Switch to Santander 123 from my HSBC cuurent account.

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
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ramenkidramenkid Forumite
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edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
After some researching, I have concluded that Santander 123 current account would be best for me. My current HSBC account doesn't offer any benefits. When I first opened HSBC account, it was a Graduate account so it came with a credit card as well as a debit card. Now the account has been changed to a standard current account and I still have the both credit/debit card. If I switch, would it close my HSBC accounts include my credit card account? And will I have to apply separately for a Santander 123 credit card assuming the current card only include a debit card?

Has anyone had experience regarding the switch? I have over 10+ direct debits so I won't want any hassle if things go wrong.

Thanks in advance.
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  • Archi_BaldArchi_Bald Forumite
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    ramenkid wrote: »
    If I switch, would it close my HSBC accounts include my credit card account?
    Do the T&Cs for your HSBC CC stipulate that you must have a current account with HSBC?
    ramenkid wrote: »
    And will I have to apply separately for a Santander 123 credit card assuming the current card only include a debit card?
    You have to apply for the 123 CC separately. You do not need a 123 current account to do so, but you will not get the first year's CC charges waived if you don't have one.

    The 123 current account does come with a debit card (all current accounts do).

    You don't have to have your CC(s) with the same provider you have your current account(s) with.
    ramenkid wrote: »
    I have over 10+ direct debits so I won't want any hassle if things go wrong.
    You do get a guarantee if you use the CASS, so if anything goes wrong you can claim under that guarantee. You'd still have hassle if things went wrong but you should not suffer a financial loss, as that's what the guarantee is all about.
  • grumblergrumbler Forumite
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    Don't miss TCB £36.75.
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  • Archi_Bald wrote: »
    You do get a guarantee if you use the CASS, so if anything goes wrong you can claim under that guarantee. You'd still have hassle if things went wrong but you should not suffer a financial loss, as that's what the guarantee is all about.

    If I apply through Topcashback's website which take me to Santander to apply for the 123 current account, I assume it would it be protected by CASS?

    I have had my HSBC account for years so I do not really remember the t&cs. Maybe I'll call them and ask.

    Many thanks guys!
  • roddydogsroddydogs Forumite
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    They were quick with mine, 9 days just before Xmas, but they are slow with the online pass numbers, Im still waiting... be aware you have to request these separately, I did online but they said "We havent recieved any request" still waiting.!!
  • Archi_BaldArchi_Bald Forumite
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    If you switch your main and only account, you should definitely wait with your switch request until you have full online access and a debit card as well as a PIN for the new account. Before using the account, you might also want to have set up telephone banking if that needs special set-up.

    Applying for a new account and switching an existing account are two totally separate processes, and there is no guarantee that opening an account for the first time will be completed within x days. The only guarantee you have is that switching will be complete within 7 days - but having switched to an account you have no online access to, and/or no debit card and PIN for might leave you stranded for money, and out of control.
  • Thanks again peeps.

    Oh, so if I switch today, what date should I set for the switching to be completed so I will have all my new debit card, PIN and online banking ready to use?

    HSBC is really rubbish, no interest/incentives for being a loyal customer, and they have closed down the branhces I used to go. Opening hours isn't great either.
  • colstencolsten Forumite
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    You could do what Archi Bald grumbler suggested - open a 123 via Quidco or Topcashback. When the new Santander account is fully open, you can ask Santander to switch your HSBC account. They'll complete the transfer within 7 working days of receiving your instruction, or you can ask for a specific date (working day) more than 7 days in the future.
  • roddydogsroddydogs Forumite
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    Archi_Bald wrote: »
    If you switch your main and only account, you should definitely wait with your switch request until you have full online access and a debit card as well as a PIN for the new account. Before using the account, you might also want to have set up telephone banking if that needs special set-up.

    Applying for a new account and switching an existing account are two totally separate processes, and there is no guarantee that opening an account for the first time will be completed within x days. The only guarantee you have is that switching will be complete within 7 days - but having switched to an account you have no online access to, and/or no debit card and PIN for might leave you stranded for money, and out of control.
    But you dont get the online passwords till after the a/c is set up, ive been waiting for mine since well befor Xmas, ive got a letter today with the "1st" part, now it reads I could wait another 7 WORKING days before the second part,:mad:
  • Archi_BaldArchi_Bald Forumite
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    roddydogs wrote: »
    But you dont get the online passwords till after the a/c is set up, ive been waiting for mine since well befor Xmas, ive got a letter today with the "1st" part, now it reads I could wait another 7 WORKING days before the second part,:mad:

    This sort of thing is precisely the reason why I am suggesting that people shouldn't start their switch until they have full access to their new account.

    Just for the avoidance of doubt: you do not have to have to go through a switch in order to get full access to a new account. A switch is a totally independent process.
  • edited 31 December 2014 at 2:22PM
    pollypennypollypenny Forumite
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    edited 31 December 2014 at 2:22PM
    Quick question: how reliable is the switching service for credits such as salary and/or pensions?

    We have a 123 account for the DDs and the interest, serviced from our HSBC account at the moment. However, we intend to switch from the latter to Nationwide Flex + soon.
    Member #14 of SKI-ers club

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    (Pity they are mangled by this autocorrect!)
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