How long does it take to switch bank accounts really? – official MSE blog discussion

born_again

It takes 7 days to switch accounts. That is the time scale given as a minimum.
Most peoples will take longer as they select a date that suits their DD's. (don't want to switch on a day when they are going out)
So not quite sure why that question is asked? 

Switch to TSB (£50) took 10 days (as per above) no problems at all.
Switch to Virgin, said would be in contact. never did and I never bothered chasing up.

Zanderman

born_again said:

It takes 7 days to switch accounts. That is the time scale given as a minimum.
Most peoples will take longer as they select a date that suits their DD's. (don't want to switch on a day when they are going out)
So not quite sure why that question is asked? 

Switch to TSB (£50) took 10 days (as per above) no problems at all.
Switch to Virgin, said would be in contact. never did and I never bothered chasing up.

Technically, if you pick a switch date more than 7 days ahead, the switch still only takes 7 days, it just doesn't start until 7 days before you asked it to finish.

So a '10 day' switch is actually 3 days before starting to switch and then a 7 day switch. 

So they don't take longer really.

Just sayin'

sheramber

I have had my main current account with the same bank since 1968. I have not had any problems with the bank.

I have switched two current accounts that stopped paying interest to my main bank account  to get bonuses.

born_again

Zanderman said:

born_again said:

It takes 7 days to switch accounts. That is the time scale given as a minimum.
Most peoples will take longer as they select a date that suits their DD's. (don't want to switch on a day when they are going out)
So not quite sure why that question is asked? 

Switch to TSB (£50) took 10 days (as per above) no problems at all.
Switch to Virgin, said would be in contact. never did and I never bothered chasing up.

Technically, if you pick a switch date more than 7 days ahead, the switch still only takes 7 days, it just doesn't start until 7 days before you asked it to finish.

So a '10 day' switch is actually 3 days before starting to switch and then a 7 day switch. 

So they don't take longer really.

Just sayin'

Yep, when you think about it. 🤦‍♂️🤷‍♂️🤣

Making the OP's question even more daft....

EarthBoy

I've switched accounts, using CASS, about eight times.  Only once have I switched my main account, the rest were just donor or secondary accounts.  I haven't had a single problem with any of the switches; they've all gone like clockwork.

Malchester

Why is it outrageous that people have not switched their current account? MSE staff comments get sillier and sillier. I have had a NW current account for 35 years, never switched as it is easy to use, online banking with them is great and never had a problem. Did open a Tesco Account a few years back as a safety net and had some DD's paid from their and my salary paid in. Have switched it all to Nationwide now Tesco are closing their current accounts. It all went very well and have no intention of switching from Nationwide. Why should I switch for the sake of switching if everything is OK?

oldgwyn

We (my wife & I) have been through this process twice. First time was switching individual accounts from Halifax to NATWEST which went brilliantly. Funds paid on time & its a good bank to deal with.
We decided to switch a joint account from Halifax to FIRST DIRECT. This turned into a real saga & disaster. Firstly found could not open a joint acc on-line. Phones (35min to get a reply). Was advised to open a single then convert to joint, then do switch. To cut a VERY LONG story down after many phone calls (ave 25-35min to get answer) decided to close acc (at First Direct) & put it down to bitter experience!! The staff were extremely pleasant though.

Fingerbobs

Like some others here, I have "switched" secondary accounts a few times to claim the perks, but I still have the first bank account I ever opened 32 years ago. It's changed names and features a few times, but is still the same account with the same sort code and account number. Why would I want to "switch" that?

P.S. I've opened probably over a dozen current accounts, and if I add in savings accounts and credit cards I'm well into hundreds of accounts opened now, and I have never been asked for my passport number when applying for any of them.

ICV

This might not be the right thread to ask this but here goes anyway...

How long are payments to the old account redirected to the new account ?

I've got loads of other fin. accounts whose nominated account is my old current account & I can't be bothered to inform them all. If payments are only redirected for say one year, money might just disappear into the ether.

Also, when institutions are informed of the change of account do they just accept it or do they hassle you to confirm with statements etc. ?

EarthBoy

ICV said:

How long are payments to the old account redirected to the new account ?

Payments are redirected for a minimum of three years  Even after 3 years, they will continue to be redirected until 18 months have passed without any payments going into the old account, so the redirection could be indefinite.