Banks closing accounts

ForumUser7

gary1312 said:

[Deleted User] said:

You can’t open a basic bank account if you have any UK current accounts as they are designed for people who aren’t eligible for a current account. You opening one (if you somehow succeeded) might be an even bigger red flag than switching out instantly. 

You’ll have to suck up a hard search unless you switch from Starling or Monzo, I’m afraid. I wrecked my imaginary scores in pursuit of the £2k free money. Worth it after all. 

It's not a problem with Santander. Their T&Cs for the Basic Account state that you can't have "more than one other current account with Santander". I have a Basic Account which was opened after the Everyday I'd opened for the switch bung. They are, however, an outlier. Very few banks even allow you to apply directly for their basic offerings, only Santander, TSB (who also allow one hold a Cash account as well as a mainstream one) and Co-op iirc.

That's good to know the basic ones are eligible for CASS - I wasn't 100% sure, and I noticed the ts and cs switching section referenced CASS for switching in, but not for switching out. I'll open one now to have it on hand as a donor account

gary1312

ForumUser7 said:

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

I did the reverse. Opened an Everyday for the bung, opened a Basic account afterwards and then ended up using the Everyday as a donor account for the Lloyds bung. Have had no problems, I still have my Basic account and two savings accounts. Mind, I had actually used the Everyday as my main account during its existence. 

However, I wouldn't use a bank with whom I wanted to maintain a long-term relationship as a source of donor accounts. Try TSB or Co-op Basic accounts instead maybe?

ForumUser7

gary1312 said:

ForumUser7 said:

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

I did the reverse. Opened an Everyday for the bung, opened a Basic account afterwards and then ended up using the Everyday as a donor account for the Lloyds bung. Have had no problems, I still have my Basic account and two savings accounts. Mind, I had actually used the Everyday as my main account during its existence. 

However, I wouldn't use a bank with whom I wanted to maintain a long-term relationship as a source of donor accounts. Try TSB or Co-op Basic accounts instead maybe?

I have the 123 mini with them too, so the 3% rate on the CA till I'm 18 feels worth keeping - also some people have those details, and I'd want to let them know of the new details, which would take additional time.

I know what you mean about the long-term relationships. My problem is I intend to retain them all long term, but some are more valuable than others. I'll probably move onto Metro bank as a source of donor accounts - I've seen they are quite good for these.

I have 2 CAs with TSB which are both good (under 19s with decent interest for holding RS funds in the last couple of days of the month, and student 5%), so I don't really want to switch one of those.

Co-op wise, I think it might be worth waiting for a good joining offer, but I may well re-evaluate my stance on this after how their offer went last time.

Regardless, I've actually already now opened the Santander Basic Account. I think using them for one donor is probably ok. After being with them for 6 years, I'd be surprised if they closed my account for this - but anything is possible. I also may not use the Santander account for these switches - it depends whose card out of theirs and nationwide's arrives first. I've opened 4 donor accounts, and for the NW RBS Ulster I only need 3.

Re Santander, their website says this in the eligibility: "You don’t already have a Basic Current Account, or more than one other current account with Santander". I'm not sure to interpret this as saying you cannot have another basic current account with any provider, or if it just means with Santander. I think as it has no comma before with Santander, my first interpretation may be correct, but not sure.

The only thing I now need to consider is whether to open a new RBS and NW account to switch into and therefore retain the donors, or just switch into my existing ones. It's a case of 2 credit checks (Nationwide, Ulster) vs 4 credit checks (NW, Nationwide, RBS, Ulster). I don't need to borrow currently, so I feel the credit checks may be worth it. The other aspect is it would be opening 3 NWG accounts in a short period, as opposed to 1... If anyone had any thoughts on this please, I'd really appreciate it!

Bridlington1

ForumUser7 said:

gary1312 said:

ForumUser7 said:

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

I did the reverse. Opened an Everyday for the bung, opened a Basic account afterwards and then ended up using the Everyday as a donor account for the Lloyds bung. Have had no problems, I still have my Basic account and two savings accounts. Mind, I had actually used the Everyday as my main account during its existence. 

