Santander 123 to HSBC

bmouthboyo

I have had a Santander 123 for about 5 years now and although the rate change will not really effect me as I use it as a Direct Debit 'pot' and don't use it for savings I am thinking of changing to HSBC for the cashback offer.

Never done a full bank switch before but read it should be 'seamless'. Does the bank notify all my Direct Debit subscriptions to take from the new account or do I need to do this myself? Don't really want things like pet insurance to be denied in a years time etc.

Thanks

born_again

You give the new bank your old acc details, they deal with it all for you.

YorkshireBoy

You should really notify people that pay into your account regularly (salary, pension, benefits, etc) yourself, as a belt and braces approach.

bmouthboyo

That's great, I will notify most myself but good to know any I miss should be automatically changed.

Regrading the minimum £1750 PCM into the account, I get paid into an account with Nationwide which would then be sent out by me to the HSBC, is that OK or do they want straight from employer into the account??

YorkshireBoy

bmouthboyo wrote: »

Regrading the minimum £1750 PCM into the account, I get paid into an account with Nationwide which would then be sent out by me to the HSBC, is that OK or do they want straight from employer into the account??

Question gets asked a lot. The simple answer is that if they do want your income mandated the T&Cs will explicitly say so. They don't. No UK bank account does for either interest/rewards or switching incentive payment.