Bank Switch

[The Central Scrutinizer]

Does anyone know how long you have to be with a bank before you can switch to another?
I've looked online but i can't really find an answer.

 

[Cycleops]

Don’t think there’s any time limit. You don’t even need to switch, just open a new account and gradually run the old one down.

View: https://youtu.be/hejMclRqAW8

The same guy has a video on best banks for 2023.

 

[sevenfourate]

Afraid i can't answer your question (Ring your Bank for Clarity ?) - but i can't believe how easy a Current Account swap is these days.....

My HSBC branch (No longer in my home Town either after moving) announced it was closing in June 2023. I'd been with them 32 (?) years. So i decided to swap early and take control myself.

Got paid £175 to swap to First Direct - which got paid in quickly. All Direct Debits swapped painlessly....and if there where any issues / fees because of a missed payment, they became my new Banks problem not mine. Opened up some additional savings accounts (One at a great rate) easily / quickly; to swap those across too. And as a bonus - also got offered another savings account where i've committed to putting £300 a month away (Max possible) for a year at 7% interest.

So if you want to follow Martin Lewis's advice and take advantage of 'free money' for swapping, and are gaining nothing where you currently are because they have no allegiance to your long-term commitment to them - then swap away without fear !!

 

[PeteXXX]

I found the changing of the bank account where my private pensions were paid into the most tedious part. Everything else was easy.
As said, just open a new account and gradually change stuff over.

 

[sevenfourate]

I found the changing of the bank account where my private pensions were paid into the most tedious part. Everything else was easy.
As said, just open a new account and gradually change stuff over.

Tedious ? Not sure what you or your new Bank did exactly.

But i merely notified them once i wished to transfer and did absolutely nothing else on my part. And i have multiple 'complicated' in and outs to some degree. Sounds like that's your Pensioner payers issue - not the new Banks - if that's all that didn't transfer successfully......

What does swapping across over time achieve / would have achieved ?
If you had one sole issue - it would have either happened quickly (Or not as the case may be). Or slowly; no ?

 

[Cycleops]

Switching would give you the most advantage financially as most banks give a incentive for you to do so.

 

[PeteXXX]

Tedious ? Not sure what you or your new Bank did exactly.

But i merely notified them once i wished to transfer and did absolutely nothing else on my part. And i have multiple 'complicated' in and outs to some degree. Sounds like that's your Pensioner payers issue - not the new Banks - if that's all that didn't transfer successfully......

What does swapping across over time achieve / would have achieved ?
If you had one sole issue - it would have either happened quickly (Or not as the case may be). Or slowly; no ?

It was the Pension providers that needed written proof of things that took the time. Changing gradually seemed easier for me personally.

 

[Bazzer]

I don't think there is a minimum time.
Daughter 1 used to do it regularly as a means of accumulating the cash incentives shortly after they spent a load of money buying their house. Just check the T&Cs for your particular account.
I would also let the bank do the work of the switching. It makes your life much easier.

 

[ianrauk]

No minimum time, switched to First Direct, gave them all the information regarding direct debits etc and they did the rest. Easy.

 

[presta]

I swap savings accounts like a tart because that's where my income comes from, but bar a switch of branch, my current account is the same one my employers opened for me 47 years ago. There isn't much point in changing, all the incentives are for people who are paying a salary in each month. At one time I had a Santander 123 account which paid a bonus, but was only for people who paid £500 a month into the a/c. I set up a standing order to swap £500 from Santander to Lloyds and back again once a month, but it was more hassle than it was worth when the 123 interest rate dropped, so I just closed the account.

 

[The Central Scrutinizer]

Afraid i can't answer your question (Ring your Bank for Clarity ?) - but i can't believe how easy a Current Account swap is these days.....

My HSBC branch (No longer in my home Town either after moving) announced it was closing in June 2023. I'd been with them 32 (?) years. So i decided to swap early and take control myself.

Got paid £175 to swap to First Direct - which got paid in quickly. All Direct Debits swapped painlessly....and if there where any issues / fees because of a missed payment, they became my new Banks problem not mine. Opened up some additional savings accounts (One at a great rate) easily / quickly; to swap those across too. And as a bonus - also got offered another savings account where i've committed to putting £300 a month away (Max possible) for a year at 7% interest.

So if you want to follow Martin Lewis's advice and take advantage of 'free money' for swapping, and are gaining nothing where you currently are because they have no allegiance to your long-term commitment to them - then swap away without fear !!

Nothing wrong with my bank but wanted to take up the same offer as @sevenfourate took from first direct of £175.
I've swapped a few times for the cash incentive.NatWest to Halifax,Halifax to Nationwide.
It's just that i've only been with Nationwide for nine months and wondered if that was to soon to swap.

 

[steverob]

I think the only rule you'd fall foul of is if you wanted to switch back to Halifax or NatWest - they might turn round and say you're not eligible for any incentives as you've had an account with us too recently and we think that you're playing the system (but no doubt would still let you open an account without the incentive). But there wouldn't be anything that the bank you're leaving could do about it whether you'd been with them for 5 minutes or 5 years.

 

[vickster]

Afraid i can't answer your question (Ring your Bank for Clarity ?) - but i can't believe how easy a Current Account swap is these days.....

My HSBC branch (No longer in my home Town either after moving) announced it was closing in June 2023. I'd been with them 32 (?) years. So i decided to swap early and take control myself.

Got paid £175 to swap to First Direct - which got paid in quickly. All Direct Debits swapped painlessly....and if there where any issues / fees because of a missed payment, they became my new Banks problem not mine. Opened up some additional savings accounts (One at a great rate) easily / quickly; to swap those across too. And as a bonus - also got offered another savings account where i've committed to putting £300 a month away (Max possible) for a year at 7% interest.

So if you want to follow Martin Lewis's advice and take advantage of 'free money' for swapping, and are gaining nothing where you currently are because they have no allegiance to your long-term commitment to them - then swap away without fear !!

Maybe quicker as HSBC own FD?

 

[sevenfourate]

Maybe quicker as HSBC own FD?

Yes. I didn't realise they did. I had no intention / need to change. But was 'forced' to because my branch was closing.

So the fact i then also got paid £175....along with other incentives to effectively stay 'in-house' seems somewhat of a nonsense........

 

[vickster]

Yes. I didn't realise they did. I had no intention / need to change. But was 'forced' to because my branch was closing.

So the fact i then also got paid £175....along with other incentives to effectively stay 'in-house' seems somewhat of a nonsense........

FD get very good feedback.
I’ve been with Natwest for 30 years, rarely need a branch but luckily there are still several within a 5 mile radius, some even open on Saturday.