bank account switch query

November2

Have received house sale proceeds into a TSB current account and want to switch banks, will it flag up any problems as the house money has only just gone in? Also do I just transfer money from a savings account to the current before switching?  There appears to be a lot of faffing about to close TSB accounts can I just leave them empty?  Advice appreciated.

born_again

If you are using CASS then the old current account is closed as part of the process. Savings accounts are not effected. Unless it is a regular saver & some are tied to current account & will get closed as well.

Zanderman

If your question about closing accounts relates to savings accounts that you're talking about transferring money from, then yes, you can just leave them empty. 

Or leave them with money in. No need to empty or close them at all.  The 'bank switching' process is a bit misleading as a term, as it just switches current accounts from bank to bank, nothing else. So you don't switch banks entirely if you have other accounts.  You can keep your TSB savings accounts (empty or full) at TSB.  If you want to. Close them if you don't.    

Middle_of_the_Road

The main issue I see here, is the timing. Having just received a large credit into the account, and then initiating a switch, could easily trigger an investigation related to money laundering. 

I would be inclined  in the short term to leave it in the TSB savings account and transfer it in stages to a decent savings account, before starting the bank switch. 

All this aside, as reliable as it is, I would not be comfortable trusting the switch process to deal with the transfer of that amount of money.

winkowinko

I am mulling over doing a switch from Barclays to First Direct.

One thing to bear in mind (with Barclays at least), is that whilst any associated savings accounts I have with them will remain open, I won't be able to pay/transfer to anyone in the same way I currently do. ie through the app. 
You can however supposedly do it through online banking though.

35har1old

Zanderman said:

If your question about closing accounts relates to savings accounts that you're talking about transferring money from, then yes, you can just leave them empty. 

Or leave them with money in. No need to empty or close them at all.  The 'bank switching' process is a bit misleading as a term, as it just switches current accounts from bank to bank, nothing else. So you don't switch banks entirely if you have other accounts.  You can keep your TSB savings accounts (empty or full) at TSB.  If you want to. Close them if you don't.    

Without the current account it's not ideal to leave the savings accounts with money in because you will not be able to transfer the money else where as savings accounts can only transfer between other TSB accounts.

35har1old

winkowinko said:

I am mulling over doing a switch from Barclays to First Direct.

One thing to bear in mind (with Barclays at least), is that whilst any associated savings accounts I have with them will remain open, I won't be able to pay/transfer to anyone in the same way I currently do. ie through the app. 
You can however supposedly do it through online banking though.

Do Barclays have any worthwhile savings accounts?
The only one with a reasonable interest rate is linked to the blue rewards account and if you downgrade from blue rewards you might hold the rate for a few months but if you close the account it may happen sooner