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Downside to current account switching?
Hi all I expected on the MSE pages to have a balanced set of advice, but there is no mention of negative sides to switching your main current account? Are there no disadvantages? Surely agree over draft size will be smaller until you stay with them for a number of months/years. Also, if you need to apply for a mortgage,…
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New current account with poor history
I currently have a Santander 123 account which I've had for a few years. I'm currently paying £5 a month as a fee and probably earning the same in cashback - not amazing but breaking even. I'm also a bit miffed that they won't give me a contactless card (I don't have an overdraft and never go overdrawn but they said I have…
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Best bank account and Switching
Hi, I constantly read about best bank accounts and switching to them to get the incentives. However I need to know something and how to do it. Assuming I have 1 bank account with 20 DD/SO in it. Example HSBC advance require that I pay 1750£ and switch 2+ DD/SO. If I want to keep both accounts such that I get the HSBC…
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Advice needed re Bank of Scotland accounts
I would obviously like to max my interest rate by opening 3 accounts. However, I do not have £3000 to pay into them every month - but I do have £4000 that I could move around from account to account to create the illusion that I was doing so. Is it even allowed to move £1000 from one BOS account to another every month? Any…
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About Halifax Switching Bonus and Direct Debits
Hello - I am pleased to have successfully opened a new Halifax Reward Account and completed details to switch from an old current account with no direct debits in it. I understand that to be eligible for the £3 monthly Reward I have to pay in £750 and have two direct debits. If I don't manage to set up two direct debits by…
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High Interest Current Accounts
Following on from this weeks MSE e-mail I was wondering how easy it is to exploit the high interest RBS current account. It stipulates that you must pay in £1000 per month and have 2 active direct debits from all 3 current accounts through the vantage option allowing you to hold 3 current accounts. My question being what…
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M&S Cut deal after opening account
I applied for an M&S bank account 2 weeks ago and it still hasn't been opened. I've noticed they've now cut the reward for switchers from £100 to £50. If this had been the case when I applied I wouldn't have bothered... Should I make a formal complaint to them?
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Basic bank accounts and credit report
Hi, I got into debt problems at university 6 years ago (first default falls off the credit report today!!) and although I satisfied all debts years ago this is the year I hope things finally start to improve! My biggest debt was an overdraft on my Halifax Student account and since that one was closed I have used only an…
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Debit Card Drone Delivery
Newcomer Starling Bank according to a press release is testing delivery of its debit card by drone which can be delivered indoors or to a garden outdoors. Since I live in a flat I foresee a robotic voice shouting in monotone, "Please open your window so I can deliver your debit card." But hold on a minute, a debit card in…
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First time bank switcher/tart suggestions
Hi! My new year's resolution was to make a bit of money switching banks this year. However, I currently have 2 current accounts, one with Barclays into which I get paid as my employer seems to pay in early with Barclays compared to any other bank, and my second account is a 123 with Santander. I have no intention of…
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Do I need to actually 'switch' to get benefits
There seems to be a lot of banks at the moment offering various offers to switch to them. My question (and I'm sure this must be mentioned somewhere but I've been unable to find the information..) is Do I actually have to completely switch over to get the benefits? Or is it as simple as just opening up a second account…
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Problem with TSB website?
Hi - is anyone else getting a DNS error when trying to log into TSB? It doesn't seem to be my server/connection as I can access other sites.
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Bank Account switching mix-up!
I rang one of my banks last week as I wanted to move my wages and a couple of Direct Debits over to them (Bank A). During the phone call to Bank A, the gentleman mentioned that my Bank B account would be shut down once the transfer was completed. I said that I didn't want that, I wanted to keep my account with Bank B open,…
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Time to Sort out the Savings
So I opened a Santander Everyday Saver as it allowed one Direct debit to be set up (satisfying Halifax). However, it pays a pitiful 0.10% interest. I've not really been bothered in the past as it's just a small savings account to help us in about 8 years time. However, if I can get an extra £50 a year (based on what I save…
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Switching bank accounts with an overdraft
Hi all, I've been wondering this and I can't seem to find the answer. I have a current account with HSBC and am constantly in my overdraft. I'd like to switch to First Direct, however I've got no way of reducing my overdraft to zero to switch. Can I switch banks with an overdraft of about £600 or will that be an automatic…
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Paying back Lloyds overdraft?
Hi there! So I lived in England for a few years and managed to rack up £2200 in overdraft debt. Silly, I know. Luckily interest is not very high! Any way, I ran into serious financial trouble and had to go back to my home country. Now I have a job here and am planning to pay back my overdraft from here over the course of…
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Anyone opened a Club Lloyds account last year?
How much interest were they paying then? As far as I can tell they are supposed to be paying 2% now, although I can't imagine opening it for that little. I've kept 5k in my account and 1.5k turnover a month but I can't see any interest. Do they pay out once a year or something?
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Best bank account for receiving salary from Canada
I'm going to be working remotely for a company based in Canada who will be paying me bi-weekly into my British bank account (currently NatWest). As it currently stands I'd be subject to NatWests £7 per transaction fee, plus their (not very good) conversion rate. This situation is hopefully temporary as I will be planning…
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Cash Incentives & Direct Debits
Hi, I'm just about to embark on the current account switching loop d loop to gain as much cash incentives as possible. I'm just planning out my schedule. The only problems I have is I'd like to retain my existing current account, so I'm going to set up a 'donor' account to start with and switch that. I only have one direct…
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Nationwide Switching Direct Debits
Hi All, I am in the process of switching accounts to Nationwide and I have two direct debits registered on my account. My question is as one was only setup and no money has been paid through it yet does it still qualify or do I need to wait for a payment to be made? Thanks in advance
