Which account to switch?

CarpyDaz

I've recently successfully completed switches to Halifax rewards and Santander edge and I'm now thinking of going for a first direct switch. I'm keeping the Santander as my main bank which leaves the Halifax rewards or chase. Can't make my mind up which to leave as I like the travel and mobile ins plus the breakdown cover on the Halifax, could I get those as separate policies cheaper than the £17 a month I ay for them?

Thanks in advance

Nasqueron

CarpyDaz said:

I've recently successfully completed switches to Halifax rewards and Santander edge and I'm now thinking of going for a first direct switch. I'm keeping the Santander as my main bank which leaves the Halifax rewards or chase. Can't make my mind up which to leave as I like the travel and mobile ins plus the breakdown cover on the Halifax, could I get those as separate policies cheaper than the £17 a month I ay for them?

Thanks in advance

What did you find out when you got quotes for the equivalent policies? Add them up and if it's less than £17 then switch, if more, then keep.

Or just create a new Halifax standard account and switch that

eskbanker

CarpyDaz said:

I've recently successfully completed switches to Halifax rewards and Santander edge and I'm now thinking of going for a first direct switch. I'm keeping the Santander as my main bank which leaves the Halifax rewards or chase. Can't make my mind up which to leave as I like the travel and mobile ins plus the breakdown cover on the Halifax, could I get those as separate policies cheaper than the £17 a month I ay for them?

https://www.moneysavingexpert.com/banking/best-packaged-bank-accounts/ highlights other packaged accounts, but whether or not other accounts and/or policies are more cost-effective will depend on your specific requirements.

Mark_d

I'm not a fan of packaged bank accounts - having previously used them at various banks and most recently at Nationwide.  When my car broke down I called the Nationwide breakdown service.  They instructed a local operator who took several hours to arrive.  The local operator advised me that they prioritise calls depending on how much the insurer pays them.  When I switched to GEM and my car broke down again, by coincidence the same local operator attended my callout.  But this time it took just over half an hour.  I made a complaint with Nationwide and they said it's all because of the contract they have with their breakdown provider.

Mobile phone insurance - I'm careful with my mobile phone.  I have a mid-range phone and I only use it when I'm in a safe place and fully aware of my surroundings.  If it was to get stolen, it might cost me £300 for a replacement phone.  But as I consider myself to be a much better than average risk, I self-insure.

Travel insurance - From what I've seen the packaged insurance policies tend not to cover pre-existing medical conditions, or travelling to participate in organised amateur sports competitions.  So why pay for an insurance policy that doesn't protect me?

Buying insurance policies separately allows you to get the policies that best meet your needs and don't entice you into having policies that sounds nice but are unnecessary.  The added freedom for switching banks accounts is a bonus.

Marcoos

Create a second 'burner' Chase account. Only takes a few seconds to do in the app

WillPS

Mark_d said:

Travel insurance - From what I've seen the packaged insurance policies tend not to cover pre-existing medical conditions, or travelling to participate in organised amateur sports competitions.  So why pay for an insurance policy that doesn't protect me?

Travel insurance protects more than just medical situations. I've made successful claims on Nationwide and Halifax travel insurance in the past for stays in England and Wales, where medical cover isn't even relevant.

jameseonline

Just create another account with an existing provider then use that new account to switch, that way you keep all existing benefits + gain from the new provider.

I keep any accounts I switch to, makes things easier should any loyalty accounts or other accounts launch because I'm already in a providers system.

Longer you with a provider the better these days, that's why I've got £1 in Skipton, £100 in Cambridge etc in the background.

CarpyDaz

Thanks for the replies. Buying all the policies separately would cost way more. I have opened a burner acc with the Halifax, should I keep it for a certain mount of time before switching? I have a mortgage with the Halifax too so wouldn't want any problems from them.

Nasqueron

You can switch pretty much as soon as you have the account though you might need the debit card details for some switches and obviously need to allow time for things like direct debits to be moved if you are doing a switch that requires that