Changing current accounts

Spivved1987

I received my latest enticing offer in the post this morning, promising me £175 if I moved my current account to Nationwide. My question is whether there is any downside to changing bank accounts, assuming that after the initial few weeks' hassle during the changeover everything goes smoothly.

Specifically, does the fact that I've been with the same clearing bank for over 30 years count for nothing as an indicator of my financial stability etc? This seems rather strange to me.

Zanderman

No need to move your existing account at all. Just open another current account with your current bank and, when it's open, switch that one.  Or switch the original account but leave the new one.

That way you are still banking with the same bank for over 30 years. Because that is a good record to have.

Futuristic

Good record for what? Unless OP is applying for a mortgage/loan in next 6 months or so it probably has no effect. 

Loyalty does not pay but you can do what the poster above suggested above and keep
switching that new account as there’s always some switch offers around for effectively free money as long as you meet the requirements.

Mark_d

Spivved1987 said:

I received my latest enticing offer in the post this morning, promising me £175 if I moved my current account to Nationwide. My question is whether there is any downside to changing bank accounts, assuming that after the initial few weeks' hassle during the changeover everything goes smoothly.

Specifically, does the fact that I've been with the same clearing bank for over 30 years count for nothing as an indicator of my financial stability etc? This seems rather strange to me.

A few years with the same bank is stability.  30 years with the same bank, energy provider, mobile network, insurer...  this is just laziness.

There is no downside to changing bank so long as you don't do it often, because there is a hard search left on your credit report.

One option you might want to explore is moving your banking, but keeping your old open.

Rob5342

One potential downside is that the new banks app may not have as many features as your old bank. Nationwide for example are extremely old fashioned and their app is terrible in comparison to moat others. 

It's best to find a bank that offers everything you want and use them for your main banking, and have a second account that you switch around to get the bonuses. Its always a good idea to have two current accounts so you have a backup in case either of them has a problem. 

martinbainbridge1975

Mark_d said:

Spivved1987 said:

I received my latest enticing offer in the post this morning, promising me £175 if I moved my current account to Nationwide. My question is whether there is any downside to changing bank accounts, assuming that after the initial few weeks' hassle during the changeover everything goes smoothly.

Specifically, does the fact that I've been with the same clearing bank for over 30 years count for nothing as an indicator of my financial stability etc? This seems rather strange to me.

A few years with the same bank is stability.  30 years with the same bank, energy provider, mobile network, insurer...  this is just laziness.

There is no downside to changing bank so long as you don't do it often, because there is a hard search left on your credit report.

One option you might want to explore is moving your banking, but keeping your old open.

not necessarily lazy if you negotiate deals when contracts are up on energy, insurance and mobiles

martinbainbridge1975

Spivved1987 said:

I received my latest enticing offer in the post this morning, promising me £175 if I moved my current account to Nationwide. My question is whether there is any downside to changing bank accounts, assuming that after the initial few weeks' hassle during the changeover everything goes smoothly.

Specifically, does the fact that I've been with the same clearing bank for over 30 years count for nothing as an indicator of my financial stability etc? This seems rather strange to me.

there is a deal with Lloyds bank for £200 - did a switch to them a few years ago, all went smoothly no issues

Spivved1987

I do shop around for utilities etc and have frequently changed suppliers in those areas. I think banking is different, though. Just my opinion.

One of the problems when I looked in the past about having two current accounts is that the bribing bank always insisted that you have your main source of income (ie pay for most people) paid into their account from the outset. Bit of hassle on utility ddebs etc is annoying but not necessarily a deal breaker; but for most people in this country living from pay cheque to pay cheque even a few days of problems over salary could be ruinous.

The point about IT/Apps etc is well made. Ditto customer service.

I did move my current account thirty years ago, because I was sick of paying a monthly arranged overdraft fee to Nat West just to ensure that my occasional straying into the red for £10-£15 didn't incur unauthorised overdraft fees of £35. Then First Direct came along with their £250 free overdraft which I have never breached. This facility is worth far more to me than a one-off payment by a competitor bank. To be fair I have told First Direct that if this facility is ever removed I would almost certainly change banks.

Zanderman

Spivved1987 said:

...

One of the problems when I looked in the past about having two current accounts is that the bribing bank always insisted that you have your main source of income (ie pay for most people) paid into their account from the outset. ...

Not sure I've ever seen that insistence as an actual formal requirement. It's a bit of a myth. They may say it should be your 'main' account but they can't control/enforce that. I've switched many many accounts for bonuses over the last 10+ years and never ever my two main accounts.

Spivved1987

Zanderman said:

Spivved1987 said:

...

One of the problems when I looked in the past about having two current accounts is that the bribing bank always insisted that you have your main source of income (ie pay for most people) paid into their account from the outset. ...

Not sure I've ever seen that insistence as an actual formal requirement. It's a bit of a myth. They may say it should be your 'main' account but they can't control/enforce that. I've switched many many accounts for bonuses over the last 10+ years and never ever my two main accounts.

Current Accounts
1
£175 Current Account Switch Offer Terms
It runs from 18 September 2025 until the offer ends.
What you need to do to get the offer
You need to:
1. Open a FlexDirect, FlexAccount or FlexPlus and choose to switch while you’re applying. Or, if you already have one of those
accounts with us, you can switch an account from another bank into it.
• It must be a full switch from a current account held with another provider using the Current Account Switch Service. A full switch includes closing the account you are switching from. Doing a manual or partial switch won’t count for this offer.
•

Middle_of_the_Road

Spivved1987 said:

Zanderman said:

Spivved1987 said:

...

One of the problems when I looked in the past about having two current accounts is that the bribing bank always insisted that you have your main source of income (ie pay for most people) paid into their account from the outset. ...

Not sure I've ever seen that insistence as an actual formal requirement. It's a bit of a myth. They may say it should be your 'main' account but they can't control/enforce that. I've switched many many accounts for bonuses over the last 10+ years and never ever my two main accounts.

Current Accounts
1
£175 Current Account Switch Offer Terms
It runs from 18 September 2025 until the offer ends.
What you need to do to get the offer
You need to:
1. Open a FlexDirect, FlexAccount or FlexPlus and choose to switch while you’re applying. Or, if you already have one of those
accounts with us, you can switch an account from another bank into it.
• It must be a full switch from a current account held with another provider using the Current Account Switch Service. A full switch includes closing the account you are switching from. Doing a manual or partial switch won’t count for this offer.
•

Nothing saying you have to switch your main current account, in fact most switching on here rarely do. Best to open am additional account and switch that