Switched banks but how quickly can I Switch again?

rb7oaks

I just switched to Nationwide and have bagged the £200 incentive - but after just a few weeks I am finding the bank is not the right one for me. This is because it seems that to make any payments, either by creating a new payee or pay an existing payee, you have to have a card reader and your debit card with you. I don't carry either of these around with me generally. I just found that I couldn't move money from my current account to another savings account that I have with another bank without these - which is really frustrating!

I have asked a friend who is with First Direct and apparently they don't use this 'physical constraint' in order to verify these actions. So my question is can I switch again to First Direct, and if I did would the switching service work for any payments coming into either my initial (now closed) bank account and the Nationwide that I just switched to?

GibbsRule_No3.

I am in the process of switching to Nationwide and also found it odd that I will need a card reader to do things, tad old fashioned, my current Co Op bank stopped using them ages ago.  I did not use the reader often when first introduced and the battery was always dead when I needed to use it on rare occasions.

I believe they do a hard search when swapping banks, so to switch again so soon might not look good.

blue.peter

GibbsRule_No3. said:

I am in the process of switching to Nationwide and also found it odd that I will need a card reader to do things, tad old fashioned, my current Co Op bank stopped using them ages ago. 

You'll find that you need the card reader quite a bit at first - mostly for setting up new payees or standing orders. However, once things are ticking over, you'll rarely need it. I don't think that I ever need to use one to pay an existing payee, so I found the OP's comment about this rather surprising. In order to log in to Internet Banking, you'll have a choice. You can either:

1. use your debit card and a card reader; or
2. obtain a one-time passcode to your mobile phone.

GibbsRule_No3. said:

I did not use the reader often when first introduced and the battery was always dead when I needed to use it on rare occasions.

The batteries can be replaced, of course, though that's assuming that you happen to keep the correct size in stock. If you happen to be going anywhere near a Nationwide branch, my experience is that they'll have a stock of card readers, and will be happy to give you one.

Having said that, they are a bit of a pain. OTPs are less of a nuisance.

GibbsRule_No3.

Passcode is reassuring.  You were right about needing the right batteries in stock, or timing out before you managed to replace them, so starting again.  Passcode via phone so much easier.

Brewer21

If it's not for you do it.
I can confirm you don't need any faff with card readers with FD, the app does most things straight off once you've set up a digital secure key. Been with FD for nearly 30 years and its a keeper (obviously) I'm a constant switcher😁

rb7oaks

I believe they do a hard search when swapping banks, so to switch again so soon might not look good.

Thanks - although I have just checked my credit report and no search reported - not even a soft one, which is a bit odd

rb7oaks

GibbsRule_No3. said:

I am in the process of switching to Nationwide and also found it odd that I will need a card reader to do things, tad old fashioned, my current Co Op bank stopped using them ages ago. 

You'll find that you need the card reader quite a bit at first - mostly for setting up new payees or standing orders. However, once things are ticking over, you'll rarely need it. I don't think that I ever need to use one to pay an existing payee, so I found the OP's comment about this rather surprising. In order to log in to Internet Banking, you'll have a choice. You can either:

1. use your debit card and a card reader; or
2. obtain a one-time passcode to your mobile phone.

Thanks - that might be reassuring if it gets less......maybe I'll give it a bit of time. It was a surprise to me that I was being asked for the card reader to move money to an existing payee (especially as that happened to be me, but the system wouldn't know that). Fairly sure that with the Halifax even OTPs weren't as dominant; could certainly logon to the internet banking without one.

Katiehound

With Halifax & Lloyd if you haven't logged on for a while or you are setting up a new payee you get an OTP- I have had a slew of them lately!
Would rather be using the card reader. At least Nationwide has a decent sized one, the HSBC one was so small it was something of a struggle to see the numbers/ hit the right keys!

In answer to the original question, once you have received the incentive I'm pretty sure you can move on.
I have never done that myself as there has generally been a good reason to keep the account for at least a year. In your case Nationwide will be paying interest for a year- after that, maybe move on.

Band7

You don't need an explanation/excuse for switching. You just do it. If there is any penalty for switching a switched account, it would be mentioned in the original switch offer terms.

Bridlington1

I've never particularly had any issues with Nationwide. With payments I have only had to use a card reader when setting up new payees and making my first payment to them, then after that no card reader is required. Even then I actually don't mind the card reader. It's certainly quicker to log in with a card reader than it is waiting for a one time passcode will arrive.

One thing to note regarding card readers is that you can use Natwest, RBS, Nationwide and Barclays card readers interchangeably. I know one person who keeps one at home, one in the car and one at work for this reason. I opened a Barclays account last week and for the last week have been using my Nationwide card reader whilst waiting for the Barclays card reader to arrive.

Anyhow, in answer to your questions, yes you can now switch to First Direct and yes your payments will be automatically forwarded onto your new account if you switch again. If someone makes a payment to your initial bank account it would get forwarded to your Nationwide account, which would then get forwarded to the First Direct account.

eskbanker

Bridlington1 said:

Anyhow, in answer to your questions, yes you can now switch to First Direct and yes your payments will be automatically forwarded onto your new account if you switch again. If someone makes a payment to your initial bank account it would get forwarded to your Nationwide account, which would then get forwarded to the First Direct account.

But not literally - all this is handled by a central redirection engine, so if someone switches from A to B and then on to C, a payment attempt to A will simply be rerouted straight to C rather than actually going via B as such....