switching - what about savings

JimArnold

Like many on here I have a Marcus instant access account which only allows withdrawls to my nominated current account
So if I switch my current accounts will that be automatically changed or will I have to do it ?

realaledrinker

Direct debits are switched automatically but that wouldn't apply here.

having said that, if you were to make a withdrawal and it went to your 'old' account, it will be automatically re-routed to the new account for a period (13 months I think)

born_again

I would update them with your new account details yourself.

[Deleted User]

You need to do it:

To change your linked account, log into your account then click on the edit icon next to linked account information. Follow the on-screen instructions, where we’ll ask you to upload some supporting documents.

You might decide to use the UK Current Account Switching Service (CASS) to move your linked account to a different provider. We won’t be told automatically of the change, but if you wait until your switch is complete and then make a payment from Marcus to your old linked account, your old bank should let us know that they’ve re-directed the money to your new account.

We’d recommend waiting until at least a day after the switch is fully complete before you do this. Once we hear from your old bank, we’ll update your details so that your new account becomes your linked account. We’ll let you know once we’ve done this to make sure it’s right.

If you haven’t used the switcher service and not yet had a statement from your new bank, we can also accept a welcome letter, as long as it’s dated within the last three months and shows your full name, address and account details.

sal_III

I just changed my nominated account (not because of switching). It's painless - takes couple of clicks on the Marcus website and upload of recent (no more than 3m old) statement from the new nominated account. It took like 2 days to take effect.

JimArnold

what sort of statement is required ? - an online dump or a scan of a paper statement ? could mean being without savings access for a day/week or month

[Deleted User]

JimArnold wrote: »

what sort of statement is required ? - an online dump or a scan of a paper statement ? could mean being without savings access for a day/week or month

Either should be OK

sal_III

JimArnold wrote: »

what sort of statement is required ? - an online dump or a scan of a paper statement ? could mean being without savings access for a day/week or month

According to the webstie (don't have access to it ATM for exact quote), it needs to contain your name, address and bank account number/sort code.

PDF is fine, I just downloaded the latest statement from my online banking. Can't recall what the SLA for the switch was but for me it happened in 2 days or so. You don't lose access to your savings in the process, until they make the change you can still withdraw to your old nominated account.