Cashback on Current Accounts

craighopton

Hi,

I work for a bank so am obliged to hold a current account with my employer.

However, I would like to open a new current account with a company that offers cashback on joining, e.g. there is a First Direct account that offers 100 GBP.

The problem is that I can't switch accounts, so I would need to hold two current accounts, and my salary would still need to go into my old account.

Does anyone know if this possible? Can I open the First Direct account without closing my old account?

Jennifer_Jane

craighopton wrote: »

Hi,

Does anyone know if this possible? Can I open the First Direct account without closing my old account?

Yes, I certainly did. You may need to switch over two of your DD's using their switching service. I chose ones which were easily checked online (eg AOL and BT).

If you subsequently switch the DD's back to your old account, then check those companies manually, as once they are stopped, they are stopped.

Your salary does not need to move over to First, but I think you can open a specific savings account with First with £1 which means you dont need to move over £1000 a month.

Otherwise just drop the £1000 in and then out again (I did this the following day).

Also, First do a good regular savings account which accepts up to £300 a month, and you might check that out.

I've done this with several bank accounts over the last few years, and it's easy enough, so long as you manually (ie directly with the Companies) check your DDs.

craighopton

Jennifer_Jane wrote: »

Yes, I certainly did. You may need to switch over two of your DD's using their switching service. I chose ones which were easily checked online (eg AOL and BT).

I've done this with several bank accounts over the last few years, and it's easy enough, so long as you manually (ie directly with the Companies) check your DDs.

Thanks Jane. I tried this just now and it does seem to work. You need to use First Direct's switching service for the direct debits and pay in 1500 per month to get the 100 GBP bonus.

You don't need switch your salary and they only stipulate that a 1500 GBP monthly "income" is paid in and it is fine for this to be a standing order from another bank account you own.

It's also worth noting that under their "customer service guarantee" if you leave between 6 and 12 months of joining you will get paid a further 100 GBP bonus (providing you have paid in 1500 GBP per month or taken out another product with them).

Hooloovoo

craighopton wrote: »

It's also worth noting that under their "customer service guarantee" if you leave between 6 and 12 months of joining you will get paid a further 100 GBP bonus (providing you have paid in 1500 GBP per month or taken out another product with them).

... and also provided you have had a legitimate complaint that they have been unable to resolve.

Gromitt

craighopton wrote: »

I work for a bank so am obliged to hold a current account with my employer.

You are obliged to hold an account, you are not obliged to actually use it. Although they'll prefer your salary to paid into it, they can't enforce it. Some people find it easier to setup a SO to move the money out the day after it hits the account however.