However, I wouldn't use a bank with whom I wanted to maintain a long-term relationship as a source of donor accounts. Try TSB or Co-op Basic accounts instead maybe?

I have the 123 mini with them too, so the 3% rate on the CA till I'm 18 feels worth keeping - also some people have those details, and I'd want to let them know of the new details, which would take additional time.

I know what you mean about the long-term relationships. My problem is I intend to retain them all long term, but some are more valuable than others. I'll probably move onto Metro bank as a source of donor accounts - I've seen they are quite good for these.

I have 2 CAs with TSB which are both good (under 19s with decent interest for holding RS funds in the last couple of days of the month, and student 5%), so I don't really want to switch one of those.

Co-op wise, I think it might be worth waiting for a good joining offer, but I may well re-evaluate my stance on this after how their offer went last time.

Regardless, I've actually already now opened the Santander Basic Account. I think using them for one donor is probably ok. After being with them for 6 years, I'd be surprised if they closed my account for this - but anything is possible. I also may not use the Santander account for these switches - it depends whose card out of theirs and nationwide's arrives first. I've opened 4 donor accounts, and for the NW RBS Ulster I only need 3.

Re Santander, their website says this in the eligibility: "You don’t already have a Basic Current Account, or more than one other current account with Santander". I'm not sure to interpret this as saying you cannot have another basic current account with any provider, or if it just means with Santander. I think as it has no comma before with Santander, my first interpretation may be correct, but not sure.

The only thing I now need to consider is whether to open a new RBS and NW account to switch into and therefore retain the donors, or just switch into my existing ones. It's a case of 2 credit checks (Nationwide, Ulster) vs 4 credit checks (NW, Nationwide, RBS, Ulster). I don't need to borrow currently, so I feel the credit checks may be worth it. The other aspect is it would be opening 3 NWG accounts in a short period, as opposed to 1... If anyone had any thoughts on this please, I'd really appreciate it!

If I were you I'd keep your oldest Santander account for the sake of longevity your credit report.

The TSB under 19s account only pays 2.5% if I'm not mistaken so there's little point in keeping it, particularly if you already have another TSB current account. For regular saver funds I'd just transfer the money out of whichever account they were previously in on 1st of the month in order to minimise interest loss. 

I would avoid opening a Co-op account in case they launch a new refer a friend offer. The main issues with the last offers were faced by those who had received money from them previously and switched out, then in again for another go. Customers who had never banked with them before were usually ok, indeed I had no issues when I first switched to them in May, so I'd wait till they launch a new offer and know someone who'll refer you/someone who you can refer before opening an account with them. 

I'd lean towards opening a new account with Natwest, RBS and Ulster to switch into. I can't imagine they'll mind you doing this provided you don't start switching accounts out within a short timeframe (though as evidenced by my most recent thread I have been horribly wrong before). When I first started banking with Natwest/RBS I opened an account with each on the same day then did the same again in January followed by Ulster in February or March and haven't had any issues. Doing it this way gives you a couple of donor accounts you can use a few years down the line for other offers whilst allowing you to keep the Natwest/RBS reward accounts when you do finally switch out an account. 

I wouldn't worry about the hard searches if I were you. As long as you aren't planning on getting a mortgage etc within the next year you can pretty much ignore them. At one point I had just over 10 hard searches on my credit report and was still able to open new accounts/take out ODs. One of my lecturers has been opening and switching accounts for years and has never had any issues with getting credit. I think the thing that would cause you more issues at the moment with regards to credit access will be your lack of credit history, combined with low income, but the former can be mitigated by getting a credit card, using it for day to day spending and always paying it off in full (plus generates a DD).

ForumUser7

Bridlington1 said:

ForumUser7 said:

gary1312 said:

ForumUser7 said:

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

I did the reverse. Opened an Everyday for the bung, opened a Basic account afterwards and then ended up using the Everyday as a donor account for the Lloyds bung. Have had no problems, I still have my Basic account and two savings accounts. Mind, I had actually used the Everyday as my main account during its existence. 

However, I wouldn't use a bank with whom I wanted to maintain a long-term relationship as a source of donor accounts. Try TSB or Co-op Basic accounts instead maybe?

