Intend switching bank account

icedms

I’m looking to switch bank accounts to get the reward. I also have an ISA and a savings account at the bank I’m switching from.
When I switch will all the accounts close or just the current account?
I don’t really care about closing the others there’s only a couple of £1000 in them so the interest in negligible - I just want to understand what happens.
thanks 😊 

eskbanker

As the name implies, the Current Account Switching Service only switches (and closes) a current account, so it doesn't in itself close any others.

However, in some cases a savings account will be conditional on a current account at the same institution, so the bank might close it anyway - you'd need to check the Ts & Cs concerned.  Likewise, withdrawals from some savings accounts can only be made to a current account at the same institution, so you might find an account 'orphaned' in that way, so again check the details for the accounts concerned....

icedms

Would I have to request the terms and conditions for the savings and isa - there not obvious on the website?

Band7

Name the account(s) you have, and the bank, then people can try and give you a specific answer. Or ask your bank.

 

GibbsRule_No3.

Interesting question, since I have just used Switch from my old CoOp to Nationwide, I had not even considered about my Savings account with CoOP but my sister asked the same question.  Surely if mine, or your Savings account were dependent on having a Current account we would be told to close, said savings one and move it to a new account?  I am considering changing anyway but wanted the new Current account to settle in before a move as I want to divide the money into different terms of tying up savings between Instant and  1 - 3 years now I have a little pot of money.

icedms

I’ve just had a quick (is that even possible) read through my savings and ISA terms and conditions and I can’t see any mention of it being linked to a current account.
i wonder if there are any other things to consider that I haven’t considered lol because I don’t know about them! Will have a shufty through the forum and see if anything jumps out.

grumbler

Did you check if you can transfer money from your ISA and savings account to another bank?

If it's your only current account, it's much better to open another current account, possibly with the same bank, and then use it for switching.

Band7

GibbsRule_No3. said:

Interesting question, since I have just used Switch from my old CoOp to Nationwide, I had not even considered about my Savings account with CoOP but my sister asked the same question.  Surely if mine, or your Savings account were dependent on having a Current account we would be told to close, said savings one and move it to a new account?  I am considering changing anyway but wanted the new Current account to settle in before a move as I want to divide the money into different terms of tying up savings between Instant and  1 - 3 years now I have a little pot of money.

That's expecting too much. 

There have been recent reports from people who had switched their HSBC or their Virgin Money current accounts, and then found themselves with 'orphaned' savings accounts, out of which they couldn't get their money because they could only do so via the bank's current account.

Getting your money out is not a problem for ISAs, as you can request an ISA transfer for all ISAs. It very much is a problem for non-ISA accounts. Some people are struggling right now with getting their money out of HSBC. I believe similar issues might exist at TSB, and also other banks. 

Band7

icedms said:

 
i wonder if there are any other things to consider that I haven’t considered lol because I don’t know about them! Will have a shufty through the forum and see if anything jumps out.

Yes. Consider keeping your existing current account, especially if you have held it for many years, as it impacts you account longevity once it's been closed.

If all you are after is a switch bonus, get yourself one or two donor/burner accounts and switch those.

grumbler

Band7 said:

GibbsRule_No3. said:

Interesting question, since I have just used Switch from my old CoOp to Nationwide, I had not even considered about my Savings account with CoOP but my sister asked the same question.  Surely if mine, or your Savings account were dependent on having a Current account we would be told to close, said savings one and move it to a new account?  I am considering changing anyway but wanted the new Current account to settle in before a move as I want to divide the money into different terms of tying up savings between Instant and  1 - 3 years now I have a little pot of money.

Getting your money out is not a problem for ISAs, as you can request an ISA transfer for all ISAs.

ISAs work both ways - you can add money and withdraw it - especially given the current £20K annual limit and the fact that some ISAs are flexible.

Yes, you can transfer it as a last resort - if there are no other ways of making even a partial withdrawal.

dealyboy

Hi icedms.

I switched my CA from Santander to Nationwide BS recently (after over 30 years with Santander and Abbey/Abbey National).

I still have an eSaver with Santander and can set up payments and transfer in/out under the Faster Payment System. I can login to online banking as before and if I wished I could open a current account again as invited by letter.

I don't know who you are with but if you told us we would could give some very good feedback.