What happens to ISA when switching current account?

grad101

I want to switch from my Barclays current account to HSBC to make use of their switching bonus.

However, what happens to my Barclays ISA when I switch?

The only way I currently access my ISA is online using the card linked to my current account, or visiting in-store in the same way. So I can't see how I will be able to continue to access it if the current account is closed? Or will my card still work for online banking?

xylophone

Does your Barclays ISA offer a particularly good interest rate?

YorkshireBoy

If this is your only, long held, current account then consider opening another Barclays account, add two SOs, and switch that instead.

grad101

No the Barclays ISA doesn't have a good interest rate - why?

So could I open another Barclays account, have 2 standing orders and have two standing orders to my old bank account? I would then need a standing order from my old to new account to pay my salary into so I reach the minimum monthly input?

To be honest I was hoping the switching would be relatively easy and am less keen to do so if it requires opening up yet another account and setting up lots of SOs - perhaps lazy I know!

YorkshireBoy

grad101 wrote: »

No the Barclays ISA doesn't have a good interest rate - why?

The inferred question was why don't you transfer it somewhere with a half decent rate?

So could I open another Barclays account, have 2 standing orders and have two standing orders to my old bank account? I would then need a standing order from my old to new account to pay my salary into so I reach the minimum monthly input?

To be honest I was hoping the switching would be relatively easy and am less keen to do so if it requires opening up yet another account and setting up lots of SOs - perhaps lazy I know!

I was trying to protect your credit history because time with bank is used in credit scoring by lenders. Of course you're free to take the "lazy" approach if that suits...and I expect it will being as you're happy with a poor savings rate.

grad101

Thanks for the info - I didn't know the length of time you had a bank account was used for credit history!

YorkshireBoy

grad101 wrote: »

Thanks for the info - I didn't know the length of time you had a bank account was used for credit history!

Like time at address, electoral roll status, and time with employer, they're all 'stability' factors.