3 bank accounts

sundries

Im just wondering if this is possible

1) pay £1,500 into First Direct
get the £100 bonus
switch after 3month
get 2nd £100 bonus

meanwhile

2) each month take the £1,500 out of the First Direct a few days after depositing it and put it into Halifax
get the £5 flat fee

3) take the £1,500 out of Halifax and put in Abbey preferred in credit (or alliance and leicester) and leave for rest of month getting the 6% interest

would this work

(and can you close down the First Direct after 3 months or do you have to wait 6 months? and why on earth do they give you a bonus for leaving them ?)

gowgowuk

you might want to post this in the Budgeting & Bank Accounts forum...

LongTermLurker

As Gowgowuk says, they don't class as credit cards.

But yes, you can just about do what you're asking, except that at FD you'll get your first £100 after being there for 3 months, but

1) you can't get your second £100 until you've been with them 6 months

2) to get your second £100 you must have used their Direct Debit transfer scheme when you opened the account

3) you must pay in £1500pm until it's closed or you will be charged £10 for that month * and

4) you must close all First Direct accounts

* There are other ways to avoid the £10/month charge, but that's the basics.

and why on earth do they give you a bonus for leaving them

It's not a bonus, it's a marketing ploy. The idea is that you will be drawn in with the idea that you can get an extra £100, but you'll like them so much you'll decide to stay - whether it works depends on you and their service.

cuedini

Can you re-deposit money to make up to £1500 if you don't earn that much?

CannyJock

Yup, there's nothing in the T&C's say it has to be a single deposit is there?

td_007

cuedini wrote: »

Can you re-deposit money to make up to £1500 if you don't earn that much?

Don't first direct ask to see your monthly income? Surely if it is less than £1500 fd would refuse - has this happened to anybody?

LongTermLurker

td_007 wrote: »

Don't first direct ask to see your monthly income? Surely if it is less than £1500 fd would refuse - has this happened to anybody?

"income" isn't necessarily "salary". They ask for salary/income, so that could include several deposits from your employer, tenants, investments, etc etc.

Certainly other banks just check on the total deposits for a month.

td_007

LongTermLurker wrote: »

"income" isn't necessarily "salary". They ask for salary/income, so that could include several deposits from your employer, tenants, investments, etc etc.

Yes that is what I meant by income - usually in the application they ask for salary, interest from investments, overtime etc and you need to give the net income as well the average net spend each month. If all this put together is less than £1500 would fd not question how the account could possibly be funded and hence refuse the a/c?

Unless fd give you the a/c knowing that you might slip up at some point in which case they can charge £10 for underfunding the a/c.

LongTermLurker

td_007 wrote: »

Yes that is what I meant by income - usually in the application they ask for salary, interest from investments, overtime etc and you need to give the net income as well the average net spend each month. If all this put together is less than £1500 would fd not question how the account could possibly be funded and hence refuse the a/c?

OK yes, fair enough

Unless fd give you the a/c knowing that you might slip up at some point in which case they can charge £10 for underfunding the a/c.

You could get a job in a bank with ideas as devious as that