Changing bank after 30 years

thatwilldo

I have been a customer of NatWest for close on 30 years. I have earned over £900 in My Rewards since the account was introduced by using the DD cash back and the credit card.

I was dismayed to see the account go from 3% to 2% cash back a few years ago but it was still worthwhile. From 1 Feb the rewards are going to be net £36 from the DDs and the credit card cash back is going down to 0.25% from 0.5%.

I got an Amex card which pays 1% cash back and am now seriously considering moving my current account to HSBC to get the £175 reward and ditch NatWest.

Having been with NatWest for close on 30 years it is quite a big step to change everything. I know there is the switch service but I am concerned that important DDs may not get paid plus there is the hassle of changing round regular payments, salaries etc. Also after the £175 has been paid there are no other rewards and I could be better staying with NatWest in the longer term albeit it could take years to get the £175 and there could be other deals I could switch to.

Would be really interested to hear the views of others - how have you found the switching process? What is HSBC like as a bank?

Thanks

eDicky

The CASS switching process is reliable, any problems that do arise must be remedied by the bank(s).

There's no need to switch your long standing NatWest account, you can open a second account with them or elsewhere, move some direct debits to it if necessary in the terms of the HSBC bonus, and switch that 'donor' account. Then you also have two accounts with separate banking groups, which is advisable anyway.

Or if the effort seems to much to be worth it, stay as you are...

JuicyJesus

HSBC aren't great at account opening but are basically competent on a day to day basis. Most UK banks are, frankly. They carry out most functions well while not excelling at anything in particular.

I don't like their app or Internet banking. That's just me though.

blue.peter

My experience isn't directly relevant to you, but speaks to the general operation of the switching process. I used it last July to switch from Santander to RBS. It all went very smoothly. DDs and existing payees for faster payments were duplicated in the new account. No payments were missed, or even delayed. A pension payment was made to the old account in error after the switch, and was passed over to the new account so quickly that I didn't realise what had happened until a few days later.

How do you feel about Indian call centres? I don't know if HSBC use one for their banking, but they certainly did for their credit cards when I had one a few years ago. My experience of that call centre was so bad that it was the reason I ditched that credit card after over 30 years.

It seems to me that all of the banks have pared costs to the bone since the crisis of ten years or so ago, with the result that the service is generally somewhere between adequate and poor. Don't expect anything special from any bank. The grass won't necessarily be any greener on the other side of the fence.

(I've been regretting switching to RBS ever since I did, but that's another story, and nothing to do with the switching process. I expect to be switching away from them in the summer, just as soon as they've paid me the £50 incentive for staying a year.)

Doozergirl

I have had my NatWest account for 25 years and have just switched to Monzo for personal. I still have the NatWest account open 'just in case'.

We have Starling for our business but did have Lloyds.

Frankly, the big banks are so far behind the app based current accounts and NatWest is particularly annoying, especially the continual problems with computer problems and payments not going out/being duplicated/mobile banking being down.

No financial incentive for moving to the App based accounts, but in terms of ease of use, features and managing cash flow they beat NatWest hands down. Monzo in particular!

colsten

Doozergirl wrote: »

I have had my NatWest account for 25 years and have just switched to Monzo for personal. I still have the NatWest account open 'just in case'.

If you still have your NatWest open, you have not switched in the sense the account switching offers work. They all prescribe using the CASS, and the CASS closes your old account.

Your method of 'switching' is, of course, completely valid as well. It would just not yield any switch bonus, which is what the OP is after. Nor does it give a service to move all your regular payments, redirect your incoming payments for at least 3 years, or give you any guarantees if anything goes wrong.