How easy is it to switch current accounts?

Jolanta_Nowak

The idea of having to reorganise all my direct debits, standing orders and BACS payments over to another bank has always put me off switching accounts away from my 'current provider'.

Has anyone had direct experience of doing so and how painful a process was it?

KTF

I moved from RBS to Nationwide using Nationwides switching service and had no issues at all.

olly300

Most switching forms only ask for standing orders and direct debits.

Other BACs payments you need to sort out yourself. If you have and use online banking you should be able to write down/get those BAC details anyway and easily input them into the new system i.e. credit card company payments.

I moved from RBS to Nationwide a few years ago and while everything appeared to be moved over 3 companies I had direct debits with refused to take money from my Nationwide account until I contacted them myself. One company - Talk Talk, charged me for the bounced payment.

The companies that refused to do this claimed this was for "security" reasons as but to be honest all 3 of them are not known for their great administration and I've had to threaten 2 of them with, and actually took Talk Talk to their regulators at a later stage for administrative errors for other things. (I actually made money off Talk Talk in the end.)

I'm currently in the process of changing banks again due to some bad Nationwide service. (I don't like being interogated and then lied to by a Nationwide Branch Manager. ) And I'm getting the direct debit forms from companies myself because I've had administrative problems with the actual company just from moving house i.e. Tiscali

exel1966

It's hit and miss. Depends on the two banks you're switching between, how many S/O's DD's you have, how busy they are etc. Opening the new account can be done instantly, but the setting up of payments can take up to 4 weeks so you have to be very careful not to miss any payments. Never ever let the bank your switching to request closure of your old account ! Keep it open just in case you run into problems, then when you're happy all is Ok with the new account, close the old account yourself.

There's only one way to guarantee it will all run smoothly and that's to do it yourself ! It really is quite simple to set up online payments in most cases.

rbrian

I've been trying to switch for weeks now, but I haven't even managed to open another account. Halifax messed me about so much I gave up on them, and tried to open an account with Royal Bank of Scotland, who were offering £100 to switch. I sent the forms off a month ago and I have heard nothing since.

So it looks like I'll stay with Smile. The interest rate hasn't been market leading for years, but it's still better than most high street banks, and they actually have some customer service - I hadn't really noticed until I tried to change to Halifax, who bombarded me with requests for information I had taken into a branch more than once, and flat refused to talk to me on the phone, and Royal Bank of Scotland who don't communicate at all.