Ultimate Challenge. 457 days / £16600!!!

NinjaSavingKat

FlexDirect applied for. Transfer on the weekend of the 18th. In the words of Peaty - BOOM! Although it is not my main account I use it a lot - transfer of money will be required.

Another £21.60 from TopCashBack transferred to the Bike Loan = £80.80 left. Massive eBay clearance of anything I can find in my room tonight...

Am so EXCITED.. but thank you Lilt!

liltdiddylilt

Ha. Got my phone working. Naughty but hey!

Well done you!!! It's exciting indeed set yourself a diary note for the 18th May 2014 to shift that money to the highest bidder!!! X

NinjaSavingKat

Ladies - as much as I don't want to rush thing I am wondering if I could open the Halifax account today, arrange to have the Cinema and the Gym taken from this account and get the £100 today or by next week effectively leaving me free of the bike loan. I am to transfer £750 on the 31st. Doing it today should give enough time for both DD's to get swapped over for the payments that go out on the 8th and the 1st respectively...? What do you think?

liltdiddylilt

Have just spoken to a colleague who worked for the Halifax for many years until coming here. I think you need to go into the Halifax to set the account up if you want to cherry pick your 2 direct debits to it. Otherwise if you do it online there will just be a button you tick, give your old bank details and it will take every DD with it. If you don't use that option online you lose the £100.

Good news is, the money is instant. So the £100 will be there as soon as the account is opened, prior to the direct debits going in!

his_missus

Kat, I agree with Lilt in that you'll need to go into a branch to open the account as online I don't remember there being an option to select which DDs to switch.

Also when I switched the £100 wasn't instant, I had to chase it up. I waited a while incase they were waiting for a DD to be paid or my wage to be deposited but it was just an error on their part. If it isn't instant chase it up straight away!

NinjaSavingKat

Its okay girls I wouldn't do this online at all.. I intend to find a hottie that I can flirt a little with too... :rotfl:I am wondering whether I should do it today at all and whether I am being hasty just to get the bike loan paid off...:T:T:T... either way I think I will Post Office account set up or not... wish me luck...

Thank you for holding my hand though girlies.. you have all made this a WHOLE lot less painful for me... x x x

NinjaSavingKat

Well! Halifax said it would take 30-40 minutes to complete my new account. Wonder if its got anything to do with them closing soon..:-). I'll be doing this next week I think!

liltdiddylilt

Showcasing their fantastic customer service as per usual. Still £160 for the year is not to be sniffed at ;(

killerpeaty

Hey guys, in terms of accounts... I need a new one too.

Kat, please don't close your ISA, transfer it! Even if you have £20 in it by April, that's £20+ % that you'll have tax free. In the future, the interest will compound to a greater extent than in other savings because you will always pay tax on the interest and compound interest.
As an example: You have £1k in the bank, in an ISA at 3% you pay no tax ever. You have £1k in a normal savings account you pay 20% on the interest, so £6, next year you will pay another £6 on the initial £1k plus an additional 14p. In just two years you are paying £12.14 more in tax than you have to! Now imagine when interest rates increase!

liltdiddylilt

That's what I mean Peaty. The power of the ISA cannot be repeated enough. I'm pretty sure Lloyds TSB bangs on every time I log on with the immirtal words 'If you're going to save even £1, save it tax free' & they're right.

As a company we speculatively transfer clients ISA's wholesale regardless of the figure that may be in it. So I know that providers will transfer ISA's - you just have to find the right ones!

Plenty of current accounts to choose from at the moment depending on what you're looking for I'm loving the First Direct account for the ease of everything and an added £125.

Did you see the news that switching bank accounts will be made much easier with new rules coming into force in September. Hence all these deals trying to secure your business in the run up & them hoping you will be too lazy to switch back out again come September