New bank account to Switch

marshwhitfield

Hi all

I realise I'm a bit late to the party here BUT with regards to switching bank accounts.... I am able to create a new current account to use as my switching account? I realise that alot of he providers need you to have a certain amount of DDs or a money in each month which is fine because I can do that without issue.

Ultimately I am currently with Lloyds and I have lots of little accounts associated with my main current account so dont really want to shut that account hence can i open a new one?!

Cheers
Andy

[Deleted User]

Yes.
Open a basic account with Lloyds or elsewhere or a Monzo/Starling account then use it to switch.

If the account you are switching to requires a certain number of DD's or SO's setup then you'll need to come up with a way of setting some up.

Ghostcrawler

open a new one with Lloyds or open a new one with other banks? You can certainly do both just to keep it active and then switch over once a/c is up and running. As you are banking with Lloyds, I would not recommend opening a another new a/c with them and switching that a/c because that is your main bank account and may not go well for you, I have heard and seen people have done that but that have been the last resort. If you do not have any other bank accounts then I would suggest you open with other banks (if you want to open fast then look for Starling, Monzo which are app based) and can act as your donor a/c. I have done this myself and for my spouse to play safely and did not touch my main bank account.

marshwhitfield

thank you, i wasnt sure if Monzo / Starling would work that way but I'll give it a shot i think.

cheers

[Deleted User]

Ghostcrawler wrote: »

open a new one with Lloyds or open a new one with other banks? You can certainly do both just to keep it active and then switch over once a/c is up and running. As you are banking with Lloyds, I would not recommend opening a another new a/c with them and switching that a/c because that is your main bank account and may not go well for you, I have heard and seen people have done that but that have been the last resort. If you do not have any other bank accounts then I would suggest you open with other banks (if you want to open fast then look for Starling, Monzo which are app based) and can act as your donor a/c. I have done this myself and for my spouse to play safely and did not touch my main bank account.

There's no harm with opening a donor account with Lloyds if you already bank with them, or with any institution you currently bank with for that matter.

They won't care of frown upon it or hold it against you in the slightest.

Ghostcrawler

@marshwhitfield - Participating banks and building societies - https://www.currentaccountswitch.co.uk/banksandbuildingsocieties/Pages/banks.aspx

@ !!! - got it but I prefer this as only a last resort

marshwhitfield

@ghostcrawler thank you