On The Money

Andy Webb

Q: When you do full bank switch what happens with the other accounts you might have with the bank other than the current account? Things such as ISAS, mortgages or credit cards?

-Colin

I’m a big fan of bank switching. It can provide free cash, often worth up to £150, or a better banking experience. The Current Account Switch Service makes it a painless experience, with all your payments in and out moved over to your new bank for you. But the downside (for some) is that your old current account will be closed down.

So you’re right to check about other products you have with the old bank. There’s no one answer here as it all

depends on each extra account. There will be some which are only available to customers who also have a current account. A frequent one here is a regular savings account. In this instance, those additional accounts will be closed at the same time.

Another example could be where a fee is waived for a credit card or there’s a boosted interest rate on savings. If you lose the current account that provides these extras, you’ll also lose those benefits.

But on the whole, most additional products provided by a bank don’t require you to have a current account. So they’ll just carry on as they were. If you’re not sure what the case is for those you hold, then it’s best to check directly with the bank.