New to switching. Advice please

Westy77

Hi everyone.
After watching Martin's latest TV programme, I decided to utilize switching, as I've been with several banks for more years than I care to remember - for no real reason other than familiarity and laziness!
I've decided to start with switching an old and not utilized Halifax current account. As it doesn't have any dd's, I have transferred two CC dd's to it (first installments to be taken on 9 December). I've also transferred some funds into the account.
My credit score is in good order, and I don't have any financial plans that would be compromised by a reduced score.
I don't have a salary, but receive benefits as I have disability. Shortly to become state pension.
Looking at Martin's list on TV I think the First Direct would be good as a learning experience so I get as good as you guys at doing this regularly!
So, questions:
1: Although I have set up the DD's for Halifax, do I have to wait for a first collection from the account before I fill out First Direct application? (The DD's don't show in the Halifax DD list at the moment)
2: My main household account has lots of DD's should I begin to share them with a Wise account I could also sacrifice, or is Wise not part of the switch scenario?
3: When I do switch an account that receives benefits, do I have to do anything? Is that covered by the switch service?
Thanks for your help 

Westy77

Additional questions:

4: Can standing orders be a low amount to another of my bank accounts? Would that qualify when they say DD's or SO's?

Also - any general advice for keeping this organised in the long term would be appreciated :-)

friolento

If your Halifax account is a Reward account, you may not want to switch it as it can pay you £5 a month, £60 a year.

Wise is not a current account and cannot be used for switching.

If your objective is to get the switch bonus, it is best to leave your 'main' account untouched and instead create one or two spare accounts, to use for switching. Chase is a good bank to do this with, check the forum for details.

You can also refer to https://www.currentaccountswitch.co.uk/

Westy77

Hi friolento,

No, it's a 25 year old standard current account at Halifax.

Yes, my objective is to collect the switching bonuses - so two 'dummy' accounts is probably the best way to go - or it could become an admin nightmare!

Thanks for the link - I can see there that Wise isn't on the list. So, am I correct in thinking that switching has to be from a current account, BS from savings accounts (like at Yorkshire) don't qualify as they don't have DD's?

WillPS

Westy77 said:

Hi friolento,

No, it's a 25 year old standard current account at Halifax.

Yes, my objective is to collect the switching bonuses - so two 'dummy' accounts is probably the best way to go - or it could become an admin nightmare!

Thanks for the link - I can see there that Wise isn't on the list. So, am I correct in thinking that switching has to be from a current account, BS from savings accounts (like at Yorkshire) don't qualify as they don't have DD's?

The Current Account Switching Service only supports Current Accounts.

PRAISETHESUN

Westy77 said:

Hi everyone.
After watching Martin's latest TV programme, I decided to utilize switching, as I've been with several banks for more years than I care to remember - for no real reason other than familiarity and laziness!
I've decided to start with switching an old and not utilized Halifax current account. As it doesn't have any dd's, I have transferred two CC dd's to it (first installments to be taken on 9 December). I've also transferred some funds into the account.
My credit score is in good order, and I don't have any financial plans that would be compromised by a reduced score.
I don't have a salary, but receive benefits as I have disability. Shortly to become state pension.
Looking at Martin's list on TV I think the First Direct would be good as a learning experience so I get as good as you guys at doing this regularly!
So, questions:
1: Although I have set up the DD's for Halifax, do I have to wait for a first collection from the account before I fill out First Direct application? (The DD's don't show in the Halifax DD list at the moment)
2: My main household account has lots of DD's should I begin to share them with a Wise account I could also sacrifice, or is Wise not part of the switch scenario?
3: When I do switch an account that receives benefits, do I have to do anything? Is that covered by the switch service?
Thanks for your help 

To answer your questions and also provide a bit of commentary:

1) The safest bet is to wait until the first payment is taken, but as long as you can see the direct debit mandate on your Halifax online banking then you are good to go.

