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Original poster

Please talk to me like I am 5 re a bank account

45 replies

theveg · 18/08/2022 12:06

Please excuse my cluelessness with this area......

How much of a pita is it to close a bank account and just switch to a different bank?

My current bank is dreadful but I've been put off changing because of the hassle of changing all Direct Debits, switching my pay to pay into a different account. Is there anything else I need to think of?

Also can anyone recommend a good savings account?

Thanks!

OP posts:
Antarcticant · 18/08/2022 12:09

Most banks have a switching service, so they will take care of moving your direct debits and so on. Ask the bank you're thinking of moving to if they offer this.

sarahc336 · 18/08/2022 12:10

Yes many banks will offer a change over service xx

dementedpixie · 18/08/2022 12:12

Use the current account switch service.
Choose the bank you want to swap to and they will switch all your direct debits and other payments in and out as part of the switching service.

dementedpixie · 18/08/2022 12:14

Your existing account will get closed as part of the switch so you don't need to do anything.

Which bank are you thinking of moving to?

LoversLane · 18/08/2022 12:14

Money Saving Expert is great for finding best accounts and deals including savings accounts. We are changing banks as soon as we complete our house move and this website has been invaluable

Original poster
theveg · 18/08/2022 12:15

Ah I see!! Glad I asked!

I've had my head in the sand about banking and have had the same account forever but I can't even do online banking with my current bank.

No idea which one I'd switch to though

OP posts:
CMOTDibbler · 18/08/2022 12:15

Its incredibly easy to change current accounts. We moved to Starling, and it literally took no more work than just the process of setting up the new account. They did everything else

Antarcticant · 18/08/2022 12:16

As pp said, try Money Saving Expert for recommendations. Sometimes you can get a switching incentive, e.g. £100, from the bank you move to.

NyanBinaryJohn · 18/08/2022 12:21

When I switched to Starling it was great. I requested a switch, selected a date I wanted to switch by, and everything just happened.

Once the switch was complete I notified my bank I wanted to close the account (can't remember the method, check your bank's FAQs on how to close your account) and that was me done. Very simple.

There was one payment I received to my old account after the switch, and even that was automatically forwarded to my new account.

Original poster
theveg · 18/08/2022 12:43

Ok thank you.

Also.....on my current account, I have a £1900 overdraft. I never use it. Not sure why or how I have this? Is this normal?

OP posts:
abovedecknotbelow · 18/08/2022 12:50

theveg · 18/08/2022 12:43

Ok thank you.

Also.....on my current account, I have a £1900 overdraft. I never use it. Not sure why or how I have this? Is this normal?

You can ask them to close the facility but it can help your credit rating to show that you have access to credit.

I'm with Monzo and think they're great.

larkstar · 18/08/2022 12:52

Starling - I switched to them from Barclays based on the recommendations I had here on MN - it was really easy and quick to open the account - the phone app works brilliantly. As part of the process to prove your identity you have to film yourself saying a phrase - something simple like "My name is theveg and I want to open a Starling account" - it's really simple - just one step that's part of the online process - it uses the camera on your phone or laptop. I had too many problems with First Direct trying to open an account - months went by and they claimed to have lost "part of" my paper forms that I sent in, etc... I gave up with them and opened the Starling account in about 15mins.

EmmaH2022 · 18/08/2022 12:53

theveg · 18/08/2022 12:15

Ah I see!! Glad I asked!

I've had my head in the sand about banking and have had the same account forever but I can't even do online banking with my current bank.

No idea which one I'd switch to though

Why can't you do online?

i used to switch for money incentives. So easy. You get paid £150 or whatever and it was, pre me internet banking, a grand total of about 20 mins admin.

Original poster
theveg · 18/08/2022 13:15

It's the Co-operativebank and every time I try to set up online banking it's just been a nightmare. I've been on hold for them for 30 mins and then got cut off. Seems to require a one time password which they never send and a number of other passwords/codes/pins

OP posts:
LoversLane · 18/08/2022 13:25

theveg · 18/08/2022 13:15

It's the Co-operativebank and every time I try to set up online banking it's just been a nightmare. I've been on hold for them for 30 mins and then got cut off. Seems to require a one time password which they never send and a number of other passwords/codes/pins

We have banked with them for 20 + years and have had enough too. As soon as we complete in the house we are moving bank too.

Chasingsquirrels · 18/08/2022 13:29

Last time I did it (about 12 years ago) I found it very easy, the switching service took care of most things.

I didn't actually close my old bank account (still have it and use it for some receipts), so where I had the odd thing that paid me irregularly I could notify them as they paid me & it didn't get rejected.

Definitely look for one with a switching in bonus.

SwelegantParty · 18/08/2022 13:30

I switched to Santander a couple of years ago and it was very easy - they transferred all my direct debits across and closed the old account. They said that any payments made to the old account in the next year would automatically forward to the new account too. Their online banking app is great, and if you go for the 123 account you get interest and cash back for a small monthly fee.

Original poster
theveg · 18/08/2022 13:30

Could people tell me more about starling? What is so good about it? I don't think they have a switching bonus.

OP posts:
Bluebellbike · 18/08/2022 13:35

I recommend First Direct. I have been with them since their start up in the 980's. They will do all the switching of everything for you. I am pretty sure they offer a ££ incentive as well if you switch to them. I have always had a free overdraft facility with my account. Like you I have never used it but it is there in case of emergency.

Bluebellbike · 18/08/2022 13:38

Also, I use the banking app with First Direct. I wasn't sure about it at first as I had always done online banking via the website. But the app is so much easier and I never log in via the website any more.

PosiePerkinPootleFlump · 18/08/2022 13:43

Starling allows you to do everything online, real time notifications for spending (you get a phone notification before the receipt has even been printed in the shop), ability to analyse spending into categories and see where your money went, easy to set up linked accounts with partner or for kids pocket money etc. Easy to split bills or expense items etc.
The app is properly interactive. Whereas eg First Direct just essentially shows you the same as a paper statement but on a screen.

Flockameanie · 18/08/2022 13:47

I’m with First Direct and think they’re great for customer service (I love that a human picks up when you ring them), but I do wish they’d update their digital banking offerings - I’d love to be able to do the ‘pots’ thing you can do with Monzo and to be able to link family accounts

wonderstuff · 18/08/2022 13:51

I got fed up with coop a few years ago too. I’m with Nationwide, great customer service and I like that they aren’t a bank and have a strong ethical policy.

latetothefisting · 18/08/2022 13:54

Dont bother switching to starling or monzo as they don't offer switching incentives.Why lose out on 175 quid?

Switch to a bank that does (look on mse but first direct is currently offering the most and has the best service feedback), then you can always open an online bank only account like starling, monzo, or I would recommend chase as it does cash back as well and use that as your "spending"/holiday abroad account or whatever if you think the benefits are worth it.

Original poster
theveg · 18/08/2022 16:19

What about Monzo vs Starling?

Could I open one with first direct as well.

Ive only ever had one account 😳

Well I have a joint account with dh too

OP posts:
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