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Switch to new account to organise existing

I’m wondering can I have some advice- I’ve multiple bank accounts with Direct debits,  standing orders coming out and wages and benefits going in. I’ve ADHD and find it very hard to know what I’ve got and what I don’t and the thought of trying to contact each company etc as well as benefits office overwhelms me. I currently bank with Santander (5 different accounts)  also have another account Nationwide account. 
I was thinking if I do a switcher and then give details of all my bank accounts to the switching team would this not solve this issue and have it all coming and going out of one account and then I can keep track of it better. Is this a good idea? 
Also my credit rating is awful (I’ve late payments etc) so was thinking if I had it all in one account would that not be better for building my credit rating etc too? 
Anyone any advice? 

Comments

  • Mark_d
    Mark_d Posts: 1,942 Forumite
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    I think that sounds like a great idea.  There are a lot of benefits to keeping things simple. 
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,502 Forumite
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    edited 25 July 2024 at 1:51PM
    When you switch an account to another bank, your account at your old bank is closed. If you have multiple accounts with multiple banks, you will need to do multiple switches, but there is nothing stopping you switching them all to the same account at the bank you want to end up at. This will close all your accounts except one, so all your financial transactions will be in one place - which I assume is what you're after? Having a only a single account with a single bank could be an issue as it is a single point of failure (eg. how would you cope if an IT issues prevent you withdrawing money to pay your bills?), but if it helps you manage your problems then it might be worth the risk to you.

    As for credit rating/score, ignore them. The actual numbers aren't seen by lenders and are mostly a marketing gimmick to encourage you to buy things. What matter most is your credit history. As long as your accounts are in good standing and your bills are paid on time, then it doesn't really matter if you have 1 account or 10.
  • Robin9
    Robin9 Posts: 12,471 Forumite
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    Don't think you can do a multi-switch but I may be corrected.

    It's a good idea to have two different banks in case of any one of them having IT issues.

    Could you not consolidate the Santander accounts into one?

    I agree it's easy to get into a twist with multiple accounts - I also have Santander and Nationwide plus Halifax - particularly when income dates change 

    Never pay on an estimated bill. Always read and understand your bill
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,502 Forumite
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    Robin9 said:
    Don't think you can do a multi-switch but I may be corrected.

    It's a good idea to have two different banks in case of any one of them having IT issues.

    Could you not consolidate the Santander accounts into one?

    I agree it's easy to get into a twist with multiple accounts - I also have Santander and Nationwide plus Halifax - particularly when income dates change 

    You are correct in that one switch will only move one account, but there's nothing stopping you doing multiple switches, each moving one account at a time. You just go to your bank's website and fill out the switching form multiple times.
  • penners324
    penners324 Posts: 3,362 Forumite
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    Starling & Monzo let you have DDs coming out of separate pots, you can also organise the automation of adding to those pots.

    So everything in 1 place. And you can switch each account into that bank.
  • blue.peter
    blue.peter Posts: 1,353 Forumite
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    Have you considered using a money management app to keep track of everything? If you use the Schedule function, you can look ahead to plan things, and ensure that there's money where it's needed when it's needed. If done properly, that'll help you avoid late or missed payments - especially if coupled with direct debits for as much as possible.

    I suggest AceMoney (which I've been using for years), or you might look at MoneyManager Ex. (The latter has the benefit of being free. Both are available for Windows or Mac.)
  • lr1277
    lr1277 Posts: 1,975 Forumite
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    You might be aware of the following but just incase you are not:

    It is not possible to switch accounts within the same bank  according to Natwest. Say you wanted to finish with one Santander account, the Switch service may not move 4 accounts to the remaining Santander account. Though it would be worth checking with Santander if that is your aim.

    Also according to Natwest, the account you are switching into does not have to be newly opened. It can be a long standing account.

    I found this out when trying to combine my mum's 2 Natwest accounts into 1. I suppose in that case I should have asked Natwest to move everything manually but would have meant contacting all  the organisations/people paying money into mum's account to change the payee details they were using. However as I never tried it, I don't know if this approach would have worked.
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,502 Forumite
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    edited 26 July 2024 at 7:55AM
    lr1277 said:
    You might be aware of the following but just incase you are not:

    It is not possible to switch accounts within the same bank  according to Natwest. Say you wanted to finish with one Santander account, the Switch service may not move 4 accounts to the remaining Santander account. Though it would be worth checking with Santander if that is your aim.

    Also according to Natwest, the account you are switching into does not have to be newly opened. It can be a long standing account.

    I found this out when trying to combine my mum's 2 Natwest accounts into 1. I suppose in that case I should have asked Natwest to move everything manually but would have meant contacting all  the organisations/people paying money into mum's account to change the payee details they were using. However as I never tried it, I don't know if this approach would have worked.
    There's a work around here if you have multiple accounts with the same bank, and another account with a second bank. Simply switch the excess accounts with your first bank to the second bank (ie. accounts 2-5 from Santander to NatWest), and then switch the account with the second bank account back to your first bank (ie. then switch the NatWest account back to the remaining Santander account).
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