Switching bank accounts while I have a loan

Rob5342

It's best practice for anyone regardless of income, then you can stick with a bank that suits you best. You can meet the minimum pay in amount just by transferring money back and forth when you get paid, and you can easily move a couple of your direct debts to the donor account before you switch.

Rich1976

if you re happy with FD why do you want to move ?

You may get £200 from the new bank but if the customer service isn’t as good as what you get now and you have a lot of hassle with them then what?

Sometimes it’s worth staying put as the incentive won’t go far these days

Bigwheels1111

https://forums.moneysavingexpert.com/discussion/comment/82164973#Comment_82164973

With your Chase account, you can open an extra current account like a pot.

Then change 2 DD to it and use it to switch with. Job done. Most accounts that need an amount to qualify, is an easy fix, just add 200 a day in and out again, do this 5 times and you put £1000 in that month.

I do this with 5 accounts.

MynameisMichaelCane

Thanks for all the suggestions. I have decided to keep my FD account and use my Chase one to switch for the incentives. I have previously always set up direct debits from my current account without really giving it a thought, but I can now see the benefit of having 2 or 3 direct debits from a second account. I have switched a couple of direct debits to my Chase account and when it is confirmed that they are set up and active, then I will use that as a switching account.

lr1277

If you also like Chase, are you going to set up a 2nd Chase account before initiating the transfer? Because as pointed out earlier if you switch away your only Chase account, you cannot return to them, for the foreseeable.