Advice on changing bank accounts please..
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C._Harper
Posts: 9 Forumite
Hi there,
My parents in law have several accounts including ISAs with NatWest. Both of them are now housebound and frankly NatWest have been very unhelpful and a bit of a nightmare to deal with.
They have decided they would like to change to a different bank and my questions are
1. Can they do it all online?
2. Can you also transfer savings and ISA accounts online?
3. If accounts are currently held in a single name, when opening a new account can you merge them into joint accounts?
4. If photo ID is needed we have a problem as my Father-in-Law doesn't have a passport and his driving licence expired some years ago, he is now medically unfit to drive. Any ideas on what we do if that scenario arises?
Very many thanks in advance !
My parents in law have several accounts including ISAs with NatWest. Both of them are now housebound and frankly NatWest have been very unhelpful and a bit of a nightmare to deal with.
They have decided they would like to change to a different bank and my questions are
1. Can they do it all online?
2. Can you also transfer savings and ISA accounts online?
3. If accounts are currently held in a single name, when opening a new account can you merge them into joint accounts?
4. If photo ID is needed we have a problem as my Father-in-Law doesn't have a passport and his driving licence expired some years ago, he is now medically unfit to drive. Any ideas on what we do if that scenario arises?
Very many thanks in advance !
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Comments
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Info on the CASS process here: https://www.currentaccountswitch.co.uk/ and the process various from bank to bank for how they implement it, but generally:
1) If the bank they are switching to offers it, then yes they can switch online. Most banks do.
2) Specifically for ISAs, there is a special transfer process they need go to through with their new ISA provider. DO NOT withdraw the money yourself as it will lose it's ISA status and they will only be able to deposit £20k into the new ISA. Transfers of existing ISA money between providers don't have this issue. For regular savings, they will need to transfer the money themselves. There is no automatic process for this.
3) Accounts being switched need to be in the same name at both banks, but if they are both named on a joint account then they can switch their own sole accounts to the joint account. The process to open joint accounts varies between banks.
4) Many banks can verify applicants electronically these days, but they also accept a range of identification documents if they get referred for ID checks. Check the specific bank you are thinking of applying to to see what they will accept, but plenty of non-photo ID documents can be accepted (eg. HMRC letters, utility bills, etc).2 -
1. For current accounts - most banks let you do everything online nowadays, a few need branch visits if they can't identify applicants electronically and need ID to be presented, but even that's a rarity nowadays.2. ISA transfer procedures vary between providers, most let you submit a transfer request online nowadays tho. Savings accounts can't be transferred, so just open one elsewhere and move the money manually when possible.3. Best to stick with the same account type (sole stays sole, joint stays joint) until after the CASS has finished. Once that's complete, you should be able to turn a sole in to a joint or vice versa - though do be aware that some providers end up asking you to complete/request this in branch.4. Deal with that when you get to it, I would. Passport or driving license are not the only options, see here for the full list Lloyds support (it differs a little between providers but you get the gist).3
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C._Harper said:4. If photo ID is needed we have a problem as my Father-in-Law doesn't have a passport and his driving licence expired some years ago, he is now medically unfit to drive. Any ideas on what we do if that scenario arises?
That was an accepted form of photo-id for the recent elections1 -
What is the problem with NatWest? I have had my main current account with them for 48 years without any problems.
How would you know if the new bank would be any better? It may even be worse. I have, or have previously had accounts with over 20 other banks and none have better services than NatWest.
What the other banks often do have is some better savings rates and cashback schemes.
Be aware though that NatWest have 7 years of transaction history available online. If you switch away, the account will be closed and online access to these transactions will be lost. You would need to rely on paper statements or downloaded transactions.
PS: NatWest have a priority phone line for the over 65s. I was connected in seconds and was told about this. I was connected there after going through online identification so I assume this must have been on my account profile.2 -
Thanks so much for your advice everyone, totally invaluable and, the blue badge is a brilliant idea I will start an application for one x0
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RG2015 said:
PS: NatWest have a priority phone line for the over 65s. I was connected in seconds and was told about this. I was connected there after going through online identification so I assume this must have been on my account profile.We have a dedicated support line set up for customers who are over 60.
It's managed by a dedicated team of Customer Care experts and is open from 8am – 8pm, 7 days a week.
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C._Harper said:Both of them are now housebound1
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