TSB switch

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  • badger09
    badger09 Posts: 11,205 Forumite
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    According to the link in YorkshireBoy's post 7, the deadline for switching for this incentive in 14th July.

    So stop panicking, get your ID to the branch and take it from there.

    It isn't really confusing. Switching is always a 2 step process:

    Step 1 apply (and be approved) for a new account with the incentive providing bank

    Step 2, once the new account is open, complete the online/paper switching form/telephone call (depending on the bank) and choose your switch date.

    Then let the new bank get on with it.

    You asked earlier about your salary going to the wrong account. The new bank will notify them and any payments going to your old bank will be forwarded for 3 years. But, you can use 'belt and braces' and tell your employer your new bank details once the account is up and running.
  • Johntea
    Johntea Posts: 1,194 Forumite
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    I've just signed up this morning for this too, all OK went straight through just awaiting the stuff in the post to arrive now.

    With regards to the switching, I currently have 2 current accounts with HSBC. Ideally I want to keep my main current account where my salary etc get paid in and just transfer my secondary current account across to TSB. My only problem then is the direct debits as they're currently linked up to my main current account, can I set them up fresh on TSB straight away or do they have to be 'switched' to qualify for the bonus?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Johntea wrote: »
    I've just signed up this morning for this too, all OK went straight through just awaiting the stuff in the post to arrive now.

    With regards to the switching, I currently have 2 current accounts with HSBC. Ideally I want to keep my main current account where my salary etc get paid in and just transfer my secondary current account across to TSB. My only problem then is the direct debits as they're currently linked up to my main current account, can I set them up fresh on TSB straight away or do they have to be 'switched' to qualify for the bonus?
    Doesn't condition 1d (first five words!) of the incentive T&Cs answer your question? Might be a good idea to read them again, just in case you missed anything else? £130 is a lot of money!
  • Sponge_Cake
    Sponge_Cake Posts: 119 Forumite
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    Did you not need to go into a branch with proof of ID before completion?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Sponge_Cake wrote: »
    Did you not need to go into a branch with proof of ID before completion?
    The number of applicants being asked to pop into branch with ID will be very much in the minority.

    The reason you may have been asked is most likely due to a 'thin' credit file and/or Electoral Roll issue and/or not enough address history.
  • Sponge_Cake
    Sponge_Cake Posts: 119 Forumite
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    YorkshireBoy wrote: »
    The number of applicants being asked to pop into branch with ID will be very much in the minority.

    The reason you may have been asked is most likely due to a 'thin' credit file and/or Electoral Roll issue and/or not enough address history.

    Okay, thanks.
    It must be an address issue, as I did my experian credit check last week and it was 940 out of a possible 999.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    First Post Combo Breaker
    Sponge_Cake wrote: »
    Also one more thing, if my salary gets accidentally paid into my old account (as the switch may coincide with me getting paid this month which means my employer won't have had a chance to input the new bank details) how long will it take to come over into my new account?

    As it appears you haven't yet started the switch you still have the opportunity to decide on the best switch date to suit you. It is best to pick a date when you have least activity on your account as it minimises the potential for problems. I would avoid pay day and dates at the start/end of the month too.
    Sponge_Cake wrote: »
    ...as I did my experian credit check last week and it was 940 out of a possible 999.

    Which might be because you have a thin(ish) credit file. The score you have is rather meaningless, certainly when it comes to ID checks.
    "In the future, everyone will be rich for 15 minutes"
  • Sponge_Cake
    Sponge_Cake Posts: 119 Forumite
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    So I don't have a good credit score? I was quite pleased with that result.
    Why is it meaningless?
  • eskbanker
    eskbanker Posts: 30,983 Forumite
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    edited 12 June 2017 at 5:21PM
    Sponge_Cake wrote: »
    So I don't have a good credit score? I was quite pleased with that result.
    Why is it meaningless?
    Because nobody sees it, other than you and the company making it up.

    Prospective credit providers will ask for certain information from credit rating agencies but they'll only be interested in actual cold hard facts (available credit, total debts, credit conduct, etc) rather than artificial numbers that are only created as a means of selling the rating agency's services.

    Edit: if you read the careful wording at http://www.experian.co.uk/consumer/experian-credit-score.html you'll see that they don't actually claim that their score is used by anyone else and on the contrary it's clear that providers use their own calculations:
    What is a credit score?

    A credit score is a number that reflects the likelihood of you paying credit back. Lenders like banks and credit card companies will look at your credit history when they calculate your credit score, which will show them the level of risk in lending to you. The higher your credit score, the more chance of being accepted for credit, at the best rates.

    Your credit score influences your chances of getting:
    Credit card, loans and mortgages
    Car financing
    Gas & electricity monthly payments
    Mobile phone contracts
    Insurance monthly payments
    Property rentals

    How does a credit score work?

    Whenever you apply for credit, the lender will check your borrowing history and how you typically repay money you’ve borrowed. This happens when you apply for credit such as a loan, credit card, mortgage, car finance… even a mobile phone contract.

    They’ll look at your credit history which is based on your credit report and will show things like if you have a mortgage, how much you owe on credit cards and if you’ve missed payments in the past.

    This is combined with the other information you fill in on the credit application form, and past information they’ve got on you (for example, if you’re an existing customer) the lender will then decide if they’d like to lend you money.

    Each lender uses a slightly different lending criteria, so make sure you look around for a deal that you’re more likely to be accepted for as well as being best suited to you and your credit history.
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