Current account switcheroo

winkowinko

So for the first time in my life (mid 40's), I am contemplating switching current account providers (to 1st Direct). My main motivation is to bank the £175 sign-up offer. Access to the 7% regular saver is also swaying me.

My main reason for never doing this previously is that I assumed that I'd have to go through all the faff of updating my direct debits and standing orders. But apparently not, as this is all done automatically.

Can I trust this though? Will it be a completely seamless switchover where direct debits and standing orders are concerned? Would I need to notify my employer about the switch, so they can pay my salary into a new current account, or is this done automatically too?

What about recurring card payments? I have a couple of recurring annual subscriptions which are linked to my debit card, but aren't direct debits. I get that once my card expires, those payments would bounce anyway, but if I switch current accounts, would my existing account automatically close (along with the associated debit card), or does the account and debit card remain active?
I don't really want to be in a situation where the balance in my existing account is depleted to zero after the switch, but then a few months down the line one of these recurring payments makes me overdrawn on an account that I'm no longer using. Presumably I could just close my existing current account after the switch, and that would prevent any of these recurring subscriptions from going through in the future. Equally I could cancel those subscriptions now, and then set them up again from my new account when the time for renewal arrives.

I'd be interested to hear from people who have switched current accounts, and whether it went as smoothly as they hoped it would?

eskbanker

winkowinko said:

Presumably I could just close my existing current account after the switch...

Switching incentives such as the FD one are predicated on using the Current Account Switching Service, and that automatically closes the old account as part of the process, so that's not something you get to choose.

The answers to most questions are covered at https://www.currentaccountswitch.co.uk/help-support/

oldernonethewiser

Not something to be worried about at all.

Managed to convince an elderly relative to switch, to FD as it happens, as she was delighted how easy the whole process was.  She was also pleased to get the switching bonus.

winkowinko

eskbanker said:

winkowinko said:

Presumably I could just close my existing current account after the switch...

Switching incentives such as the FD one are predicated on using the Current Account Switching Service, and that automatically closes the old account as part of the process, so that's not something you get to choose.

The answers to most questions are covered at https://www.currentaccountswitch.co.uk/help-support/

That link has answered all of my questions. Thank you.

sausage_time

I moved this discussion to "Budgeting and Bank Accounts"

steven141

First direct is decent and their customer service has always been excellent for me. I have multiple bank accounts with different providers and they are one of the best to deal with. 

The app isn’t the best and some of the things need to be done over live chat rather than an option on the app but they generally are pretty decent.

Good luck switching. If you aren’t unhappy with your current bank account you could open a secondary account with the same bank and add direct debits to it for to do the switch and you will still receive the switching bonus. Lots of people do this. It does get a bit messy if you don’t keep track but you can make £1000s if you have the time & patience. 

WillPS

I would strongly recommend leaving your banking where it is for now, create a few disposable accounts (Chase is great for this, just make sure you keep at least one open with them) and over a year or so get every bonus going. In the course of doing this, you can see what the experience is like using each one then you can make an informed decision about where you want your banking to happen.

First Direct are a bit marmite - their phone service is good but all their processes are clearly build around that, meaning you have to speak to a human being whenever you want to do certain things which other banks will let you just do - e.g. open a linked savings account. They do have a live chat function in their app which makes them easier to deal with but it can still be frustrating.

It might even be that you find it advantageous having a few for different ongoing perks. My wife and I net over £50/month, plus two magazine subs, Disney+, Apple TV+ and access to half a dozen decent 'exclusive' saving accounts. There's hoops to jump through but it's all sorted in half an hour or less each month.

On-the-coast

I’ve switched about a dozen times.  Never my core current account - just a secondary account with a few DDs attached.   

Without fail, the DDs and various payments in/out have all transferred,
But once I had a problem with a recurring annual subscription. It wasn’t processed like a DD, and failed when it was taken as the original account had closed. 

If all you have is DD and SO there shouldn’t be a problem. 

friolento