Switch account without closing existing current account

dabozuk

One of the current account offers at the moment is Lloyds bank's Club £200 switch offer. I've seen previous post from a few years ago explain that you don't have to use CASS to claim the switching benefits as long as you meet the other criteria. I would like to switch accounts (direct debits, salary etc) but keep my old current account open.

Club Lloyd's Account will give £200 for switching with these conditions below.

Is this nor a normal practice for these switch offers? And is this widely known (in MSE switch faqs):

To qualify for the £200 switching offer (“the offer”) you must switch to a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account using the ‘Current Account Switch Service’ to switch from a bank account held with another bank. The following conditions apply:

• Use the ‘Current Account Switch Service’ to transfer all the active credits and debits from the bank account that you hold with another bank to a new Club Lloyds Account (a £3 monthly fee may apply), a new Club Lloyds Platinum Account (£22.50 monthly fee applies, plus £3 monthly Club Lloyds fee may apply) or a new Club Lloyds Silver Account (£11.50 monthly fee applies, plus £3 Club Lloyds fee may apply) (‘Qualifying Account’). The ‘Current Account Switch Service’ will close your old account with the other bank; and

• Your switch must include the transfer of a minimum of 3 active direct debits from your old account being switched to Lloyd’s as part of the offer. Direct debits set up after your switch has been started and other types of automated payments, such as standing orders and recurring card payments, won’t count towards the offer; and

• Start your switch from your old bank account using the ‘Current Account Switch Service’ to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account between 2nd October 2024 and 10th December 2024.

robatwork

You need a "donor" account which is one with a few DDs setup where you keep a small balance to cover the DDs and any fees. You can then cycle this around the various switches. 

General_Grant

dabozuk said:

One of the current account offers at the moment is Lloyds bank's Club £200 switch offer. I've seen previous post from a few years ago explain that you don't have to use CASS to claim the switching benefits as long as you meet the other criteria. I would like to switch accounts (direct debits, salary etc) but keep my old current account open.

Club Lloyd's Account will give £200 for switching with these conditions below.

Is this nor a normal practice for these switch offers? And is this widely known (in MSE switch faqs):

To qualify for the £200 switching offer (“the offer”) you must switch to a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account using the ‘Current Account Switch Service’ to switch from a bank account held with another bank. The following conditions apply:

• Use the ‘Current Account Switch Service’ to transfer all the active credits and debits from the bank account that you hold with another bank to a new Club Lloyds Account (a £3 monthly fee may apply), a new Club Lloyds Platinum Account (£22.50 monthly fee applies, plus £3 monthly Club Lloyds fee may apply) or a new Club Lloyds Silver Account (£11.50 monthly fee applies, plus £3 Club Lloyds fee may apply) (‘Qualifying Account’). The ‘Current Account Switch Service’ will close your old account with the other bank; and

• Your switch must include the transfer of a minimum of 3 active direct debits from your old account being switched to Lloyd’s as part of the offer. Direct debits set up after your switch has been started and other types of automated payments, such as standing orders and recurring card payments, won’t count towards the offer; and

• Start your switch from your old bank account using the ‘Current Account Switch Service’ to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account between 2nd October 2024 and 10th December 2024.

If that (no need to use CASS) was ever the case, you will see that it is not possible with the Lloyds offer.  And, yes, it is normal for all switch offers to include the CASS requirement.  If your existing account remained open it would not have been switched.  You would simply have opened a new account and would yourself have had to manually change the DDs and instructions for your salary.

WillPS

General_Grant said:

dabozuk said:

One of the current account offers at the moment is Lloyds bank's Club £200 switch offer. I've seen previous post from a few years ago explain that you don't have to use CASS to claim the switching benefits as long as you meet the other criteria. I would like to switch accounts (direct debits, salary etc) but keep my old current account open.

Club Lloyd's Account will give £200 for switching with these conditions below.

