Switching Accounts

p_smith_2

Hi
I am looking to switch my bank account and I have a couple of (hopefully not silly) questions!!
1. Is there an optimal time to start the switch? I have DD/SOs spread out throughout the month, does it matter when I initiate the switch or is it best to wait until all DD/SOs have been paid?
2. I am assuming I have to give my employer my new bank details, is there a safety net if my employer pays into the old account on the off chance that my details don't get updated in time for payroll?
3. Once the switch is complete does my old account remain open for a short period?
Many thanks

jay1804

1. Some people suggest to wait after direct debt and standing orders are paid. However you shouldn't need to, as your old account is still functional until the day 7 (Switch date).
2. Yes it's best to provide them with the new details, however any credits that are send to your old account and redirected the next day, and the sender is  supposed to be informed your new details.
3. Once it hit's day 7 your old account is closed, unless you do a partial switch.

colsten

In addition, do not request the switch until you have full access to your new account. That is, full online / app access, a debit card and a PIN.

You can “test” the new account by sending yourself some money from your old account.

mrsplinter

jay1804 said:

1. Some people suggest to wait after direct debt and standing orders are paid. However you shouldn't need to, as your old account is still functional until the day 7 (Switch date).
2. Yes it's best to provide them with the new details, however any credits that are send to your old account and redirected the next day, and the sender is  supposed to be informed your new details.
3. Once it hit's day 7 your old account is closed, unless you do a partial switch.

You don't need to notify your employer of your new bank details if using the switching service as the bank does this for you. I've switched accounts five times and this has happened each time.

The_weedie

They really do make it painless to switch. 

kuratowski

Yes - assuming you follow Colsten's advice and don't start the switch until you have online access and the payment card for your new account.  Otherwise it could turn out to be quite painful.

p_smith_2

Thanks for the advise all, I will get the new acct set up and then initiate the switch once my last DD has been taken