Opening FD to Switch and Ditch

Stephen_C.

I currently have one current account: a Lloyds TSB (soon to be Lloyds Bank) Student account. As far as I can see, the terms state that I may not open another student account.

I take this to mean that I can open another current account that is just a normal account - not a student account.

Am I correct in thinking that I could make £225 by:

• Using First Direct's Easyswitch to temporarily "switch" to their 1st Account (keeping my student account open)
• Paying in at least £1000 a month
• Closing the account after 6 months

?

If so, this would pay as well, if not better, than some of the credit card sign-up bonuses currently available.

yz324

yes but when you close the account, you will have to give a valid reason why their service is bad to get the 100 quid?

they are certainly no worse than any other bank I have used.

Stephen_C.

yz324 wrote: »

yes but when you close the account, you will have to give a valid reason why their service is bad to get the 100 quid?

they are certainly no worse than any other bank I have used.

"You don't offer a student account."
"Your rates don't compare to [insert better rate here]"
"I like having a physical branch to talk to someone face-to-face."

etc.

Surely they can't stop me if I want to leave?

YorkshireBoy

Stephen_C. wrote: »

"You don't offer a student account."
"Your rates don't compare to [insert better rate here]"

Their response might be "you knew that when you joined us".

You'd do much better to dream up, or actually have, some form of (ideally, unresolved) customer service issue.

Stephen_C.

YorkshireBoy wrote: »

Their response might be "you knew that when you joined us".

You'd do much better to dream up, or actually have, some form of (ideally, unresolved) customer service issue.

Good point. Either way, I'll have £125 and a fee-free current account that I can simply leave open if they won't let me close it?

YorkshireBoy

Stephen_C. wrote: »

Good point. Either way, I'll have £125 and a fee-free current account that I can simply leave open if they won't let me close it?

They won't stop you closing it...you just might not get your leaving present.

If you do leave it open but unused, you're aware of the £10 per month banking fee if you don't meet the waiver requirement(s)?

Stephen_C.

YorkshireBoy wrote: »

They won't stop you closing it...you just might not get your leaving present.

If you do leave it open but unused, you're aware of the £10 per month banking fee if you don't meet the waiver requirement(s)?

If there's a fee then I will probably just close it.

I presume the 6-month requirements for getting the £125 bonus is simply the depositing of £1000 into the account - it doesn't have to sit in there all month?

YorkshireBoy

Stephen_C. wrote: »

If there's a fee

Have you actually read the T&Cs for the account you're proposing to open? I mean those T&Cs beyond the £125/£100 offers?

I presume the 6-month requirements for getting the £125 bonus is simply the depositing of £1000 into the account - it doesn't have to sit in there all month?

The "6-month requirement" relates to the £100 leaving present (which you can claim from months 7-12), not the £100 joining incentive.

No it doesn't have to sit there all month.

Stephen_C.

YorkshireBoy wrote: »

Have you actually read the T&Cs for the account you're proposing to open? I mean those T&Cs beyond the £125/£100 offers?

Not yet, I will of course do that before opening the account. I just wanted to find out if this was an offer worth bothering with at this stage.

YorkshireBoy

Stephen_C. wrote: »

I just wanted to find out if this was an offer worth bothering with at this stage.

Definitely, I've done it myself a few years ago and got both payments. However, you need to know how to 'play the game' (and the 'rules' are contained within the full account T&Cs).

Stephen_C.

YorkshireBoy wrote: »

Definitely, I've done it myself a few years ago and got both payments. However, you need to know how to 'play the game' (and the 'rules' are contained within the full account T&Cs).

May I ask what it was you complained about to get the leaving present? Is there a good resource somewhere on "playing the game"?