Account switch with 7 day switchover period. Too risky this close to payday?

Da_Crojanz

Looking to switch to the Nationwide FlexDirect account to get the £200 bonus. Halfway through the forms and I've noted that it says once the switch is ready to start it takes 7 working days. So if I switch today and it all goes ahead quickly the switch would be done around the 28th / 29th.

Thing is, I get paid on the 28th. Is this too risky? I know i won't lose money and that it should auto redirect the cash but am worried it will get jumbled up and might mean Idon't have access to my pay for a few days whilst it is sorted.

phillw

Payment redirection is immediate & if you're without your money then I'd expect to get some kind of compensation.

eskbanker

Da_Crojanz said:

I've noted that it says once the switch is ready to start it takes 7 working days

Have you already opened the account?  The fact that the switch process has a seven working day preparation window doesn't necessarily mean that it would happen exactly seven working days from when you're ready to start, in that banks may not offer the earliest possible dates, and in many cases you can choose a date anyway.

And in any case, once you have the account opened (and before the switch happens), you can inform your payroll team of the new details, rather than waiting for the switching process to do the redirecting for you.

flaneurs_lobster

Probably be fine. The switch may not start immediately so the timescale will shift beyond the month end. If you have already opened the Nationwide account you could change the salary payment details to them manually if your employer has time to do this before the 28th.

Have you got direct debits in place to switch?

Da_Crojanz

Thanks for all the replies. I've got DDs to switch and expect it will all redirect ok but as I'm in no hurry I will just wait until the 28th to do it just in case of any complications.

phillw

I personally don't switch the account my salary is paid into as I don't want them to know I switched banks every couple of months.

flaneurs_lobster

Da_Crojanz said:

Thanks for all the replies. I've got DDs to switch and expect it will all redirect ok but as I'm in no hurry I will just wait until the 28th to do it just in case of any complications.

That's definitely the safe solution but does, of course, risk Nationwide ending the £200 to switch promotion before your request.

[Deleted User]

It will either land in the original account and be transferred to Nationwide on the switch day or land after the switch has commenced and be forwarded to Nationwide.