Bank account switch.

pothole70

I am seeking some guidance on switching banks. I am in the Halifax at the moment and would like to switch to another bank. In my Halifax account I have a current account, an ISA and a savings account. But what happens to all these accounts when I switch. What do I need to do to ensure all money is transferred to the new account. Thanks for any help.

danny13579

Only your current account will switch. The rest will remain as they are with Halifax. You can do a transfer with the ISA to another provider. You can move the money in the savings account anywhere else you wish and then ask Halifax to close it.

MoneyFacts is a great place to start.

sausage_time

You may want to look here too for where to switch your current account to (unless you have already decided of course).

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

SiliconChip

And look at these links for ISAs and savings accounts, bearing in mind that there is no need to have all 3 with the same provider (and you're likely to do better by choosing different providers for each type of account).

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

https://www.moneysavingexpert.com/savings/best-cash-isa/

For the ISA you should ensure that you use the new provider's ISA transfer process rather than doing it yourself otherwise you will lose some or all of the ability to fund a new current year ISA.

PRAISETHESUN

The name Current Account Switch Service should give you a clue. When you initiate a CASS switch, only the account you nominate from bank A is moved to bank B. All your other accounts (current accounts, savings, credit cards, ISAs, etc) remain unaffected. This means you will need to make alternate arrangements for your savings if you want to.

Keep in mind that there may often be a requirement for certain savings accounts to have a nominated current account with that bank in order to allow withdrawals, or there might be a clause in the T&Cs that says you need to keep a current account open to maintain the savings account. Switching away will close your current account, and may cause issues if this is the case. I'd address any possible savings access issues BEFORE you switch away.

Full details of the CASS can be found here: https://www.currentaccountswitch.co.uk/

lr1277

Your ISA account can be transferred to another ISA provider if you open an account with a new ISA provider and then ask them to make the transfer.

However some savings accounts are linked to a current account. The only way you can put money in or take money out is through the current account. So once you move your current account away, there will be nowhere for the savings to go unless you open another current account with the Halifax.

Some banks/building societies give you your savings balance as a cheque which can be deposited elsewhere.

However if your savings account is linked to your current account, move the money to your current account before initiating the transfer.

etienneg

I suspect that your misunderstanding isn't helped by your use of the word "account" for two purposes. So, in this context, "Halifax account" and "to the new account" are incorrect.

You don't have a "Halifax account". Rather, at Halifax you have three accounts. I think what you want to end up with is three accounts at some other bank.

As explained above, the only one that is usually described as "switching" is the current account and that is done using the CASS process. In order to retain its ISA status, the ISA must be transferred by the new bank into an ISA opened there. The savings account would normally be done by closing the one at Halifax (into your current account), moving the money to your new current account and then into a new savings account opened at the new bank.

Sadly, you can't do all this together!

cantbelieveit23

It's not necessarily a bad thing that you can't switch all three together.  You should be looking for the best rates for each.
What do you want from your current account provider?  Several offer cash incentives to switch and that might be a priority.  Some will offer a higher rate savings account to current account customers.
Most ISA providers offer transfer: I would suggest you deal consider this totally separately.  I assume you have already researched and found better rates with other providers?
You don't mention what kind of savings account you have: as has been mentioned, some require you to have a current account.
My wife and I have ISAs with 4 different providers, but only current accounts with one of the four.  We also have a range Easy access savings accounts, and regular savers with a number of different banks, some of which we don't have any other business with.
Shop around for the best deals.  Gone are the days when people have one bank and stick with it, hoping for loyalty benefits which are rarely offered.