Switching current accounts

[Springal]

So despite being fairly well up on technical stuff, managing pretty much everything via some app or website now and generally on the ball with a lot of 'life' stuff, it has occurred to me my current account provider has fallen behind the times massively and is pretty naff now.

0% interest (as expected), no benefits, decent sized annual overcharge fee. Website is really poor, the app only goes back 3 weeks so annoying for 'oh how much is such and such standing order that goes out about now?' I have a joint account with the missus with TSB which seems good, branches open until 4pm on a Saturday for the rare occasion I need to use one, very good app and easy to use website.

I noticed they are also offering £100 to switch to them, interest from Jan 2017, and cash back when using Apple Pay up to £100 rebate a month which all seems pretty decent.

One thing that has always concerned me is the switching process? I know there is an industry wide 'switch guarantee' - but does it work ? Do all standing orders / direct debits get moved? I'm slightly sceptical that stuff would start bouncing mid-change

 

[Giraffe]

Switched my current account a few years ago and it was actually quite easy. Don't recall too many problems. Suspect it is heavily dependant on which banks you are leaving and joining.

 

[happypig]

Supposed to be pretty seamless these days but one bit of advice, if you pay your car insurance monthly by DD, make sure that's gone over properly. I've seen people who thought they were insured but due to incompetence had policies cancelled for non-payment with no contact from the insurer (of course they say "we tried").

 

[AmexRuislip]

Switched my current account a few years ago and it was actually quite easy. Don't recall too many problems. Suspect it is heavily dependant on which banks you are leaving and joining.

This
Switched three years ago, took about one week, no hassle

 

[Steve in Japan]

Another vote for switching....no problem with my direct debits (although I did keep a list of them handy just in case)

 

[wellquickwoody]

Done it 3 months back, piece of the proverbial.

 

[Randsta]

Just do it I've done it 3 times and cashed in $$$$ over the last few years

 

[Gazwag]

I have a joint account with the missus with TSB which seems good, branches open until 4pm on a Saturday for the rare occasion I need to use one, very good app and easy to use website.

They have a report on bank internet security in Which this month and TSB are rated 11th out of the 11 they tested with 56% - just so you know

 

[Taybha]

Just do it I've done it 3 times and cashed in $$$$ over the last few years

How long do you have to remain with the bank you switched to before you can switch again ?

 

[Springal]

They have a report on bank internet security in Which this month and TSB are rated 11th out of the 11 they tested with 56% - just so you know

What's that based on?

 

[Lord Bracknell]

I used to have two current accounts, each with different banks. Is that not possible any more?

 

[Gazwag]

What's that based on?

Here is part of the report

Which? exposes online banking security flawsBest and worst banks for online security revealed 20 October 2016 Banks need to do more to keep customers safe Many major banks have failed to adopt two-factor security steps that could safeguard their customers from online banking fraud, according to new Which? research.Which? tested the customer-facing security of 11 banks and found more than half failed to conduct two-factor ID checks when customers logged into their accounts.For the fourth year running, the Lloyds Banking Group - Lloyds, Halifax and Bank of Scotland – along with Santander and TSB have come bottom in our tests for overall online security.To see how the 11 high street banks performed, view the full results of Which?’s online banking security test online.Bank fraud is booming In 2014-2015, losses soared by 64% to £133.5m for online banking and 28% to £323.3m for phone banking. And yet many banks are still failing to introduce security steps that could better protect their customers from falling victim to scams. Two-factor authentication at login combines two different types of ID checks - typically something you know, such as a password or Pin, with something you have, such as a card reader or a mobile phone on which to generate or receive a single-use pass code.All the banks conduct additional checks before money can be transferred. But if hackers can penetrate the first level of security at login they can access sensitive financial details which they can use to win their victims’ trust and trick them into transferring money voluntarily – a tactic used by scammers.Scams are becoming more sophisticatedAlex Neill, managing director of Which? Home & Legal, said: 'The best banks in our test manage to use two-factor authentication without it being too onerous for their customers, so there’s no excuse for others to sacrifice security.'Online banking is increasingly part of our daily lives and at the same time online scams are becoming more sophisticated. People can only do so much to protect themselves from fraud, it's time for banks to shoulder more of the responsibility and introduce extra protections to safeguard their customers.' Which? used its super-complaint powers to call on the financial regulator to investigate whether banks could do more to protect people who are tricked into transferring money to a fraudster.

