Bank account switching - double hop?

Number29

Hi all

I've recently made use of the new switching service to move to First Direct and receive £125 joining 'bribe'. Is there anything now stopping me from switching again straight away to Halifax for another £100?

Many thanks

#29.

YorkshireBoy

Number29 wrote: »

I've recently made use of the new switching service to move to First Direct and receive £125 joining 'bribe'. Is there anything now stopping me from switching again straight away to Halifax for another £100?

The answer to that question (reading between the lines your actual question is "can they take the £125 back?") will be found in the FD switching T&Cs. Anything there?

Number29

YorkshireBoy wrote: »

The answer to that question (reading between the lines your actual question is "can they take the £125 back?") will be found in the FD switching T&Cs. Anything there?

I'll have to check when I get home, but looking at their website, if I stay for at least 6 months, then leave, they'll give me another £100.

Archi_Bald

Number29 wrote: »

.....they'll give me another £100.

that is if you can find a convincing reason that can be reasonably considered as being dissatisfied. You can't just assume they will cough up.

If you have any money to save, leaving FD on the outside chance of getting £100 seems not the smartest move, since it would mean you give up access to their Regular Saver.

Number29

Archi_Bald wrote: »

that is if you can find a convincing reason that can be reasonably considered as being dissatisfied. You can't just assume they will cough up.

If you have any money to save, leaving FD on the outside chance of getting £100 seems not the smartest move, since it would mean you give up access to their Regular Saver.

This is the wording on their website

"** Here's how it works. We'll pay £100 per customer or joint relationship if you close your 1st Account within 12 months of opening it, as long as a monthly salary or income of £1,000 or more has been paid into that account for at least six months and you haven't previously had an account with first direct. You'll also need to have transferred your banking to that account using the Current Account Switch Service. We'll pay the £100 into your 1st Account prior to it's closure. All accounts with first direct have to be closed and your 1st Account transferred to another bank/building society. If you opened your 1st Account before 16 September 2013, you may have used our previous 'Easyswitch' service to qualify for our satisfaction guarantee."

It seems you just have to ensure that you've paid 6 months worth of £1000 into the account, then switch away using the new account switching service and you're set. Hopefully other banks will still be offering switching incentives by then.

Archi_Bald

good luck.