£175 bonus Switching accounts 6 November 2022 at 1:02AM in Budgeting & bank accounts 4 replies 385 views

caprian280

Hi All
I have just seen the first direct switching bonus of £175 when i switch accounts to them. 
My question is - i have a current account with my current bank, this has my wages paid into it and all my direct debits come out of it. 
I also have a couple of savings account with the same bank that are just sitting there with a few quid in. 
If i applied for the account/switched - can i just switch one of the savings pots over? Or would it end up closing my whole bank account down? Im worried it would require the whole lot to go over.
Cheers for any advice. 

rothesy

You are just switching your current account.  Why not just close the accounts with a few pounds in.

Zanderman

The switching system is for current accounts - it only switches one current account to another current account.

There is no mechanism for switching any other sort of account. 

So any other accounts you hold with the original bank stay there.

Katiehound

You savings accounts may be dependent on holding a current account with that particular bank, so if you switch the current account those savings a/cs may become null & void.

You would probably be better advised to hold onto you main account and open a donor account with the same bank. Once it is up and running and 'groomed' to meet the t&cs for Ist Direct then switch it.

In this day and age it is useful to have accounts in more than one bank in case of IT malfunctions etc.

PRAISETHESUN

caprian280 said:

Hi All
I have just seen the first direct switching bonus of £175 when i switch accounts to them. 
My question is - i have a current account with my current bank, this has my wages paid into it and all my direct debits come out of it. 
I also have a couple of savings account with the same bank that are just sitting there with a few quid in. 
If i applied for the account/switched - can i just switch one of the savings pots over? Or would it end up closing my whole bank account down? Im worried it would require the whole lot to go over.
Cheers for any advice. 

As has been mentioned above, the Current Account Switch Service (CASS) only switches current accounts. You cannot switch a savings account. The good thing however is that when you switch only the current account elect to switch is affected. Any other products you hold will not be closed (eg. other current accounts, savings accounts, credit cards, etc), but there may be complications if you close your current account (such as being unable to withdraw from savings without visiting a branch, etc) - check the T&Cs of the other products you hold for more information.

The CASS process will switch a single current account from Bank A into a single current account with Bank B. The easiest way to take advantage of switch incentives without closing down your existing main account would be to open a second current account (often called a "donor" or "dummy" account) and switch that one instead. This will leave your main day-to-day account unaffected but still allow you to take advantage of the various incentives on offer.