Switching back accounts 3 March at 9:17PM in Budgeting & bank accounts 4 replies 163 views

coconutcurls

Can I switch bank accounts and get the ££ incentive if I am paying a loan to my current bank?

grumbler

Yes, you can, unless the loan T&C explicitly say that your must have a current account with them (very unlikely).

coconutcurls

Thank you @grumbler

So the direct debt for my loan will go from the new account to the old account automatically like all of the other ones?

grumbler

Yes, it's just a DD, the same as all other DDs.

grumbler

However, if it's your main and the only account and you are happy with it, it's not recommended to switch it for a bonus. Open a new account, possibly with the same bank, change some DDs to it if they are required for the bonus, then switch the new account.