The savings are in the current account

eskbanker

Simba-ali34 wrote: »

I have to switch accounts

Out of curiosity, why do you have to switch accounts?

Simba-ali34 wrote: »

have quite alot of savings in my existing current account

Have you identified the best place for these? Depending on your definition of 'quite a lot', there aren't any current accounts offering market-leading interest on significant savings, so you may find it better to split savings to a separate account altogether.


Anyway, most MSE types will switch current accounts specifically in order to take advantage of the switching incentives offered by various banks but these are conditional on using the full switching service, so if you choose to do it manually (or to the wrong bank) then you'd lose out on the opportunity to earn some free money....

Simba-ali34

Hello,

Basically I'm with Coventry building society who are stopping debit card services so im having to switch to a different bank.

You are correct I would probably benefit from putting most of the balance in a savings account which I am going to hopefully look into after I have transferred to a new account. My main concern was how stress free and reliable is the switch service as I find it hard placing my faith in banks.

YorkshireBoy

Simba-ali34 wrote: »

My main concern was how stress free and reliable is the switch service as I find it hard placing my faith in banks.

I've probably switched several dozen accounts (maybe into 3 figures) over recent years. Never had a problem. But then again I didn't expect one.

Simba-ali34

Could you offer insight into how it's done? So I create an account with Barclays for example and they offer an online option to set up an switch?

The_Green_Hornet

Simba-ali34 wrote: »

Could you offer insight into how it's done? So I create an account with Barclays for example and they offer an online option to set up an switch?

https://www.barclays.co.uk/current-accounts/switch-bank-account/

colsten

Simba-ali34 wrote: »

Could you offer insight into how it's done? So I create an account with Barclays for example and they offer an online option to set up an switch?

Does it have to be Barclays? Barclays won't pay you any switch incentive. Other banks do. It would appear to be a crying shame to lose out on a switch incentive.

Barclays also don't have the best savings rates.

A general description of the current account switch service can be found here

Simba-ali34

Thank you for the link.

The only reason I was looking at Barclays is because I already have credit card accounts with them and they seem to be very good when needing to contact them etc