What happens to my linked savings account when I switch current account?

jasonafc

I'm looking to switch my current account to another bank. However, with my current bank, I have a savings account as well as a credit card. I understand the switch services closes your old account...

...so when the switch over happens will I still have access to the savings account and credit card as normal? (as well as functional internet banking)?

Thanks.

Ben8282

Credit card will be OK.
Savings account will depend on if you are required to have a current account with the bank or not. If you are then you will no longer be entitled to it,

18cc

As above depends on the bank for example when I switched my my Lloyds current account recently the savings account remained open and indeed I did this deliberately to preserve my Lloyds logon details in case I ever need to reapply for an account

with someone like First Direct for example and a Regular Saver then the saver would be closed

eskbanker

jasonafc wrote: »

What happens to my linked savings account when I switch current account?

Your specific reference to linked accounts in your thread title would suggest that there may be ramifications if you switch (depending on the exact nature of the linkage), so you should read up on the Ts & Cs of the linked product and/or post the names of the bank and the products on here so that people can offer meaningful informed advice....

jasonafc

eskbanker wrote: »

Your specific reference to linked accounts in your thread title would suggest that there may be ramifications if you switch (depending on the exact nature of the linkage), so you should read up on the Ts & Cs of the linked product and/or post the names of the bank and the products on here so that people can offer meaningful informed advice....

Ah yes, thanks.

I think I may have misspoke.

It's an Instant saver with Halifax that sits alongside my Reward Current account.

The interest rate is a shocking 0.2% so I don't think it is actually a LINKED product?

18cc

That account will remain open if you close your Halifax current account however if there is any money in at the only way to get it out will be to visit a branch and get the cash or cheque or whatever as if course they won't be a current account to transfer to

jasonafc

18cc wrote: »

That account will remain open if you close your Halifax current account however if there is any money in at the only way to get it out will be to visit a branch and get the cash or cheque or whatever as if course they won't be a current account to transfer to

I won't be able to use internet banking to make a transfer to a non-Halifax account??

jasonafc

...it has just occurred to me that I can simply transfer all the money from the saver into my current account so that it is brought over in the switch?

YorkshireBoy

jasonafc wrote: »

...it has just occurred to me that I can simply transfer all the money from the saver into my current account so that it is brought over in the switch?

From memory I think that will need two transfers...one to take the balance below £5, and the second to actually close the account (and get any pitiful interest due).

colsten

Dead easy to close a Halifax (or Lloyds or BoS) instant access savings account: https://www.halifax.co.uk/savings/help-guidance/close-savings-account/

EarthBoy

18cc wrote: »

That account will remain open if you close your Halifax current account however if there is any money in at the only way to get it out will be to visit a branch and get the cash or cheque or whatever as if course they won't be a current account to transfer to

You can transfer money from the Halifax Instant Saver direct to an external account, I do it from mine. You don't have to transfer it to a Halifax current account first.