Switch Questions

jameseonline

1) Has anyone on MSE thought about creating a Switch Board? 🤔😉😏🙄, noticed a lot of switch threads recently.

2) Am I dreaming or was there talk about extending switching to savings accounts as well?

Zanderman

There have been a lot of switch threads for many many years - there's nothing recent about that phenomenon!

A dedicated switch board might be a little ott though, as people would still be asking and posting about them in the bank accounts board regardless as they are, after all, about bank accounts.

Re savings account switches I don't recall anything, and can't see the point of having them, or at least any incentive for the banks to offer them.

The current account switch is a means of a bank getting (or hoping to get) your custom for transactions in shops etc - i.e. your actual banking (though many on here do them just for the incentives and not for actual banking). So there is an incentive for the bank to reward switching.  It can make money from you in transaction fees from the retail merchants.

A savings account is just a savings account - for which the bank won't gain anything much.

eskbanker

The key benefits of the current account switching service don't really apply to savings accounts, i.e. moving SO/DD mandates and automatically redirecting inbound payments from other individuals or companies, but I'm sure I recall at least one thread highlighting that an equivalent savings account switching service would avoid having to split large balances into manageable faster payments chunks (but still risk these being held for security checks) when migrating accounts to chase decent rates.