I'll try and post the results

 

[theboybilly]

I switched from First Direct to Santander's 123 account earlier this year. First Direct were excellent as far as Customer Service was concerned and I was always happy to have my current account there (they were magnificent when I sorted my final mortgage switch too - saved me £££000s) But FD's interest rates are not very good even with their savings accounts so I decided to move. Santander was giving me 5% on utilty DDs until last month but that has recently been cut to half that because of the cut in the Bank of England rates. Even so, and even allowing for a monthly admin fee of £5, I should still have £300+ pa interest just by having a current account. It would have been pennies at First Direct.

 

[DarrenFreemansPerm]

I used to have two current accounts, each with different banks. Is that not possible any more?

I've got three current accounts at the moment.

Whilst we're on the topic of banking, does anyone on here struggle with HSBC's mobile/internet banking? Since they've switched to the Digital Secure Code I've had no end of troubles. Every time the app updates I lose the 'generate code' and I have to call them to reset everything

 

[Gazwag]

Here is the rest, the table of score doesn't come out very good though

Increasingly fraudsters are using personal information to gain victims’ trust, to trick them into moving money themselves. So we've examined the security protecting tasks such as moving money, but also whether criminals would be able to penetrate the first level of security - login - and access your financial details, which they could use to convince you that you’re talking to your bank.

Volunteers with current accounts at 11 banks carried out a series of tasks, and security experts rated the customer-facing safeguards. All the banks were broadly secure but only five have two-factor authentication at login. This combines two types of ID checks – typically a password or Pin plus a card reader or device - to generate a single-use passcode.

Those not using two-factor at login include the Lloyds Banking Group – Lloyds, Halifax and Bank of Scotland - Santander and TSB.

The table below shows how each bank fared for the main factors we tested. The more stars the better.



Online banking security rated
Login - Encryption - Account management - Navigation and log out - Total score
1. First Direct ***** **** **** **** 78%
2. HSBC ***** ***** **** *** 76%
3. Barclays ***** **** ***** *** 75%
=4. M&S Bank **** **** ***** *** 73%
=4. Nationwide ***** **** **** ** 73%
6. Natwest/Royal Bank of Scotland *** ***** **** *** 68%
7. Metro Bank *** ***** ***** **** 64%
=8. Halifax/Bank of Scotland *** ***** ***** *** 62%
=8. Lloyds Bank *** ***** ***** *** 62%
10. Santander *** ***** ***** *** 59%
11. TSB ** ***** ***** *** 56%

Table notes:
Bank of Scotland's processes are identical to those of Halifax and Lloyds. They are all part of Lloyds Banking Group.
Tests carried out during the summer of 2016.

Our online banking security tests

We awarded marks for each part of the test, with login given greater weighting, to reflect the threat from hackers stealing your financial information. Our tests included:
■Logging in, which included whether login involves two-factor authentication, as well as the other information required to log in and password complexity. It also examined the process for resetting a forgotten username or password.
■Account management, which covered setting up a new payee and transferring money, and changing password and address.
■Encryption, including the front-end security aspects of logging in, such as how safely your information is transmitted when you connect to the site.
■Navigation and logout, which covered the logout process, whether the site prevents you from from using the ‘back’ button to access a previous secure session and whether it allows for two sessions to be open simultaneously on two different browsers or devices.

 

[Randsta]

How long do you have to remain with the bank you switched to before you can switch again ?

I don't think there is a limit to how long you have to stay with them but it's worth looking in the small print; I was with the bank a year.