Switching and nominated accounts

A._Badger

After decades with Lloyds, their branch closures and the newly announced requirement to pay £2,000 a month into my account has made me decide it's time to move. What I can't find out, however, is how the automatic switching service handles nominated accounts. For example, NS&I and some smaller banks with which I have fixed term savings accounts insist you have a nominated current account. Do they automatically transfer or am I going to have to do them manually?

Does anyone know, please?     

Band7

You have to change all your nominated accounts yourself, as there is no record on your current account of where you have used it as the nominated account.

Although the CASS will redirect payments coming into the old account to the new account, for at least 3 years.

A._Badger

Thank you. I think that will deter me, to be honest. Lloyds will have to try even harder to alienate me.

mebu60

Is usually quite straightforward to change nominated account online with each provider.

A suggestion: open a current bank account with a more convenient provider without switching. Use that as your primary day-to-day account migrating regular incomes and outgoings as suits, funding Lloyds as a workhorse for DDs/SOs and a receiver of nominated accounts. 

flaneurs_lobster

mebu60 said:

Is usually quite straightforward to change nominated account online with each provider.

A suggestion: open a current bank account with a more convenient provider without switching. Use that as your primary day-to-day account migrating regular incomes and outgoings as suits, funding Lloyds as a workhorse for DDs/SOs and a receiver of nominated accounts. 

......and downgrade the Lloyds account (if you don't want/need the perks) to avoid the £2K funding requirement.

Katiehound

flaneurs_lobster said:

mebu60 said:

Is usually quite straightforward to change nominated account online with each provider.

A suggestion: open a current bank account with a more convenient provider without switching. Use that as your primary day-to-day account migrating regular incomes and outgoings as suits, funding Lloyds as a workhorse for DDs/SOs and a receiver of nominated accounts. 

......and downgrade the Lloyds account (if you don't want/need the perks) to avoid the £2K funding requirement.

except it should be easy enough to maintain that requirement by paying in say £500 in and out x 4.
Many folk see that amount and say 'I can't pay in  that!' when in reality they should be looking at the total sum. 

I was guilty of this many years ago when Halifax Reward was first launched telling a friend I didn't get paid enough salary and she pointed out that  that may be what the bank wants you to think... but... it could be much smaller amounts of money. Then I twigged!

A._Badger

flaneurs_lobster said:

mebu60 said:

Is usually quite straightforward to change nominated account online with each provider.

A suggestion: open a current bank account with a more convenient provider without switching. Use that as your primary day-to-day account migrating regular incomes and outgoings as suits, funding Lloyds as a workhorse for DDs/SOs and a receiver of nominated accounts. 

......and downgrade the Lloyds account (if you don't want/need the perks) to avoid the £2K funding requirement.

The latter seems sensible. The perks, such as they are, seem pretty worthless to me.