How do you know its safe to open a new account and transfer your savings into it?

[ssd]

Just that really. I want a better interest rate so need to open something new. Would transfer my money to this. But there's so many scams about, im scared i transfer it and never see it again.

Any advice?

Use only recognisable account/banks. Start with a small amount.

But how could i tell it was transferred safely even using a big bank?

Transfer a penny then after that's gone through, transfer the rest.

If you send it electronically from your current bank to a new bank it is covered by the Payment Services Regulations and the protections in that. What is your concern, that it goes missing before your new account is credited?

I don’t know! I did this recently and was thinking the other day that it could be a very elaborate scam. I chose three good rate savings accounts from recommendations in the Money section of the Sunday papers and all their websites said they were FCFS protected. It did occur to me though that I could still end up someone doing sad face in the daily mail saying I’d lost my life savings to a fraudulent website.

the things I did to try and be safe as possible:
look up banks on trusted review sites
be careful how to encounter or access their websites, and checked the url bar, and security settings.
did a test transfer of a smallish amount and see if it went through to the place I expected it to
went into my current account branch to transfer the larger portions of funds (I’m not sure this really helped actually though). As I was transferring to small banks, they weren’t part of the Big 6 Account details checking thingy so not even my bank could truly know it was going to the right place.

It’s hard because the best savings rates are with small banks, not the big high street “trusted” banks.

If I'm honest, it freaked me out a bit. Particularly as two of the banks I've just transferred my savings to attend yet party of the name checking service, so my present internet bank was trying to scare me with constant 'are you sure you want to do this?' messages.

So as a pp suggested, I transferred a small amount, and when they arrived safely, I did the rest..

1. Only use a well-known and trusted bank.
2. Use online banking for the new savings account, so then you can transfer the smallest amount possible to start with to it, to make sure that it arrives there by checking it on online banking. Then once confirmed that your first deposit went it, send the rest.

Check the bank is registered with the FCA. Check FCA known clones/ unauthorised companies list.
Check the sort code with sort code checker website- tells you which bank uses that sort code.
Ideally will have confirmation of payee.

Hi, did anybody try Shawbrook Bank?
I set up a fixed rate deal with them today, but when I tried to send money over from my current account,, I had warning messages.
l checked the sort code checker and it is definitely linked to that bank.
I’m not sure who I was supposed to put for a payee though, I’m confused so I’m nipping into my bank tomorrow to see if they can sort it.

I have used Shawbrook

My bank seems to give some sort of warning for any company I pay, it's really annoying.

I always transfer 1p, make sure it's received in the right place, then do the rest.

@EmmaAgain22 , how did you find Shawbrook?
Did you feel comfortable using them?

Yes, I liked them.

I had to call and talk to them for something not long after setting up the account. They were friendly and helpful and I noticed it wasn't a long wait to get through - maybe because they're a smaller bank?

That’s very encouraging thank you @EmmaAgain22

Have a look at platforms like Raisin. You open an account and then pick savings accounts you want, they then all sit in one place.

You transfer money into your Raisin account and then it goes into your chosen savings account. I think AJ Bell also offer this but with the advantage of sticks and shares investments.

Make sure the bank you are choosing is actually a bank.

heard some horror stories about Revolut.

Just is, the code of conduct that applies when you are actually a bank, is far more stringent, than when you are trying to be an online savings platform. So if/when you do gtlet scammed by a 3rd party, Revolut have been dismissing claims.

Stick with the very well known high street names.

Sorry to come late to the thread, but I've been wondering the same thing.
I have too much money in an HSBC savings account, that I've allowed to stay there, at .60% through inertia. Especially as I find the hsbc pretty useless.
So I've decided to open some savings accounts with better rates of interest. I've started with Shawbrook, Paragon, and the West Bromwich. But intend to open more, as I don't want to put all my eggs in one basket.
So, eventually, I will end up with several smaller accounts, covered by the government scheme of compensation, in case any particular bank goes down.

But, my god, the hoops that the hsbc put you through to do it!

I'd be interested to know if others have gone down that route.

Yes - we’ve split savings amongst several banks and building societies, including Shawbrook, Kent Reliance, West Brom and Investec. All managed online and no problems with any of them. I just keep track of everything on a spreadsheet and regularly check interest rates.

How do you check that they are secure curious ?

To check they are secure - make sure they are fully regulated with the FCA and protected by the FSCS. Do a search for known scams and see what pops.

When accessing their website or platform, access via their main website or app only, and be mindful of cloned websites. Look at the web address and make sure it is secure. Look out for indicators that things may be wrong/fake, like poor grammar, logos appearing off etc.

When transferring funds, do £1 first of all and make sure it goes through.

Often challenger banks and platforms have much better rates than standard high street banks. Most of my savings are outside of the core banks, apart from First Direct as they have a 7% offering.

Thank you

I did what @S72 says above. Always careful about checking it’s the main secure website and that money is fully protected.

I did this recently, it's very anxiety inducing! Firstly, I chose companies listed by Martin Lewis off his website. My partner then knew how to find out if a company is listed properly, i don't know what this was, but i then spoke with my bank, they said after setting up the account wait for then to post you something. I then rang my bank when i had this and did the transfers with them and they did further checks that my partner had done.

Also, the two i choose were one deposit only, so i couldn't rest the waters, but my bank said this wasn't uncommon with legitimate banks.