I have the 123 mini with them too, so the 3% rate on the CA till I'm 18 feels worth keeping - also some people have those details, and I'd want to let them know of the new details, which would take additional time.

I know what you mean about the long-term relationships. My problem is I intend to retain them all long term, but some are more valuable than others. I'll probably move onto Metro bank as a source of donor accounts - I've seen they are quite good for these.

I have 2 CAs with TSB which are both good (under 19s with decent interest for holding RS funds in the last couple of days of the month, and student 5%), so I don't really want to switch one of those.

Co-op wise, I think it might be worth waiting for a good joining offer, but I may well re-evaluate my stance on this after how their offer went last time.

Regardless, I've actually already now opened the Santander Basic Account. I think using them for one donor is probably ok. After being with them for 6 years, I'd be surprised if they closed my account for this - but anything is possible. I also may not use the Santander account for these switches - it depends whose card out of theirs and nationwide's arrives first. I've opened 4 donor accounts, and for the NW RBS Ulster I only need 3.

Re Santander, their website says this in the eligibility: "You don’t already have a Basic Current Account, or more than one other current account with Santander". I'm not sure to interpret this as saying you cannot have another basic current account with any provider, or if it just means with Santander. I think as it has no comma before with Santander, my first interpretation may be correct, but not sure.

The only thing I now need to consider is whether to open a new RBS and NW account to switch into and therefore retain the donors, or just switch into my existing ones. It's a case of 2 credit checks (Nationwide, Ulster) vs 4 credit checks (NW, Nationwide, RBS, Ulster). I don't need to borrow currently, so I feel the credit checks may be worth it. The other aspect is it would be opening 3 NWG accounts in a short period, as opposed to 1... If anyone had any thoughts on this please, I'd really appreciate it!

If I were you I'd keep your oldest Santander account for the sake of longevity your credit report.

The TSB under 19s account only pays 2.5% if I'm not mistaken so there's little point in keeping it, particularly if you already have another TSB current account. For regular saver funds I'd just transfer the money out of whichever account they were previously in on 1st of the month in order to minimise interest loss. 

I would avoid opening a Co-op account in case they launch a new refer a friend offer. The main issues with the last offers were faced by those who had received money from them previously and switched out, then in again for another go. Customers who had never banked with them before were usually ok, indeed I had no issues when I first switched to them in May, so I'd wait till they launch a new offer and know someone who'll refer you/someone who you can refer before opening an account with them. 

I'd lean towards opening a new account with Natwest, RBS and Ulster to switch into. I can't imagine they'll mind you doing this provided you don't start switching accounts out within a short timeframe (though as evidenced by my most recent thread I have been horribly wrong before). When I first started banking with Natwest/RBS I opened an account with each on the same day then did the same again in January followed by Ulster in February or March and haven't had any issues. Doing it this way gives you a couple of donor accounts you can use a few years down the line for other offers whilst allowing you to keep the Natwest/RBS reward accounts when you do finally switch out an account. 

I wouldn't worry about the hard searches if I were you. As long as you aren't planning on getting a mortgage etc within the next year you can pretty much ignore them. At one point I had just over 10 hard searches on my credit report and was still able to open new accounts/take out ODs. One of my lecturers has been opening and switching accounts for years and has never had any issues with getting credit. I think the thing that would cause you more issues at the moment with regards to credit access will be your lack of credit history, combined with low income, but the former can be mitigated by getting a credit card, using it for day to day spending and always paying it off in full (plus generates a DD).

Thank you @bridlington1 - I'll ask them to open new accounts, and continue to avoid Co-op for now. I'll use Metro as a source of switcher accounts

You're right re the TSB rate - it's just that it is also a nominated account for a couple of building societies too, so I'd need to get that all changed over first. Certainly after it matures into spend and save, and after the £5 promo period, I'll use it as a switching account. Same with when the flex direct 5% matures - if I open it. I'm considering whether or not to open it, in case a better offer from them comes along.

My BoS and Lloyds card details are now available in the app - trying to resist the temptation to do it right away, as I aught to wait till my 3rd switcher account is set up, so I can get all 3 in one go (if it is withdrawn after I've done NW and RBS but not Ulster, I may lose access to the Ulster offer).

