Transfer of bank balance during the switching process

UKX69

I got talking to my daughter about the switching process the other day and she asked me if I ever let a large balance go over to the new account during the switch or hold some back and then transfer later. I replied not more than 1K and this got me thinking. How much cash do other people transfer during a switch and has anyone had any problems?

eskbanker

https://forums.moneysavingexpert.com/discussion/6663410/transfer-of-bank-balance-during-the-switching-process

What's behind your specific £1K figure, it sounds arbitrary?

grumpy_codger

Most people here are unlikely to have such experience because they

1. switch secondary accounts for bonuses, not main accounts,
2. don't hold big balances in current accounts paying low interest.

Also, you can always transfer the money to a new account before the switch happens.

UKX69

https://forums.moneysavingexpert.com/discussion/comment/81956223#Comment_81956223

It’s just a figure that came to mind during the conversation. I would be reluctant to let a lager balance go just in case it did go AWOL. When I have switched, it was a few hundred.

danny13579

UKX69

It’s just a figure that came to mind during the conversation. I would be reluctant to let a lager balance go just in case it did go AWOL. 

Why do you think it would go AWOL? Does money normally go AWOL on you when you transfer it to another bank?

UKX69

https://forums.moneysavingexpert.com/discussion/comment/81956258#Comment_81956258

It did for me many years ago. I was transferring 8k from NatWest to Virgin and it “disappeared” for 3 days. Cut a long story….fraud was involved - NatWest stepped in and saved the day and put it back in my account.

born_again

Full account balance several times.

Just only move a couple of £ to new account.

End of the day makes no difference, all down to personal choice.

UKX69

https://forums.moneysavingexpert.com/discussion/comment/81956315#Comment_81956315

yes, suppose it is.

EarthBoy

https://forums.moneysavingexpert.com/discussion/6663410/transfer-of-bank-balance-during-the-switching-process

If you're doing a full switch, using the Current Account Switching Service, you can't "hold some back and then transfer later". All the money in your old account on the switch date will be automatically transferred to your new account and the old account will be closed. It's a fundamental part of CASS.

If you don't want a large balance to be transferred to your new account, you'll have to transfer it out of your old account before the switch date, and put it somewhere else instead.

UKX69

https://forums.moneysavingexpert.com/discussion/comment/81956694#Comment_81956694

What was meant by that was transferring to another of my accounts and then sending to the new account. Personal reason for this and a bit of faff, but there you go.

badger09

I have always left a minimal balance, usually less than £10, in an account to be switched. In the rare event it goes wrong, losing access wouldn’t have any impact.