Worth swapping account for the 6%?

Phil_68

Hi all,
I currently have a savings and a current account with Santander, but the savings account has come to it's end. The decent saver rates are low all over but First Direct have a 6% saver if I swap over to them (both Accounts).

I normally save £150 pm in a 'holiday' account so 12 month account suits best.

My only other option and to maximise income - (Naughty tactics) is to swap and get the £125 bonus new account and leave after 6 months and get a £100 leaving bonus, better than any interest rate by far but not ethical.

Thoughts welcome

Phil.

innovate

The FD Regular Saver @ 6% AER is great if you want to save up to £300 a month, and are happy to lock your money away for a year.

You could probably do still better if you exploited current accounts like Nationwide FlexDirect (5% AER) or Santander 123 and Lloyds/BoS Vantage (3% AER) for your lump sums. You could probably drip-feed from one or two of these into the FD Reg Saver. Use the MSE drip-feed calc to figure out what's best for you.

"Swapping" for the £125 signup at FD sounds a good idea - - you must have their current account anyway to get access to the Reg Saver. But there is swapping and there is swapping, IYSWIM...you don't have to go the whole hog. Find the appropriate threads here.

I personally don't think the FD leaving bonus is anything to aim for. Firstly, you would need to come up with a very good reason as to why you are unhappy with the account - - not a mean feast because it's quite ok. But more importantly, why cut yourself off from the best Regular Saver in town?

karlie88

Phil_68 wrote: »

Hi all,
I currently have a savings and a current account with Santander, but the savings account has come to it's end. The decent saver rates are low all over but First Direct have a 6% saver if I swap over to them (both Accounts).

I normally save £150 pm in a 'holiday' account so 12 month account suits best.

My only other option and to maximise income - (Naughty tactics) is to swap and get the £125 bonus new account and leave after 6 months and get a £100 leaving bonus, better than any interest rate by far but not ethical.

Thoughts welcome

Phil.

Has the joining incentive been increased to £125 again?

Phil_68

karlie88 wrote: »

Has the joining incentive been increased to £125 again?

If you swap via a particular site

Phil_68

@Innovate,

Not cutting off so to speak, I could reopen again in my wife's name as she too has a personal account. Might be pushing to the extremes in getting 'caught' but loopholes can be a fun pastime in these austerity times

Phil.

innovate

goferit then :cool:

socrates

How about getting referred by a friend - more money to made for both of you

http://www.refermehappy.com/uk/deals/view/first-direct/

innovate

Sorry, this deal has EXPIRED

That's about it.

cwal

When you move to FD you don't have to move your whole account, I asked for the list of the DD and SO's they received as part of the switching process from my current account at the time and then told then which ones I wanted to move and which ones I wanted to stay where they were.

So you can just move the bare minimum to qualify for the current account and get the regular saver.