MSE News: Banks launch current account price war

gezzs

I dont care what the banks offer - Im sticking with First Direct. BEST bank I've been with in 30+ years. Santander could offer £1000 and I'd still not go back to them!

JStuart

I had my fingers badly burned with Santander on various occasions (not by choice I must add - they swallowed up the financial companies that I was banking with etc).

I am now with First Direct. I have said it once, I will say it again, they are the mutt's nuts!

The service has been excellent, speedy, friendly, without mistake or flaw, and that is worth far more to me than switching to a new bank for the sake of a few quid.

I know it's a nice little earner, but I would much prefer the hassle-free, plain-sailing and sanity-preserving way every time.

Go First Direct! :T

Gromitt

The MSE way is that you never actually leave your bank (I'm with FD too, never had a problem), but when an incentive comes along I'll switch my Barclays account to them (setup a couple of £10 SOs to savings accounts first) and then scoop the incentive. I'll never move my actuall 'real' DDs/SOs.

So I have a Halifax for the free £5, co-op for the £200, HSBC for the 6% (just leave £2500 in there and then deposit and withdraw £500 a month), etc.

Subzero2003

Gromitt wrote: »

The MSE way is that you never actually leave your bank (I'm with FD too, never had a problem), but when an incentive comes along I'll switch my Barclays account to them (setup a couple of £10 SOs to savings accounts first) and then scoop the incentive. I'll never move my actuall 'real' DDs/SOs.

So I have a Halifax for the free £5, co-op for the £200, HSBC for the 6% (just leave £2500 in there and then deposit and withdraw £500 a month), etc.

Does this actually work? Some banks (ie. the Co-Op offer for "Stoke City Supporters) say you must have at least ONE direct debit.

premierfella

Easy enough to set up random DDs to meet any such requirement - my personal favourite is the AA/BM savings accounts for that purpose.

Gromitt

If they need a Direct Debit, just login to your savings account and click the "Setup Direct Debit" button and set one up online. Give it 3 days and it's done. Then switch it

The only ones I hate are the ones that state: At least £xxx must be credited per month via GIRO/BACS as salary payment. Transfers from other bank accounts in your name do not qualify.

Subzero2003

Gromitt wrote: »

If they need a Direct Debit, just login to your savings account and click the "Setup Direct Debit" button and set one up online. Give it 3 days and it's done. Then switch it

I was planning on giving a few quid to some charities

Gromitt wrote: »

The only ones I hate are the ones that state: At least £xxx must be credited per month via GIRO/BACS as salary payment. Transfers from other bank accounts in your name do not qualify.

Which ones are these?

Gromitt

At the moment, only Halifax. First Direct did it for a while for the £100 offer, but then seemed to get rid of it and now say "salary or income".

Subzero2003

Gromitt wrote: »

At the moment, only Halifax. First Direct did it for a while for the £100 offer, but then seemed to get rid of it and now say "salary or income".

I've looked at the T&C's again and i mentions nothing about needing to transfer BACS credits over? It doesn't even say that you have to deposit any money into the account to get the £100?

First Direct/Coop T&Cs both say you must transfer £xxx per month, which is fair enough.

Surely if it's not in the Halifax T&C's - there is no requirement to pay any money into it?

Bellagio

I'm planning on opening the First Direct account to scoop the £125 but don't earn over £23,100 so am planning on paying in £1000 then withdrawing £500 and re paying it in to make the £1500 per month. Does anyone know when applying should you be honest and state the amount you actually earn or will they instantly reject your application if you earn less than £23,100? as I would pay my wages in then keep withdrawing and re paying in the same £500 to make up the required £1500.
Also does anyone know how many of the Halifax £5 reward accounts you can have as I have one with them in my name and another with B.O.S. in my name where I keep £1 in each and just transfer the same £1000 in and out per month as soon as I get paid.