Is this nor a normal practice for these switch offers? And is this widely known (in MSE switch faqs):

To qualify for the £200 switching offer (“the offer”) you must switch to a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account using the ‘Current Account Switch Service’ to switch from a bank account held with another bank. The following conditions apply:

• Use the ‘Current Account Switch Service’ to transfer all the active credits and debits from the bank account that you hold with another bank to a new Club Lloyds Account (a £3 monthly fee may apply), a new Club Lloyds Platinum Account (£22.50 monthly fee applies, plus £3 monthly Club Lloyds fee may apply) or a new Club Lloyds Silver Account (£11.50 monthly fee applies, plus £3 Club Lloyds fee may apply) (‘Qualifying Account’). The ‘Current Account Switch Service’ will close your old account with the other bank; and

• Your switch must include the transfer of a minimum of 3 active direct debits from your old account being switched to Lloyd’s as part of the offer. Direct debits set up after your switch has been started and other types of automated payments, such as standing orders and recurring card payments, won’t count towards the offer; and

• Start your switch from your old bank account using the ‘Current Account Switch Service’ to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account between 2nd October 2024 and 10th December 2024.

If that (no need to use CASS) was ever the case, you will see that it is not possible with the Lloyds offer.  And, yes, it is normal for all switch offers to include the CASS requirement.  If your existing account remained open it would not have been switched.  You would simply have opened a new account and would yourself have had to manually change the DDs and instructions for your salary.

Not quite, current providers are able to do a 'partial switch' which doesn't close the donor account but also takes longer and is not covered by the Current Account Switch Guarantee. These are not often advertised any more and with a few exceptions (most notably when YBS closed down N&P current accounts; N&P didn't support CASS) they haven't been eligible for switching incentives since CASS came about.

Zanderman

The whole point of a switch incentive is that a bank is rewarding you when they gain an account from another bank, i.e. is getting your business from another bank. 

So yes, a CASS switch is essential if for incentives - and is definitely normal practice and widely known - when switching for switching incentives.

A partial switch won't do as it defeats the object from the bank's point of view, so why would they give you an incentive?

Edited to add:  in other words do a partial switch if you like, but you won't get the incentive

PRAISETHESUN

I haven't seen a bank ever offer rewards for a non-CASS switch. It might have been a thing in the past but it's definately not the case these days.

Easiest way to keep your main account but still get switch incentives is to open a donor account, usually easiest to just open a second account with your primary bank, but this can on theory be with any bank.

dabozuk

WillPS said:

Not quite, current providers are able to do a 'partial switch' which doesn't close the donor account but also takes longer and is not covered by the Current Account Switch Guarantee. These are not often advertised any more and with a few exceptions (most notably when YBS closed down N&P current accounts; N&P didn't support CASS) they haven't been eligible for switching incentives since CASS came about.

Thanks. So next question is, if I have an account now that has a Regular Saver account (First Direct), do I lose the benefit of the Regular Saver account? I still would pay into them via DD (CASS switched), but would the account require me to still have my old Current Account?

Pretty sure I was only eligible for the Regular Saver 7% account because I have a current account with First Direct.

Update: First Direct customer support clarified I would lose the Regular Saver account as it would be closed along with the Current Account in the CASS switch. That means I'd lose the 7% rate as they pay out 2% to accounts that close before 12 

WillPS

dabozuk said:

WillPS said:

Not quite, current providers are able to do a 'partial switch' which doesn't close the donor account but also takes longer and is not covered by the Current Account Switch Guarantee. These are not often advertised any more and with a few exceptions (most notably when YBS closed down N&P current accounts; N&P didn't support CASS) they haven't been eligible for switching incentives since CASS came about.

Thanks. So next question is, if I have an account now that has a Regular Saver account (First Direct), do I lose the benefit of the Regular Saver account? I still would pay into them via DD (CASS switched), but would the account require me to still have my old Current Account?

Pretty sure I was only eligible for the Regular Saver 7% account because I have a current account with First Direct.

Update: First Direct customer support clarified I would lose the Regular Saver account as it would be closed along with the Current Account in the CASS switch. That means I'd lose the 7% rate as they pay out 2% to accounts that close before 12 

Someone else can confirm but I'm pretty sure that isn't what happens. Current Account Switch affects only your Current Account - no other First Direct accounts will be closed as part of this. You won't be able to open any new linked accounts tho, and you may only be paid the 2% interest rate.

