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Switching bank accounts
Liz65
Posts: 132 Forumite
Hi, can anyone just explain a few things for me, please?
My husband and I have been with the same bank for years, and I keep looking at switching bank accounts, but I am a bit dubious. How many times can you switch? Is it all done by the bank you are switching to? Is it easy to do? Are the money incentives that some offer worth it? Thank you
My husband and I have been with the same bank for years, and I keep looking at switching bank accounts, but I am a bit dubious. How many times can you switch? Is it all done by the bank you are switching to? Is it easy to do? Are the money incentives that some offer worth it? Thank you
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Comments
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You can switch as many times as you like as long as your new bank allows you to open an account (however you will be limited to how often you can get rewards for switching based on each banks T&Cs)
The Current Account Switch Service (CASS) is easy to use, you tell your new bank you want to switch to it and they handle the switch, moving across all Direct Debits and balance, and closing your old account.
The money incentives can be worth it, most people don't switch their main bank account though, they have additional current accounts for switching purposes.1 -
I've never switched but I assume you'd also have to give your employer your new CA details to pay your wages into0
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The Current Account Switch Service will redirect payments to your new account. Each time an electronic payment is redirected an automatic message is sent back to the originator advising them of the new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed.
I would also personally notify my employer (if I switched the current account they pay into).2 -
The switching service will automatically inform anyone who tries to make or take payments from your old account of the details of your new account. The system will also honour the payment. I think that used to be for 2 years the last time I checked, but it could have changed.ButterCheese said:I've never switched but I assume you'd also have to give your employer your new CA details to pay your wages into
• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0 -
Have you read the MSE pages on switching bank accounts?Liz65 said:Hi, can anyone just explain a few things for me, please?
My husband and I have been with the same bank for years, and I keep looking at switching bank accounts, but I am a bit dubious. How many times can you switch? Is it all done by the bank you are switching to? Is it easy to do? Are the money incentives that some offer worth it? Thank you
https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch1 -
It's a minimum of 3 years but it's effectively indefinite now - the guideline is until no payment has been made for 13 monthsvacheron said:
The switching service will automatically inform anyone who tries to make or take payments from your old account of the details of your new account. The system will also honour the payment. I think that used to be for 2 years the last time I checked, but it could have changed.ButterCheese said:I've never switched but I assume you'd also have to give your employer your new CA details to pay your wages intoSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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very easy I have done it several times and no hitchesThe mind is like a parachute. It doesn’t work unless it’s open.:o
A winner listens, a loser just waits until it is their turn to talk:)0 -
Just be aware that any regular debit card payments (e.g. I have one with NOW TV) won’t automatically be moved.1
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