Is currenct account switch reliable?

I've switched multiple times now - on my sole account from first direct to Halifax to Co-op to TSB to Nationwide; on my joint account from HSBC to Halifax to Nationwide. Each one went through without a hitch, with the exception of the last one where two DDs were changed too close to the payment date - one company (my home insurer) sent me a letter and just took the payment a week later, the other (my energy company) just said to make the payment by debit card instead and made up the payment that way. No real hassle.

It's as reliable as anything else, really.

JuicyJesus wrote: »

I've switched multiple times now - on my sole account from first direct to Halifax to Co-op to TSB to Nationwide; on my joint account from HSBC to Halifax to Nationwide. Each one went through without a hitch, with the exception of the last one where two DDs were changed too close to the payment date - one company (my home insurer) sent me a letter and just took the payment a week later, the other (my energy company) just said to make the payment by debit card instead and made up the payment that way. No real hassle.

It's as reliable as anything else, really.

Have you managed to get switching bonuses for all these? Don't banks only pay out once? I know the current Halifax offer explicitly says that - "Only one offer is available per customer. Joint accounts will only be eligible for one payment. If any joint account customer has already benefited from the offer in their sole name, no payment will be made for that joint account."

pilotamx wrote: »

Well I think I should carefully select a date in which no payment is due (maybe + and - 3 days).

Might not help with the first problem I highlighted which is duplicated direct debits, i.e. one transferred from your old account and a new one established by the payee on your new account. This problem does need looking at by the switch service because when you delete the old direct debit transferred from your old account you could be at risk of having the account you're paying cancelled or a fee charged.

A further problem I've encountered is with Lloyds Insurance Services: My monthly premium is due soon and I noticed that their DD has been removed from my new account most likely by them. I phoned them to advise them and they told me not to worry as the DD sent to my old bank will be automatically transferred to and paid by my new bank.

I'd say that the one and only way to avoid DD disasters with an active account switch is to cancel all the direct debits and start new ones at the new bank. But that may not be a workable solution due to possible fees charged for not paying by DD or paying manually by debit card.

Don80 wrote: »

Have you managed to get switching bonuses for all these? Don't banks only pay out once? I know the current Halifax offer explicitly says that - "Only one offer is available per customer. Joint accounts will only be eligible for one payment. If any joint account customer has already benefited from the offer in their sole name, no payment will be made for that joint account."

I got a bonus for Halifax and TSB for my sole account, but have never had a switching bonus for any other sole accounts or the joint account. My partner got one for her switch to Halifax, and another one (the £100 each) after I recommended her to Nationwide however.

It was always sole accounts switched first, then joint accounts to ensure we were both eligible for the bonus.