HSBC Switch

MACKEM99

Beware doing multiple payments in and out my third one in same day was flagged up as fraud and I had to call them.  Took ages to get them to answer and very painful trying to explain it was to my account at another bank being paid to.

Daliah

MACKEM99 said:

Beware doing multiple payments in and out my third one in same day was flagged up as fraud and I had to call them.  Took ages to get them to answer and very painful trying to explain it was to my account at another bank being paid to.

This can happen at any bank these days. It's the result of campaigns by consumer organisations who forced the banks into repaying money lost in APP scams. Unsurprisingly, banks are now limiting their exposure by insisting on additional controls.

Trallallero

I have 2 current accounts with NatWest - can I switch one of them to take advantage of the offer or will they require that I close both?

PRAISETHESUN

Trallallero said:

I have 2 current accounts with NatWest - can I switch one of them to take advantage of the offer or will they require that I close both?

CASS treats each account separately - you switch a single account from one bank into a single account with another bank. If you only switch one of your NatWest accounts, then your other one will be unaffected.

huw01

HSBC seem to be paying most for switching quite often when they have an offer. 
I have a dormant HSBC account which was my first current account, it is no longer my current account I use but is still open and has a few quid in it. I've never closed it due to it being my longest held current account (since the 1990s)
If I closed it, sooner or later I would qualify for a switch incentive when HSBC had an offer open.
But I haven't closed it due to the belief that it would be harmful to my credit rating if I closed it. Is this actually the case ?

Daliah

huw01 said:

HSBC seem to be paying most for switching quite often when they have an offer. 
I have a dormant HSBC account which was my first current account, it is no longer my current account I use but is still open and has a few quid in it. I've never closed it due to it being my longest held current account (since the 1990s)
If I closed it, sooner or later I would qualify for a switch incentive when HSBC had an offer open.
But I haven't closed it due to the belief that it would be harmful to my credit rating if I closed it. Is this actually the case ?

Your credit rating is a largely meaningless number, and each of the CRAs have a different scoring system. You can be certain that a lender will do their own scoring, and ignore the scores of the CRAs. What lenders look at is the detail in your credit files  - number of hard searches, missed payments, debt, injunctions, longevity of accounts etc. Closing a longstanding account will obviously affect the longevity rating but it's unlikely to have a major affect on your overall creditworthiness.