Bank switch when current account linked to savings account

Binky101

Hi all,
I've got a question about switching bank accounts. I'm keen to do this to get the £200 reward. I know the switch takes care of changing payments etc. However, I have an easy access savings account, and I can only pay into it or withdraw from it to my current account. The savings account provider is different to my current account provider, but when I signed up for the savings account, I had to provide one linked account, and only that one can be used.
How would this work if I switch banks? I don't have regular payments set up for it, I just add money as and when I can.
Thanks in advance for any help!

wiseonesomeofthetime

When I switched out one of my Virgin Money accounts, linked to Monmoutshire BS savings account, I found that withdrawals were automatically forwarded to my new account. However, I did not try deposits.

I would contact the savings account provider and notify them of a change of nominated link account.

It should not be too difficult to do, though you may have to generate a statement in your new account, should the savings account provider require proof that new current account is in your name.

Binky101

Thank you, that's a good idea 👍

grumbler

Binky101 said:

 I'm keen to do this to get the £200 reward.

For rewards it's better not to switch your main account. Open an extra account specially for switching.

TheBanker

Any credits to your current account (i.e. withdrawals from the savings account) will automatically be re-directed.

However you may find attempts to deposit more funds into the savings account from your new current account don't work. Some savings providers restrict credits to the 'known account' as part of their money laundering compliance.

As noted above the simplest action is to contact the savings provider and tell them you've changed your bank account. 

dealyboy

I have recently encountered your scenario Binky with my Santander 123 lite account and Marcus savings account.

My Santander account was my linked account and I switched that last year, but I forgot to check the Marcus linked account. I recently attempted to transfer from my 'switched to' account to Marcus and it bounced. When I looked at the linked account in my 'profile' it showed the old linked account which no longer exists, however Marcus Help/FAQ states that if the linked account is switched under CASS it will be updated to the new account, but it didn't happen.

I was able to update my linked account through the required procedure (uploading a recent statement), this took a day to process and I was able to complete the transfer immediately.

Binky101

Thanks dealyboy, my savings are also with Marcus so that's good to know! 
I looked at their terms and they suggest if switch done under CASS, you should withdraw £1 after switch has taken place to old account, and it will then be forwarded to new account. This in turn should update their records, and linked account should be changed automatically within a few days.