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

eskbanker

EarthBoy said:

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.

13 rather than 18 months, according to the standard template wording used in switching agreements:

1.14 In the unlikely event that payments continue to be redirected to your New Account during the 13 months leading up to the end of the 3 year redirection period we will automatically extend the redirection service and the term of this Agreement until such time as there is a 13 month period when no Direct Debits, Bacs Direct Credits or Faster Payment transactions have been automatically redirected by the central redirection service. Consequently payments made with intervals of more than 13 months will be disregarded.

LightKnow

Am looking into doing A switch or few for the cash the bank give but my question is. Is it ok to do or can it have consequences?

e.g If I already have two bank accounts, can I switch both of them for cash offers ? I dont see that it has be a main account. So am guessing any active account in my bank will do ? 

Daliah

You can switch any current account you like to switch. In order to get a switch bonus, your account must be with a bank or building society which supports CASS (most are).

jimjames

Daliah said:

You can switch any current account you like to switch. In order to get a switch bonus, your account must be with a bank or building society which supports CASS (most are).

And for clarity you also need to meet the exact terms of the switch which can vary significantly between banks

LightKnow

Thanks for information, So I read more about nationwide requirements.  Majority of it seems fine: dont look like Sub apply like Amazon etc but I have A monthly payment for mobile that should count? Am guessing charity ? Will do ? And am tad confused does my new account need make 2 direct payment or does just need show up for the bonus?