Switching bank account?

donnajunkie

We are clueless on this. We are asking because my dad got a letter from hsbc telling him from November he will no longer have a debit card for his savings account and it is his only bank account. So what we need to know is how do you go about switching bank account and how easy is it. Also will everything transfer automatically  so he does not need to do anything, direct debits, payment of his state pension etc. I think he will just want a regular current account as he wants to be able to have a bank card where he can pay for things with his card.

Zanderman

Your post is a little confusing - you say his only account is his savings account and yet you also talk of direct debits.
Savings accounts don't support direct debits - so I assume he has a current account?
If it is only a savings account you can't switch it - the switching service only deals with current accounts.
So could you clarify what he has?  Thanks

colsten

Afraid, there is no formal switch service for savings accounts like there is for current accounts. Although Natwest, RBS and Ulster Bank do allow savings accounts to be switched into their current accounts, so your father could try them. I have never done such a switch myself so I don't know whether they would transfer all the SOs and DDs (which are highly unusual to have one a savings account). Best to ask them directly.

Start e.g. here: https://personal.natwest.com/personal/current-accounts/switch-your-banking-to-natwest.html#readytoswitch

fenwick458

the Current Account Switching Service (CASS) is for switching current accounts, not savings accounts.
I'm not sure how he currently had direct debits or payments from the state pension going into there, would of thought you'd need a current account for that??

donnajunkie

Zanderman said:

Your post is a little confusing - you say his only account is his savings account and yet you also talk of direct debits.
Savings accounts don't support direct debits - so I assume he has a current account?
If it is only a savings account you can't switch it - the switching service only deals with current accounts.
So could you clarify what he has?  Thanks

He has had the account for a long time and they used to allow direct debits. Any existing direct debits when the rules changed were allowed to stay. So it is as i said a savings account and nothing else.

GTR_King

Why don't you ring up HSBC and move the DD'S to a current account shouldn't take long or do it online 

donnajunkie

fenwick458 said:

the Current Account Switching Service (CASS) is for switching current accounts, not savings accounts.
I'm not sure how he currently had direct debits or payments from the state pension going into there, would of thought you'd need a current account for that??

Yeah, his pension gets paid into it. Many years ago he didnt have any account then got a job that required one. The bank for some reason gave him a savings account. Any wages, benefits etc he has had since have went into the account.

donnajunkie

If switching isnt possible what can he do? Is the answer to just open a current account with hsbc? How straight forward would that be?

colsten

Zanderman said:

Your post is a little confusing - you say his only account is his savings account and yet you also talk of direct debits.
Savings accounts don't support direct debits - so I assume he has a current account?
If it is only a savings account you can't switch it - the switching service only deals with current accounts.
So could you clarify what he has?  Thanks

fenwick458 said:

the Current Account Switching Service (CASS) is for switching current accounts, not savings accounts.
I'm not sure how he currently had direct debits or payments from the state pension going into there, would of thought you'd need a current account for that??

Some older style savings accounts do still allow SOs and DDs, and some have debit cards, though these accounts are very rare now. I have one of these oddballs at Al Rayan, who are still honouring existing SOs and DDs but I can't cancel them myself now, and I definitely can't have any new ones. It sounds as if HSBC also have one of these, and is now phasing them out.

Zanderman

donnajunkie said:

If switching isnt possible what can he do? Is the answer to just open a current account with hsbc? How straight forward would that be?

Should be straightforward I'd assume - as they know who he is and his status (income etc).  Write or ring them up and ask.

EarthBoy

donnajunkie said:

If switching isnt possible what can he do? Is the answer to just open a current account with hsbc? How straight forward would that be?

As he's an existing customer of HSBC, opening a current account with them should be straightforward.  They might even be able to convert his existing savings account into a current account, who knows? There's no harm in asking.