Bridlington1

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

gary1312 said:

ForumUser7 said:

Context: I want to switch into an existing RBS and NatWest account, and possibly open an ulster one, to get the £600 of switching bonuses. 

If I was to apply for a Santander basic account, and switch it out as soon as it was opened, this would be a red flag for the bank right? I've been with Santander 6 years, so don't want to lose my main account by switching it. There are not any providers (excl groups) with which I hold more than one account, so not really sure what to do. I was considering metro bank for switching accounts, as I have no other accounts with them, but apparently they do a hard search for each new current account. I note the thread says they don't, but I called them just now and the agent checked and said they do, even for existing customers.

I don't think it is wise to do 3 switches out of one provider, so I'll need to look around this thread https://forums.moneysavingexpert.com/discussion/6422051/list-of-banks-with-hard-vs-soft-searches-for-current-accounts#latest to find some other providers to use too.

I did the reverse. Opened an Everyday for the bung, opened a Basic account afterwards and then ended up using the Everyday as a donor account for the Lloyds bung. Have had no problems, I still have my Basic account and two savings accounts. Mind, I had actually used the Everyday as my main account during its existence. 

However, I wouldn't use a bank with whom I wanted to maintain a long-term relationship as a source of donor accounts. Try TSB or Co-op Basic accounts instead maybe?

I have the 123 mini with them too, so the 3% rate on the CA till I'm 18 feels worth keeping - also some people have those details, and I'd want to let them know of the new details, which would take additional time.

I know what you mean about the long-term relationships. My problem is I intend to retain them all long term, but some are more valuable than others. I'll probably move onto Metro bank as a source of donor accounts - I've seen they are quite good for these.

I have 2 CAs with TSB which are both good (under 19s with decent interest for holding RS funds in the last couple of days of the month, and student 5%), so I don't really want to switch one of those.

Co-op wise, I think it might be worth waiting for a good joining offer, but I may well re-evaluate my stance on this after how their offer went last time.

Regardless, I've actually already now opened the Santander Basic Account. I think using them for one donor is probably ok. After being with them for 6 years, I'd be surprised if they closed my account for this - but anything is possible. I also may not use the Santander account for these switches - it depends whose card out of theirs and nationwide's arrives first. I've opened 4 donor accounts, and for the NW RBS Ulster I only need 3.

Re Santander, their website says this in the eligibility: "You don’t already have a Basic Current Account, or more than one other current account with Santander". I'm not sure to interpret this as saying you cannot have another basic current account with any provider, or if it just means with Santander. I think as it has no comma before with Santander, my first interpretation may be correct, but not sure.

The only thing I now need to consider is whether to open a new RBS and NW account to switch into and therefore retain the donors, or just switch into my existing ones. It's a case of 2 credit checks (Nationwide, Ulster) vs 4 credit checks (NW, Nationwide, RBS, Ulster). I don't need to borrow currently, so I feel the credit checks may be worth it. The other aspect is it would be opening 3 NWG accounts in a short period, as opposed to 1... If anyone had any thoughts on this please, I'd really appreciate it!

If I were you I'd keep your oldest Santander account for the sake of longevity your credit report.

The TSB under 19s account only pays 2.5% if I'm not mistaken so there's little point in keeping it, particularly if you already have another TSB current account. For regular saver funds I'd just transfer the money out of whichever account they were previously in on 1st of the month in order to minimise interest loss. 

I would avoid opening a Co-op account in case they launch a new refer a friend offer. The main issues with the last offers were faced by those who had received money from them previously and switched out, then in again for another go. Customers who had never banked with them before were usually ok, indeed I had no issues when I first switched to them in May, so I'd wait till they launch a new offer and know someone who'll refer you/someone who you can refer before opening an account with them. 

I'd lean towards opening a new account with Natwest, RBS and Ulster to switch into. I can't imagine they'll mind you doing this provided you don't start switching accounts out within a short timeframe (though as evidenced by my most recent thread I have been horribly wrong before). When I first started banking with Natwest/RBS I opened an account with each on the same day then did the same again in January followed by Ulster in February or March and haven't had any issues. Doing it this way gives you a couple of donor accounts you can use a few years down the line for other offers whilst allowing you to keep the Natwest/RBS reward accounts when you do finally switch out an account. 

