Automatic Closure of Credit Card

mikeisathome

I'm thinking of doing a switch to a new bank. In the process I will be closing my existing current account. Will this mean that my existing Credit Card account will also be closed by the switching process?

prettyandfluffy

No, your credit card is under a separate agreement.  Likewise if you want a credit card from your new bank you will need to apply for it.

EarthBoy

No, the switch will only close your current account.  It won't close your credit card.

born_again

Or any savings accounts...

Emmia

born_again said:

Or any savings accounts...

Which can be an issue, if the money in the savings accounts can only be withdrawn to a current account at the same bank.

spinningsheep

Emmia said:

born_again said:

Or any savings accounts...

Which can be an issue, if the money in the savings accounts can only be withdrawn to a current account at the same bank.

I had wondered about this when I switched from Nationwide to FD, but the funds being transferred to the nominated closed account automatically "pinged" to my FD account in mins as I'd used the current account switching service. 

Volcane

Both Nationwide and First Direct have credit cards you can only apply for / have if you have a current account with them. If you close or switch away your current account I assume you’d lose the credit card too in these cases…. Does anybody know for certain ?

born_again

Volcane said:

Both Nationwide and First Direct have credit cards you can only apply for / have if you have a current account with them. If you close or switch away your current account I assume you’d lose the credit card too in these cases…. Does anybody know for certain ?

CASS only effects the CURRENT ACCOUNT.
Any other accounts are not effected...

All covered on the CASS website

https://www.currentaccountswitch.co.uk/

EarthBoy

Volcane said:

Both Nationwide and First Direct have credit cards you can only apply for / have if you have a current account with them. If you close or switch away your current account I assume you’d lose the credit card too in these cases…. Does anybody know for certain ?

You need a current account to apply for them, but not to keep them.  I closed my First Direct current account but kept the credit card for years. 

WillPS

EarthBoy said:

Volcane said:

Both Nationwide and First Direct have credit cards you can only apply for / have if you have a current account with them. If you close or switch away your current account I assume you’d lose the credit card too in these cases…. Does anybody know for certain ?

You need a current account to apply for them, but not to keep them.  I closed my First Direct current account but kept the credit card for years. 

Some regular savings stipulate the regular deposit must come from a current account with the same bank, although to my knowledge the only group to enforce this are Santander (by virtue of not giving regular savers a standard sort code/account number).