Is switching bank/s for the cash bonus/es worth the effort?

Middle_of_the_Road

https://www.currentaccountswitch.co.uk/help-support/

All incoming and outgoing payments will be automatically redirected to your new account. Each time a payment is redirected, an automatic message is sent back to the originator advising them of your new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed. If you do not want your new details to be given to someone who sends a one-off payment, contact your new bank.

njkmr

Ahhh right . thanks for the info.
that's sounds better then.
thank you.

eskbanker

njkmr said:

After switching recently ive just realised my Bacs payment from work wasn't changed , neither was my wifes. Also my Pension Bacs didn't get done either, and the  Bacs from my NS and I income bonds interest wasn't changed.
Is this something that we should have done ourselves. I was under the impression the new bank did all of these?

Looks like our wages won't come through this month until we inform our employers ourselves.

Are you saying that multiple inbound payments actually weren't redirected, or that you're looking at linked account records at the senders' end and not seeing changes reflected there?

njkmr

We got a list of direct debits, payees etc that the new bank had set up but nothing for incoming money sources.
But I can confirm my Pension landed today and also my wife's salary also came through ok . 
I need to check my salary as that is the only one missing ( but maybe a reason for that)  I think ,so apart from that it's just the interest payment from income bonds which I normally get monthly but they may send that at start of month so no panic after all.

eskbanker

njkmr said:

We got a list of direct debits, payees etc that the new bank had set up but nothing for incoming money sources.
But I can confirm my Pension landed today and also my wife's salary also came through ok . 
I need to check my salary as that is the only one missing ( but maybe a reason for that)  I think ,so apart from that it's just the interest payment from income bonds which I normally get monthly but they may send that at start of month so no panic after all.

So when you were saying that a range of inbound payments hadn't been changed, were you just meaning that you hadn't seen a list of them in the same way as outbound payments?  If so, that's to be expected - your bank doesn't know who's going to pay in, whereas it needs to manage the mandates for outbound payments!

mp203

I've opened the 2nd 'burner' account with my bank. And opened the account with First Direct. They've given me a date for the switch. 
Q. Do I wait for the switch to happen before meeting their criteria (deposit £1,000; make 5+ debit card payments; log on to online banking)? Or can I do that now?

winkowinko

mp203 said:

I've opened the 2nd 'burner' account with my bank. And opened the account with First Direct. They've given me a date for the switch. 
Q. Do I wait for the switch to happen before meeting their criteria (deposit £1,000; make 5+ debit card payments; log on to online banking)? Or can I do that now?

I'm fairly certain they can be done before the switch completes. 

Make sure you have either 2 DD or SO's though.

PRAISETHESUN

winkowinko said:

mp203 said:

I've opened the 2nd 'burner' account with my bank. And opened the account with First Direct. They've given me a date for the switch. 
Q. Do I wait for the switch to happen before meeting their criteria (deposit £1,000; make 5+ debit card payments; log on to online banking)? Or can I do that now?

I'm fairly certain they can be done before the switch completes. 

Make sure you have either 2 DD or SO's though.

Terms say " Within 45 days of your account opening you need to: switch to us using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments, and log on to digital banking". No restriction of waiting until after the switch, just a timeframe from initial acount opening.

njkmr

eskbanker said:

njkmr said:

We got a list of direct debits, payees etc that the new bank had set up but nothing for incoming money sources.
But I can confirm my Pension landed today and also my wife's salary also came through ok . 
I need to check my salary as that is the only one missing ( but maybe a reason for that)  I think ,so apart from that it's just the interest payment from income bonds which I normally get monthly but they may send that at start of month so no panic after all.

So when you were saying that a range of inbound payments hadn't been changed, were you just meaning that you hadn't seen a list of them in the same way as outbound payments?  If so, that's to be expected - your bank doesn't know who's going to pay in, whereas it needs to manage the mandates for outbound payments!

Yeh basically. We were given a list of outbound debits they had for us but none showing wages etc coming in.
I imagined our old bank receiving our wages and saying" nowt to do with us now" and firing it back to our employers but it has transferred to the new bank account.👍

eskbanker

njkmr said:

eskbanker said:

njkmr said:

We got a list of direct debits, payees etc that the new bank had set up but nothing for incoming money sources.
But I can confirm my Pension landed today and also my wife's salary also came through ok . 
I need to check my salary as that is the only one missing ( but maybe a reason for that)  I think ,so apart from that it's just the interest payment from income bonds which I normally get monthly but they may send that at start of month so no panic after all.

So when you were saying that a range of inbound payments hadn't been changed, were you just meaning that you hadn't seen a list of them in the same way as outbound payments?  If so, that's to be expected - your bank doesn't know who's going to pay in, whereas it needs to manage the mandates for outbound payments!

Yeh basically. We were given a list of outbound debits they had for us but none showing wages etc coming in.
I imagined our old bank receiving our wages and saying" nowt to do with us now" and firing it back to our employers but it has transferred to the new bank account.👍

In which case, yes, you misunderstood how it works!  As above, your bank can't tell you specifics about which accounts will be sending you money, so there won't ever be the equivalent of the list of outbound payment mandates - hopefully they didn't sate or imply otherwise?

And when inbound payments are redirected following a CASS switch, they don't actually reach the old bank at all, but are automatically intercepted and rerouted when within the central BACS-operated clearing system....