I wouldn't worry about the hard searches if I were you. As long as you aren't planning on getting a mortgage etc within the next year you can pretty much ignore them. At one point I had just over 10 hard searches on my credit report and was still able to open new accounts/take out ODs. One of my lecturers has been opening and switching accounts for years and has never had any issues with getting credit. I think the thing that would cause you more issues at the moment with regards to credit access will be your lack of credit history, combined with low income, but the former can be mitigated by getting a credit card, using it for day to day spending and always paying it off in full (plus generates a DD).

Thank you @bridlington1 - I'll ask them to open new accounts, and continue to avoid Co-op for now. I'll use Metro as a source of switcher accounts

You're right re the TSB rate - it's just that it is also a nominated account for a couple of building societies too, so I'd need to get that all changed over first. Certainly after it matures into spend and save, and after the £5 promo period, I'll use it as a switching account. Same with when the flex direct 5% matures - if I open it. I'm considering whether or not to open it, in case a better offer from them comes along.

My BoS and Lloyds card details are now available in the app - trying to resist the temptation to do it right away, as I aught to wait till my 3rd switcher account is set up, so I can get all 3 in one go (if it is withdrawn after I've done NW and RBS but not Ulster, I may lose access to the Ulster offer).

If I'm not mistaken you can convert the TSB under 19s into a spend and save now, so can get the cashback then by October you'll have an ideal donor account, particularly if you set up a couple of DDs on it rearing and ready to go. 

I'd be tempted to do the Ulster switch before you do Natwest/RBS, purely because Natwest/RBS seem to run switching offers more frequently than Ulster. I would imagine Natwest/RBS will likely launch other switching offers around the £200 mark in the future so if you miss one of them off it's not as big an issue as missing Ulster.

gary1312

ForumUser7 said:

Re Santander, their website says this in the eligibility: "You don’t already have a Basic Current Account, or more than one other current account with Santander". I'm not sure to interpret this as saying you cannot have another basic current account with any provider, or if it just means with Santander. I think as it has no comma before with Santander, my first interpretation may be correct, but not sure.

I'd say the capitalisation of 'Basic Current Account' supports your second interpretation. 

ForumUser7

gary1312 said:

ForumUser7 said:

Re Santander, their website says this in the eligibility: "You don’t already have a Basic Current Account, or more than one other current account with Santander". I'm not sure to interpret this as saying you cannot have another basic current account with any provider, or if it just means with Santander. I think as it has no comma before with Santander, my first interpretation may be correct, but not sure.

I'd say the capitalisation of 'Basic Current Account' supports your second interpretation. 

I suppose - also for example, HSBC offers a Basic Bank Account, Nationwide a FlexBasic etc. These are the same type of product, but with different names.

SMITHERSP64

I switched to First Direct after watching Martin's programne to get ther £175.00 switch reward.  - only had wife's wages going in & 3  direct debits going out totalling about £90.00. I suddenly couldn't access my app so rang them - they said a letter had gone out THAT day telling me they were closing the account (on THAT DAY! ) and would not give a reason. I asked about DD's i had due next couple of days & they said nothing they can do about that & I had to set them up again elsewhere !  I suspect they have done this purely because of the fact that after wife's wages go in & the direct debits go out any leftover money of around £1k a month I move to another higher interest account & they don't like that ? Anybody else experienced this ? I find this extremely unprofessional to say the least ! 

WillPS

SMITHERSP64 said:

I switched to First Direct after watching Martin's programne to get ther £175.00 switch reward.  - only had wife's wages going in & 3  direct debits going out totalling about £90.00. I suddenly couldn't access my app so rang them - they said a letter had gone out THAT day telling me they were closing the account (on THAT DAY! ) and would not give a reason. I asked about DD's i had due next couple of days & they said nothing they can do about that & I had to set them up again elsewhere !  I suspect they have done this purely because of the fact that after wife's wages go in & the direct debits go out any leftover money of around £1k a month I move to another higher interest account & they don't like that ? Anybody else experienced this ? I find this extremely unprofessional to say the least ! 

Very much doubt that's the reason.