Switching Bank Accounts

Personal Finance Bank Accounts
#1

Morning friends :wave:

How is everyone today?

Yesterday we published a handy guide to switching bank accounts :money_mouth_face::bank:

It’s super easy to get comfortable with your current bank account, but there are tonnes of reasons why it may be beneficial to switch. Including cash rewards, lower monthly fees, cashback, better customer service, etc etc.

You can read the full article here :point_right: https://bit.ly/3i6hXJN

Would love to know if switching bank accounts was something you did often? Or if it’s something you have on your financial to-do list?

#2

I have pretty much every bank account under the sun from challenger / neo banks at least and all the cards with their increasingly wild colours and “features” but ultimately it’s worked well for me to just stick with one bank for most money.

I used the switching service just to close an old account and it was really simple, I was kept up to date, but there’s always that thing in the back of my mind… what if I forgot I used it for something?!

The biggest issue post switching I have had is moving away from N26 in the UK, and having a rather large USD transaction refunded to my card. I’m still waiting for their third party to pay it into my new account as they have no operations here for obvious reasons.

#3

:joy::joy:

So do you just open a new account with whichever new bank, test out the features, but keep the majority of your cash in one bank that you trust/ like the most?

They’ve made it super easy to switch, but you’re right in saying it could become more of a pain if something then goes wrong with the switch.

This doesn’t sound like fun. Hope you get that sorted soon :crossed_fingers:

#4

I do exactly that. If a new bank impressed me a lot then I would consider migrating over. I did that a couple of times. I have my salary paid into an account I don’t use but would never close as I’ve had it so long and it’s still free, and then use another account for day to day and bills. :slight_smile:

#5

The effort is far too much for me. I like my main bank and I can enough accounts with them that switching would just be a huge faff I don’t want to deal with - even if they pay me to move :woman_shrugging:

#6

Is anyone tempted by the new bank switching bonuses coming out atm?

Like:

HSBC advance - free £125
First Direct - free £100
Virgin Money - free wine :joy:

#7

Nope. I avoid HSBC group companies after they caused me massive issues as a student.

Virgin Money were good but the merger of various banks means their systems aren’t so aligned and that frustrated me having multiple logins for different products offered under their brand with different sub-companies.

I am sure there is reason to move but I am very happy with Monzo for a long time now.

#8

They once tried to make this deal with Emma.

Download the app and get a bottle of wine. :joy:

1 Like
#9

Get that back!

deletes app

1 Like
#10

Haha sounds like a great deal :wine_glass::wine_glass: