thinking of switching my current account...

downs523

Hi, I have a natwest current account at the moment, I am thinking of switching to one of two banks, these are the first direct account that pays £100 to switch or the Halifax reward account that pays £5 pm. I know the benefits and negatives of each but just wondering if anyone on here has either account and could comment on it?

Also I have a loan with natwest, if I switch will the repayments just continue from the new bank account by direct debit??

Thanks

Loughton_Monkey

I have never understood the reasons why people 'switch'. All I see is a lot of people pouring out grief on these boards.

Surely you have some relationship with NatWest - at least in the form of a loan.

So simply apply to First Direct (By far the best bank in UK) and set up a current account. They will require your salary paid in (or minimum amount anyway). KEEP your NatWest account until/unless they start calling it 'dormant'. Switch any direct debits yourself slowly and 'quality control' that they work. You will be able to move money between both banks instantly.

Just as I would never risk having only 1 Credit Card (so the other would work if one got stolen), I would never risk having just one Current Account (in case I got problems that 'froze' it temporarily).

pinkdalek

Switch to Halifax, ask in your local branch if there are any cash offers for switching and they may offer you £50.

That works out to be £110 in the first year.
Overdraft charges though are £1 per day if you use it and £5 if you go over your limit per day, but they do not charge you for failed items eg direct debits.
Their online banking is great, simple to use.
With Halifax you have branch/phone/internet to deal with them at least, they seem to have branches in main towns and if you are not local to them you can use the post office for withdrawals and depositing (just need to register with them once the account is opened)
Good luck.

BlueC

I switched from Natwest to A&L this time last year to get their £100 switching bonus. Bad move - a year of banking misery so I am now switching back to Natwest who I have always found to be excellent and their online banking is the best I have seen by a long stretch.

Also have a First Direct joint account - I like how you can always speak to a human within a few minutes of calling 24/7/365 and their online banking is ok. Still not as good as Natwest IMHO.

Personally I'd stick with Natwest unless you have very good reason not to or they've wronged you in some way. The hassle of switching accounts is, well, a hassle. Better the devil you know and all that.

downs523

Thanks for the replies ppl, I have no drama with natwest, just see that these two other accounts seem more appealing, I.e the £5 pm and £50 with Halifax and £100 and high interest saving rate with first direct, will have a good think about switching

ironlady2022

If you wanna switch your banking go to First Direct and get £100, you can still get the Halifax Rewards account without switching your banking, you just need to do a 1k rotating standing order between the accounts each month to get the £5. To get the additional £50 you need to go through full switching eg dds, salary etc.
I also agree with the above, you will have built a good relationship with natwest and if you ever need a loan for any urgent matter, and you have a credit report, they can probably give you a loan there and then. To build a relationship with another bank will take 7 months plus (I use to work for Coop, and we would not allow loans unless they were with us for 7 months+) and even then the guaranteed amount for loans will be small going up the longer you bank with them. Hope this makes sense.

pinkdalek

BlueC wrote: »

Personally I'd stick with Natwest unless you have very good reason not to or they've wronged you in some way. The hassle of switching accounts is, well, a hassle. Better the devil you know and all that.

Funny how people will switch their mortgage, savings, insurance etc to get better deals, but fear switching bank accounts because they think it's a hassle. Truth is you get the bank to switch for you, if they mess up, they correct their error and compensate were applicable.

jen245

You don't have to switch. My main account where my salary gets paid into is with Natwest, who I am happy with, but I also have a Halifax reward account which I pay £1000 into each month which partially funds my Halifax ISA, and also gives me the £5 reward.

londoner1998

jen245 wrote: »

You don't have to switch. My main account where my salary gets paid into is with Natwest, who I am happy with, but I also have a Halifax reward account which I pay £1000 into each month which partially funds my Halifax ISA, and also gives me the £5 reward.

Same here- I just opened a Reward account with halifax but I have kept my Natwest one as my salary gets paid there, I have done international transfers often through it without a hitch (I am from Spain and my brother lives there). The online banking is the best bar none. You don't need to switch your salary, as Jen says, just put 1K there every month and get your £5 for it- use their switching service and pocket the £50. I must say, I was very impressed with Halifax's customer service, everything has gone as planned...

Ax