Switching Banks

Chaz46

Hello all,

I was listening, this morning, to Martin Lewis's podcast and his section about switching your bank to take advantage of a switching bonus. Feeling inspired and not wanting to switch from my existing bank (Santander) I decided to set up a new bank account with Chase, together with two direct debits, moved from Santander and then as soon as possible switch to one of what Martin calls the magnificent seven banks that are offering new customer bonuses.
My question is how soon can I switch without there being confusion around the direct debits being moved twice in quick succession? 

Thank you.

Charles

born_again

As it needs to be a active DD in most cases to switch, best to wait till it has been paid once.

SiliconChip

Not an insurance question, reported to be moved to the Banking board.

Chaz46

Thank you for that born_again

PRAISETHESUN

Once your incentive has been paid from the first bank you are free to move along to the next bank. The DDs will follow without issue.

Just make sure with Chase you open a second current account with them before you switch away. If you switch your one and only account with them they currently won't ever let you open new accounts with them again. Having at least one open at all times means you can continue to open new Chase accounts, which is a great option to have if several switch incentives all come at once!