Dilemma: Constantly Switch Current Accounts for Bonus or Stay With Best Service

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  • phil7445
    phil7445 Posts: 483 Forumite
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    NoMore wrote: »
    No bank requires 'salary' switch, they may require a minimum deposit which they hope will be your salary but it can come from anywhere and doesn't have to stay in the account for very long. So you could leave your salary as is, and just transfer the required deposit as needed and transfer straight back again.

    Doesn't this say it needs to be a salary?

    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#firstdirect

    If not then I'm going to dive in!! :)
  • NoMore
    NoMore Posts: 1,089 Forumite
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    The banks never stipulate salary, just minimum deposit which most people probably do achieve via salary but not necessarily
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
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    edited 28 February 2015 at 1:33PM
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    phil7445 wrote: »
    Doesn't this say it needs to be a salary?

    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#firstdirect

    If not then I'm going to dive in!! :)

    It says nothing about it being a salary payment - just £1000 - on their site.

    http://www1.firstdirect.com/1/2/banking/current-account

    Just a warning - it may not apply to most but could affect you - but occassionally FD do request ID verification by post to open an account as they have no branches The list of documents is quite restricted e.g. an HMRC document such as a tax notice or recent benefits letter (cos of course those on benefits can afford to pay £1k in to a current account a month!) or a passport/licence certified/stamped/dated by a lawyer/accountant/MP/judge/doctor etc. So you may need to be prepared for that - just in case.
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
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    NoMore wrote: »
    The banks never stipulate salary, just minimum deposit which most people probably do achieve via salary but not necessarily

    Except First Trust bank in NI - who make it really really tough to open an account and get their £125 even for Ulster residents. But if you don't live in Northern Ireland that's academic as they won't take you on.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    phil7445 wrote: »
    Doesn't this say it needs to be a salary?

    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#firstdirect

    If not then I'm going to dive in!! :)

    You are making a common error - you rely on information you see on some 3rd party website. The only reliable information is in the T&Cs of the bank.

    I challenge you to find anything in the FD T&Cs (or any other bank's T&Cs) that says you must pay in a salary.
  • TheTracker
    TheTracker Posts: 1,223 Forumite
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    I've always found natwest the easiest to create donor accounts.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    MARTYM8` wrote: »
    Except First Trust bank in NI

    The only clause I can find in their T&Cs that has a condition on salary being paid in is this one:
    You will not be able to apply for credit facilities on the Graduate Account unless you are in full-time employment and your salary is paid into the Graduate Account.

    http://personal.firsttrustbank.co.uk/content/dam/firsttrustbank/personal/Documents/our-products/current-accounts/personal-banking-terms-and-conditions.pdf
  • phil7445
    phil7445 Posts: 483 Forumite
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    OK Martin needs to update his website then in the grey box below the bank info.

    Also on the Co-Op info he writes "If you can't pay in £800/mth, you can switch to Co-op's Standard Current Account* and still benefit from the £100 plus £25 switching bonus" which is also incorrect when you click through as they want £800 a month.
  • nearlyretired2004
    nearlyretired2004 Posts: 501 Forumite
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    I've seen it rumoured on here that some banks might not credit check .... do we know if this is the case for any FOR SURE ...?

    Particularly NatWest and RBS who have been cited as easiest/quickest to open ?

    Credit check hasnt been a problem in over 40 years, but I'm a bit wary after the last lot of openings!!

    I'd normally wait a couple of months but I want to be ready in case YB/Clydesdale come back as they promised!
  • NoMore
    NoMore Posts: 1,089 Forumite
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    RE: Co-op, To qualify for the bonus you only need to pay the £800 in once within 31 days of the switch.
    Pay into your account and we'll give you £100
    You need to credit your current account with at least £800 within 31 days of your switch date. This could be a regular payment into your account, like a salary or pension†.
    We will then credit your account with £100 within 45 days from the date your switch is completed, if you have met the terms and conditions of the offer.
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