If you switch current accounts, does your savings account switch too?

Pup_mum

I'm thinking of switching current accounts to get the bonus the bank is offering, but would my savings account with my current bank be switched too?

Would I be better off moving my savings to my current account before the switch and then open a new savings account with the new bank? Thanks

la531983

No, it only concerns itself with the current account that is being closed and the current account that is being opened.

Of course a condition of having a savings account (or a specific savings rate) with the outgoing bank may be contingent on holding a current account with them, so you may want to check that first,

Ayr_Rage

Savings do not move with a switch.

The current account you are leaving is closed as part of the process and as some savings accounts are linked to having a current account with that bank they may have to be closed too

Check your bank terms.

Nasqueron

Just open a new account and switch that, move over any DD or SO as needed before

Rob5342

As above check the terms of your savings account and see if having a current account is a requirement. Now might be a good time to consider swithching your savings too to get the best interest rate.

PRAISETHESUN

The clue is in the name, Current Account Switch Service. As highlighted above, only the current account you elect to switch will move. All other accounts at your bank will remain unaffected - savings, credit cards, secondary current accounts, etc.

I'd echo the comment above and suggest you set up a second current account and switch that instead. No need to switch your main bank account unless you're actually looking to move away from your existing bank.