Help ref current accounts

Keith1001

currently looking to move my business from the coventry, the switching offers all seem to have “must close previous current account “ as a condition for the bonuses. However the coventry account is not classed as a current account but a savings account. Do the bonuses apply if you open a new current account unable to be sure from information online. Any advice or input gratefully accepted.

Albermarle

It would be better to repost this question in this forum.

Budgeting & bank accounts — MoneySavingExpert Forum

wmb194

https://forums.moneysavingexpert.com/discussion/6677038/help-ref-current-accounts

No and you won't be able to switch a savings account into a current account.

Cisco001

Open a 'donor' current account at bank like Monzo or Starling (they rarely has the switch incentive).

Then, move the required direct debit to those. Those banks with switching offer usually require 2 - 3 direct debit. Some require DD for household bills.

Then start switching.

friolento

Switch bonuses are for current accounts. or for investment (shares, funds etc) accounts.

I have never seen any switch bonuses for savings accounts.

AFAIK, Coventry doesn't offer current or investment accounts, so you can't use a Coventry account for a switching bonus. You are free, however, to transfer your savings from Coventry to elsewhere.

If your Coventry account is a cash ISA: don't make the transfer yourself, ask the new provider to make the transfer for you. If it is not a cash ISA, you withdraw your money from Coventry to a current account, and then deposit your money from there to a new savings account. For a complete range of savings account, see moneyfacts

flaneurs_lobster

Maybe read the MSE guide about bank switching

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

MSE_ForumTeam5

https://forums.moneysavingexpert.com/discussion/comment/82076666#Comment_82076666

We've moved this to the suggested board.

(Rather than asking people to repost – thus creating duplicate threads with fragmented responses – it's preferable to ask an Ambassador or the Forum Team to move a thread to another board)

Keith1001

https://forums.moneysavingexpert.com/discussion/comment/82076668#Comment_82076668

that I understand but although a savings account it’s run as a “current account “ all bills and DD’s come from there

Keith1001

https://forums.moneysavingexpert.com/discussion/comment/82076677#Comment_82076677

I will thank you but as said all bonuses are on condition of closing current, current account technically I don’t have one

Keith1001

https://forums.moneysavingexpert.com/discussion/comment/82076674#Comment_82076674

thank you for the advice I will check things out I’m currently in coventrys complaint procedure as they will reward co-op customers for switching current accounts (coventry now own the co-op). But not reward long standing coventry customers

flaneurs_lobster

Are you talking about a Coventry MoneyManager account?

You are wanting to switch this account to a Co-op account for the switch bonus?

That's not going to happen, the MM account is not a true current account and cannot use the Current Account Switch Service to be switched anywhere for anyone's bonus.