First Direct, A&L, HALIFAX new questions further down

sundries

Someone suggested I move this post to this forum

Im just wondering if this is possible

1) pay £1,500 into First Direct
get the £100 bonus
switch after 6month
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. Then put back into First Direct

would this work



£1500 - must be from salary or doesnt have to be? - can it be from savings?
If the £1500 average balance gets around this rule, are you still getting a better deal than if you put the £1500 into the 6% A&L for the same period?



Direct debit switching service - can you do this and then switch them all back into your old account or do u have to wait the 6months? (I like my DD where they are)

Are there any cashback sites you can get more on for switching to these accounts?

and can I just double check that it is better to keep savings (2500) in an A&L account than any normal or regular savings accounts?

and finally, might it be possible to 'haggle' a 0% interest deal with old bank on the basis of customer loyalty (befor you do all the switching) and then use this OD in savings account?

Many Thanks

YorkshireBoy

sundries wrote: »

would this work

Yes.

£1500 - must be from salary or doesnt have to be? - can it be from savings?

I think they'd renage on the second £100 (and possibly on the first as well) if it wasn't 'salary/income/pension' etc.

If the £1500 average balance gets around this rule, are you still getting a better deal than if you put the £1500 into the 6% A&L for the same period?

Not sure I understand the question?

Direct debit switching service - can you do this and then switch them all back into your old account or do u have to wait the 6months? (I like my DD where they are)

As above, I think they'd renage on the second £100 if you did that. Don't the T&C's say they'll "help you switch away". By that I think they mean they'll comply with a request for a list of DDs from your old/new provider.

Are there any cashback sites you can get more on for switching to these accounts?

Yes, Quidco for A&L...there may be others.

and can I just double check that it is better to keep savings (2500) in an A&L account than any normal or regular savings accounts?

The objective* is the highest interest rate isn't it? A&L at 6% will be hard to beat...at least for the first £2,500 of your savings.

and finally, might it be possible to 'haggle' a 0% interest deal with old bank on the basis of customer loyalty...

If you mean a 0% overdraft I wouldn't think so.


* Secondary objectives will need to be assessed for cost/benefit, ie how much effort are you prepared to put in for your £5 reward payment and the sign up incentives...and is it worth it - to you.

sundries

shame about the overdraft

I read on another thread that there were three ways of meeting the terms and conditions for the FD £100. One of these was paying your salary in, another was maintaining an average balance of £1,500 per month in the account (as opposed to paying in £1500 from your salary. If that is correct tehn I assume you can take the £1500 out, redeposit it the next day (so you are putting £1500 in even if its not from your salary) and then leave it there.
So, is 6% of £1500 in A&L better than £200 bonus from Fd ( I think thats what i was asking)

YorkshireBoy

sundries wrote: »

another was maintaining an average balance of £1,500 per month in the account

I think you're confusing the £100 incentive with the monthly fee (for not meeting either the funding requirement or minimum balance).

So, is 6% of £1500 in A&L better than £200 bonus from Fd ( I think thats what i was asking)

What is 6% (less tax) of £1,500? I'll give you a clue...it's nowhere near £200

Anyway, you can have both can't you?