2) Wise is not a part of CASS, nor are most building societies - see here for the banks that are supported, and keep in mind that only current accounts can be switched, not savings accounts: https://www.currentaccountswitch.co.uk/banks-building-societies/ If you're looking for easy banks to open secondary accounts with then I'd either recommend Chase (you can open up to 10 current accounts at a time, there's no hard credit searches, and it's very quick and easy to open via their app), or suggest you open a second account with your main bank.

3) Personally I'd leave alone any accounts that you use for your day to day banking and only switch secondary accounts instead. But otherwise to answer your question, if you switch an account to another bank then any incoming payments to your old account are automatically forwarded onto your new account. This will happen for 3 years+ following the switch.

Westy77 said:

Additional questions:

4: Can standing orders be a low amount to another of my bank accounts? Would that qualify when they say DD's or SO's?

Also - any general advice for keeping this organised in the long term would be appreciated :-)

4) This is where you will need to scrutinize the fine print of the switch offer T&Cs as every offer is different. There is a very big distinction between standing orders (SO) and direct debit (DD). The vast majority of offers require DDs, but some allow DDs or SOs, and a small minority don't require either. For the offers that allow SOs then yes, you can set up a recurring payment to one of your other current accounts at a different bank and this will qualify.

Middle_of_the_Road

PRAISETHESUN said:

Westy77 said:

Hi everyone.
After watching Martin's latest TV programme, I decided to utilize switching, as I've been with several banks for more years than I care to remember - for no real reason other than familiarity and laziness!
I've decided to start with switching an old and not utilized Halifax current account. As it doesn't have any dd's, I have transferred two CC dd's to it (first installments to be taken on 9 December). I've also transferred some funds into the account.
My credit score is in good order, and I don't have any financial plans that would be compromised by a reduced score.
I don't have a salary, but receive benefits as I have disability. Shortly to become state pension.
Looking at Martin's list on TV I think the First Direct would be good as a learning experience so I get as good as you guys at doing this regularly!
So, questions:
1: Although I have set up the DD's for Halifax, do I have to wait for a first collection from the account before I fill out First Direct application? (The DD's don't show in the Halifax DD list at the moment)
2: My main household account has lots of DD's should I begin to share them with a Wise account I could also sacrifice, or is Wise not part of the switch scenario?
3: When I do switch an account that receives benefits, do I have to do anything? Is that covered by the switch service?
Thanks for your help 

To answer your questions and also provide a bit of commentary:

1) The safest bet is to wait until the first payment is taken, but as long as you can see the direct debit mandate on your Halifax online banking then you are good to go.

2) Wise is not a part of CASS, nor are most building societies - see here for the banks that are supported, and keep in mind that only current accounts can be switched, not savings accounts: https://www.currentaccountswitch.co.uk/banks-building-societies/ If you're looking for easy banks to open secondary accounts with then I'd either recommend Chase (you can open up to 10 current accounts at a time, there's no hard credit searches, and it's very quick and easy to open via their app), or suggest you open a second account with your main bank.

3) Personally I'd leave alone any accounts that you use for your day to day banking and only switch secondary accounts instead. But otherwise to answer your question, if you switch an account to another bank then any incoming payments to your old account are automatically forwarded onto your new account. This will happen for 3 years+ following the switch.

Westy77 said:

Additional questions:

4: Can standing orders be a low amount to another of my bank accounts? Would that qualify when they say DD's or SO's?

Also - any general advice for keeping this organised in the long term would be appreciated :-)

4) This is where you will need to scrutinize the fine print of the switch offer T&Cs as every offer is different. There is a very big distinction between standing orders (SO) and direct debit (DD). The vast majority of offers require DDs, but some allow DDs or SOs, and a small minority don't require either. For the offers that allow SOs then yes, you can set up a recurring payment to one of your other current accounts at a different bank and this will qualify.

The 3 year re-direction has been extended to indefinitely.

https://www.moneysavingexpert.com/news/2017/01/redirection-period-for-payments-to-old-bank-accounts-to-be-extended-/

Westy77

Thank you so much Praisethesun for your detailed advice. Much appreciated