Switching bank accounts

[mummyof2boys30]

As the title says is it as easy as they say to switch accounts. We currently have santander current account, savings ISA and mortgage.

I also have a nationwide savings account and they are offering £200 to switch. If i change does everything switch or do i have to do anything. Currently have direct debits, standing orders going out. Then wages and umiversal credits and dla etc coming in

The switch service does it all. You select a date by which you want the switch completed and then it’s done. It’s very easy. Within a few days you get your new card and pin. Any money coming into your old account automatically moves to your new account. You’ll need to tell your employer to move your wages but the rest is done for you. It really is as easy as they say.

Nationwide should do a full switching service but you need to check with them.

I switched bank but wished I had not done so because it affected my credit rating as one of the things considered when calculating your score is the length of time you have had your bank account.

if you want a new mortgage or loan in the next couple of years I would think carefully as you may not get as good a deal on interest rates and you may pay far in extra interest than the £200 gained by the switch.

Bear in mind that Nationwide won't move any recurring card payments over to your new account (things like Netflix subscriptions, Amazon Prime etc where the payment is taken from your card) this used to catch a lot of people out as they assumed they were DD's because payments were taken out of their account automatically.

They also don't count towards the qualifying number of DD's needed for the switch criteria, another thing that used to confuse people so thought I'd mention just in case 🙂