Switching bank accounts - help

beckyben89

I'm fed up of Natwest, they were a pain when trying to get paper bank statements for my mortgage application over a year ago. Now I can't live chat to them without paying for a premier business account. I would like to move to Nationwide, whom I have a mortgage with. Trouble is, I just bought a car on finance, would I need to tell the finance company or is everything done automatically?

Fighter1986

If you use the switching process everything is done automatically.

I would suggest you schedule the switch date (this is part of the application process) for after your first direct debit is due to the car finance company, to be 100% sure that it shows as an active DD during the switching process.

I have banked with Natwest previously and currently bank with Nationwide. I wholeheartedly agree with your decision to move in that direction. You'll be much happier. 

colsten

Very important to remember that opening a current account, and switching to it, are two totally separate processes.

Despite this, many banks are offering the switch application as part of the application for the account. This is pretty irresponsible as it can then lead to all sorts of issues, with people stranded without money. 

To avoid these issues:

1. apply for your new current account
2. ensure you have full online / app access, a debit card, (a card reader if your chosen provider requires one, as Nationwide do), a PIN. Only if you have all these can you be sure that you have a working account.
3. when the account is fully operational, request the switch. This can be done online, through the app, or on the phone 

If you for some reason still feel you have to apply for the switch as part of the account application process, at least choose a switch date at some stage in the future, so that you can cancel the switch if the account opening goes pear shaped.  Although not all providers actually let you specify a switch date.