Switching banks

Wespnest · 16 November 2019 at 1:37AM

Hi I'm after a bit of advice please.

Unfortunately it looks like might have to go.down the iva route.

As most of my debt is with my bank I have been advised to switch my bank account. The recommendation seems to be a Co-Op one

On looking around the net, most seem to be going for the Co-Op cashminder (basic) account. If I did this would I still be able to do the switch, with it not being a current account or would it be better to open a Co-Op current account instead?

Thanks for any help

Willing2Learn · 16 November 2019 at 6:21PM

Hi Wespnest and welcome to the forum

The co-operative bank is not part of a banking group, so the Cashminder account should suit you fine. We recommend people just to open an account without switching, so that any overdraft or unaffordable DDs or SOs are NOT transferred to your new account. Do it all manually, is the best way.

mwarby · 16 November 2019 at 7:03PM

Agreed on a manual switch, once all the credit account direct debits are gone there's often not that many to switch, and they take 5-10 mind each tops

If you don't have debts with Nationwide, they are worth a look, the basic account supports android and apple pay which can be handy

Switching banks

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