Switching Current Accounts

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Homeboy_1
Homeboy_1 Posts: 131 Forumite
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Hi, I am looking to switch my donor current account to either First Direct or Marks and Spencer bank to get the introductory bonus, and access to their 5% savings account. I can't see anywhere where it says that you need any direct debits to get the First Direct bonus when switching, but that you need two direct debits for the Marks and Spencer bank, which I have already got set up on my donor account. Meeting the monthly pay in amount is no problem. Would I be better off transferring my donor account to the M&S bank as that needs the two direct debits and then trying to open another donor account to try and switch it to First Direct once it has been set up, I would obviously keep these two accounts for 12 months to make sure I got the 5% savings. Hope this makes sense. Thanks for any help

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  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    Getting two switching bonuses and two lots of 5% regular savings is clearly better than one, yes! And if you're going to do both then starting with the one that needs DDs makes sense if your existing donor account already has these, so do the M&S switch and in parallel open another donor account and initiate the switch to FD.
  • Homeboy_1
    Homeboy_1 Posts: 131 Forumite
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    Thank you so much eskbanker for your very quick reply. I thought that this might be the best way to go, but just wanted advice from more knowledgeable and clever people on this forum. Going to apply to M&S now. Thank you once again
  • datlex
    datlex Posts: 2,239 Forumite
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    Homeboy_1 wrote: »
    Thank you so much eskbanker for your very quick reply. I thought that this might be the best way to go, but just wanted advice from more knowledgeable and clever people on this forum. Going to apply to M&S now. Thank you once again
    Just remember it is a M&S gift card you are getting. Some after the switch has gone through fully then £5 a month is added for the duration of the offer. Of course with Christmas coming up could be handy for Christmas presents :-)
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • Mchambers
    Mchambers Posts: 1,054 Forumite
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    Use Tesco Instant access saver account and Tesco Saver accounts to create d/debits made payable to yourself. Then switch your accounts. Done this loads of times for MS, Halifax, HSBC, etc.

    HTHs.
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