📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Switching and closing current account from one bank to another.

Options
anotherquestion
anotherquestion Posts: 455 Forumite
Fifth Anniversary 100 Posts Name Dropper
edited 4 November 2020 at 7:43PM in Savings & investments
I have been offered a switching bonus to close my account at one bank and then open it at another, I do have an account at the bank I am changing to, so will be able to use that one, closing account at old bank as said, and swapping over direct debits and occupational pension to the new bank offering the bonus.
They have told me they will be able to do everything for me using the Switch system I believe, so hopefully everything will go to plan but probably expecting a few loops to jump through. I have an appointment to go and see the bank offering the once off bonus.

My question is as I can manually change a lot of the direct debits online anyway (as the new account already exists) should I do that, or simply let the new bank do all the work, maybe some direct debits not being set up right, or what ever system the bank is using such as Switch? would doing the direct debit changes online manually somehow confuse the system?
Obviously I would only do the changes online manually after my appointment with bank.
Thanks for any advice.

Comments

  • ctdctd
    ctdctd Posts: 1,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You need to let the switching service do everything, including closing your existing account or you may not get the switching bonus.
    I've done several - all have worked flawlessly.
    Do Money Saving sites make you buy more bargains - and spend more money?
  • cymruchris
    cymruchris Posts: 5,562 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    I’ve just started a switch today for the first time to get the hsbc £125 - I’m using a Monzo account as a donor to be closed - and have added two direct debits to fulfil the switch criteria. I’m just going to keep an eye on it and let it do it’s thing. 
  • ctdctd said:
    You need to let the switching service do everything, including closing your existing account or you may not get the switching bonus.
    I've done several - all have worked flawlessly.
    Thanks a lot for replies,  So wonder should I just let them notify my local authority LGPS pension scheme provider that I have changed accounts as well, as they have a website and its easy for me to log in and update the account details?
    Thanks so much
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599.1K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.