At the risk of sounding a bit impertinent, why not just keep your First Direct affairs as they are, for now at least, and open an account elsewhere to warm up as a donor for Lloyds? Chase is a great choice for these as they allow you to open and switch away very quickly without credit checks. Just make sure you keep at least one account with them open?

If you're a fan of regular savers then First Direct is pretty much a 'must keep'.

PRAISETHESUN

WillPS said:

dabozuk said:

WillPS said:

Not quite, current providers are able to do a 'partial switch' which doesn't close the donor account but also takes longer and is not covered by the Current Account Switch Guarantee. These are not often advertised any more and with a few exceptions (most notably when YBS closed down N&P current accounts; N&P didn't support CASS) they haven't been eligible for switching incentives since CASS came about.

Thanks. So next question is, if I have an account now that has a Regular Saver account (First Direct), do I lose the benefit of the Regular Saver account? I still would pay into them via DD (CASS switched), but would the account require me to still have my old Current Account?

Pretty sure I was only eligible for the Regular Saver 7% account because I have a current account with First Direct.

Update: First Direct customer support clarified I would lose the Regular Saver account as it would be closed along with the Current Account in the CASS switch. That means I'd lose the 7% rate as they pay out 2% to accounts that close before 12 

Someone else can confirm but I'm pretty sure that isn't what happens. Current Account Switch affects only your Current Account - no other First Direct accounts will be closed as part of this. You won't be able to open any new linked accounts tho, and you may only be paid the 2% interest rate.

At the risk of sounding a bit impertinent, why not just keep your First Direct affairs as they are, for now at least, and open an account elsewhere to warm up as a donor for Lloyds? Chase is a great choice for these as they allow you to open and switch away very quickly without credit checks. Just make sure you keep at least one account with them open?

If you're a fan of regular savers then First Direct is pretty much a 'must keep'.

You are correct in that a CASS switch only closes the account you nominate during the switch. Other savings are not closed directly by this process.

Indirectly the T&C's of many savings products require a linked current account with the bank in question. Therefore closing a FD account with a reg saver open will violate the T&C's of the savings account as you no longer have a current account with them. Some banks might not care, if you do this, but FD do and will close your account and also pay interest at the penalty withdrawal rate. Not something I'd recommend if you care about that interest.

wmb194

PRAISETHESUN said:

WillPS said:

dabozuk said:

WillPS said:

Not quite, current providers are able to do a 'partial switch' which doesn't close the donor account but also takes longer and is not covered by the Current Account Switch Guarantee. These are not often advertised any more and with a few exceptions (most notably when YBS closed down N&P current accounts; N&P didn't support CASS) they haven't been eligible for switching incentives since CASS came about.

Thanks. So next question is, if I have an account now that has a Regular Saver account (First Direct), do I lose the benefit of the Regular Saver account? I still would pay into them via DD (CASS switched), but would the account require me to still have my old Current Account?

Pretty sure I was only eligible for the Regular Saver 7% account because I have a current account with First Direct.

Update: First Direct customer support clarified I would lose the Regular Saver account as it would be closed along with the Current Account in the CASS switch. That means I'd lose the 7% rate as they pay out 2% to accounts that close before 12 

Someone else can confirm but I'm pretty sure that isn't what happens. Current Account Switch affects only your Current Account - no other First Direct accounts will be closed as part of this. You won't be able to open any new linked accounts tho, and you may only be paid the 2% interest rate.

At the risk of sounding a bit impertinent, why not just keep your First Direct affairs as they are, for now at least, and open an account elsewhere to warm up as a donor for Lloyds? Chase is a great choice for these as they allow you to open and switch away very quickly without credit checks. Just make sure you keep at least one account with them open?

If you're a fan of regular savers then First Direct is pretty much a 'must keep'.

You are correct in that a CASS switch only closes the account you nominate during the switch. Other savings are not closed directly by this process.

Indirectly the T&C's of many savings products require a linked current account with the bank in question. Therefore closing a FD account with a reg saver open will violate the T&C's of the savings account as you no longer have a current account with them. Some banks might not care, if you do this, but FD do and will close your account and also pay interest at the penalty withdrawal rate. Not something I'd recommend if you care about that interest.

Yup, there's even a clause in the T&Cs dedicated to what happens if you switch the linked current account: