Two current accounts

Cheetah

I currently have my Salary paid into my First direct account and have some direct debits.

I'd like to get a Santander account as it will make managing my finances more easy and allow me to get some cashback.

I want to keep my FirstDirect account as I like the ability to ring up and have someone answer the phone straight away.

I was planning on having my salary paid into the first direct account and then moving the funds over to the santander account each month. and moving my direct debits to the santander account for the cashback.

Is there anything in the terms and cons that prevents me from doing this?

Thanks.

Osarkon

Nothing at all it shouldn't be a problem.

ManAtHome

You can use the Santander switching service to move the DDs, or just phone the ones you wish to swap.

The switching service doesn't require that you close your FD account - Santander will send you a 'salary switching form', but you can just shred it.

The £500 a month funding can be paid in from anywhere - doesn't even need to be from the same place each month.

Gromitt

You may like to know that Santander are currently offering £47.25 cash back if you use their account switching service, via Top Cashback.

Nick_C

But wouldn't the switching service mean that your FD account would be closed?

I recently set up Santander 123 as a second current account in the way you are planning to. My income goes into Halifax initially (£5 reward each month) then most of it goes out to Santander. (A further STO sends money to Nationwide Flex which gives 4% on £3k, then on to a savings account).

robatwork

Isn't the flex 5% on 2.5k or are you talking about a different account?

ManAtHome

Nick_C wrote: »

But wouldn't the switching service mean that your FD account would be closed?

Not unless you specifically request it - more info here http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237851829604&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

datlex

I have two current accounts. I get paid weekly so it helps me to manage my money. Some into one account for bills incl loan payments. Rest kept and is spendable.

I find it actually makes me feel like I have more money and helps me keep a control better. I divert funds on pay day to the bills account. Then other than checking the direct debits and standing orders are correct I don't have to worry.
Taking advantage of offers at different banks sounds like a brilliant idea if you can do it.
(I actually have a 3rd account at a different bank which I use for things like Christmas and birthdays - the nonweekly spends under £100)

Cheetah

Is there anything in the terms and conditions for Santander that requires I use their switching service or loose out on benefits because I would rather move the DD myself and not let FD know I am switching.

I have a Regular saver with FD and I think one of the terms is that it must be the main current account.

YorkshireBoy

Cheetah wrote: »

Is there anything in the terms and conditions for Santander that requires I use their switching service or loose out on benefits...

No there isn't, but don't take my word for it. Why not read the T&Cs yourself?...

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector (scroll down to the bottom of the page and see "important information...")

badger09

Cheetah wrote: »

Is there anything in the terms and conditions for Santander that requires I use their switching service or loose out on benefits because I would rather move the DD myself and not let FD know I am switching.

I have a Regular saver with FD and I think one of the terms is that it must be the main current account.

No, there isn't.

IIRC the only requirements to use the switching service have been linked to the Quidco/Topcash offers