Can I switch bank accounts if I have non matured linked fixed savers?

TooOrangeyForCrows

Hi.
I was thinking about switching to First Direct to try and blag the 175 switching fee whilst it's still available.
My issue is that the account I want to switch from is my nominated account for 2 fixed savers which do not mature until mid April and July of this year respectively.

One of the fixed savers is with Zenith Bank that do not allow any access to an account of any kind (no app and no desktop access) - to change any details including possibly changing a nominated bank.

Can I still switch accounts bearing in mind that when my fixed savers mature they will be linked to an 'old and closed' account? Has anyone done something similar? 

Thanks.

Emmia

Could you open another account you switch instead to get the incentive? It may involve moving a couple of DDs though.

Do you have an account with the bank offering one of the fixed savers? Normally one of the conditions is that the linked account remains open - if you close it they don't pay the headline rate, but a much lower rate.

lindabea

As part of the CASS switching service, any money paid into an account that has been switched, will be automatically diverted to the new account.  I think this will only be for 13 months.  So if your fixed savers mature within this period, you can switch your account as when your account mature, the money will be transferred to your new account. 

Alternatively, check with your savings account provider as they may be able to update your nominated account, but you may need to send them a statement of your new bank account and possibly some other ID. 

eskbanker

lindabea said:

As part of the CASS switching service, any money paid into an account that has been switched, will be automatically diverted to the new account.  I think this will only be for 13 months.

It's effectively indefinite - a minimum of three years but continues beyond that until there's a 13 month period without any redirections....

Yorkie1

Have you checked the T&Cs of the savings accounts to see whether they can remain open if you close the linked current account? (or whether they might be automatically closed, perhaps with loss of interest?)

jaypers

Personally, regardless of what T&Cs say, I wouldn’t do it as I wouldn’t want the risk of the stress if there were issues trying to jump through the hoops you have to jump through with some of these institutions trying to get my matured funds paid out. The thought of multiple phone calls to different people and having to re-explain the situation time and time again would drive me insane!