What happens to linked savings when I swap current accounts

clairebear1976

Hi all
I'm thinking of taking advantage of one of the current account switching bonuses later this month. I'm currently with the Co-op bank. I have a current account and a linked savings account. Does anyone know what happens with my savings if I switch my current account? (You need to have their current account to have the savings).  Does the whole lot move into my account and all the old Co-op accounts close?

born_again

CASS only moves current accounts.
So check the savings T/C, as you may need to close that 1st & transfer to your co-op current account before switch date.

Nasqueron

You could potentially open a second Co-Op account to either switch out (if you move any qualifying requirements like direct debits) or to retain to keep the linked saver. 

PRAISETHESUN

The clue is in the name - Current Account Switch Service. When you use CASS to switch your current account from one bank to another, only the specific current account you nominate is moved. All other accounts remain unaffected, including other current accounts, savings, credit card, etc.

Completely separate however is the issue of any T&Cs you've agreed to for your savings account that require you to continue to hold a current account to maintain the savings account. In the case of Co-Op, you'll likely find that they contact you at some point after you close your current account to tell you they are closing your savings account. How you get access to your savings money might get complicated at that point if they say, require a branch visit or something, given you won't have a current account anymore.

Mark_d

clairebear1976 said:

Hi all
I'm thinking of taking advantage of one of the current account switching bonuses later this month. I'm currently with the Co-op bank. I have a current account and a linked savings account. Does anyone know what happens with my savings if I switch my current account? (You need to have their current account to have the savings).  Does the whole lot move into my account and all the old Co-op accounts close?

I haven't used the CASS for a few years now but I recall them asking if I wanted my old current account to be closed.  Maybe you can keep your Coop current account open if you want your savings to stay with them.

Personally I don't use savings accounts anymore.  Other than Premium Bonds, all my cash sits in my Kroo current account.

DullGreyGuy

Mark_d said:

clairebear1976 said:

Hi all
I'm thinking of taking advantage of one of the current account switching bonuses later this month. I'm currently with the Co-op bank. I have a current account and a linked savings account. Does anyone know what happens with my savings if I switch my current account? (You need to have their current account to have the savings).  Does the whole lot move into my account and all the old Co-op accounts close?

I haven't used the CASS for a few years now but I recall them asking if I wanted my old current account to be closed.  Maybe you can keep your Coop current account open if you want your savings to stay with them.

Personally I don't use savings accounts anymore.  Other than Premium Bonds, all my cash sits in my Kroo current account.

Most switching offers are conditional on the original account being closed, so leaving it open is ok as long as your reason for switching isnt to get some reward

born_again

Mark_d said:

clairebear1976 said:

Hi all
I'm thinking of taking advantage of one of the current account switching bonuses later this month. I'm currently with the Co-op bank. I have a current account and a linked savings account. Does anyone know what happens with my savings if I switch my current account? (You need to have their current account to have the savings).  Does the whole lot move into my account and all the old Co-op accounts close?

I haven't used the CASS for a few years now but I recall them asking if I wanted my old current account to be closed.  Maybe you can keep your Coop current account open if you want your savings to stay with them.

Personally I don't use savings accounts anymore.  Other than Premium Bonds, all my cash sits in my Kroo current account.

https://www.currentaccountswitch.co.uk/

The Account Switch Service Guarantee means your new bank will switch your payments and transfer your balance, and your old bank will take care of closing your old account. So you don’t need to worry.

This is the only way you will get the bribe,  Cashback
You used(maybe still can) do a partial switch, but that does not get bribe, leaves old acc open & you have to transfer DD etc over.
So is pointless really.

GibbsRule_No3.

I switched from C0-Op to Nationwide a couple of years ago. Still have money in a Co-Op savings account, assume it must not have been linked to the Current Account. If you want to keep a Co-Op savings account, maybe ask Co-Op to switch the savings to a non-linked account, perhaps they would do that anyway if you no longer have a Current account. Only reason I have left the money in the Co-Op was in case I could not access the new NW savings and current accounts for any reason and I needed to transfer money urgently. I am whittling down that account gradually.

clairebear1976

Thanks for all the replies everyone. From the sounds of it I think my best bet is to transfer my savings into another account until the current account switch is completed, then decided where is best to put my savings long term. 

boingy

Depending upon the savings account T&C you might find you can only withdraw from it to your current account at the same bank, so you might end up with an inaccessible savings account! 

Leave your "proper" current account where it is and open another to use for a switch. Metro are quick to open if you are happy with apps. 

Nasqueron

clairebear1976 said:

Thanks for all the replies everyone. From the sounds of it I think my best bet is to transfer my savings into another account until the current account switch is completed, then decided where is best to put my savings long term. 

As I said above, you can open a second current account with co-op and then switch the first one thus keeping the regular saver