Current a/c game...

coolasacucumber

So I'm new to all of this great current account playing...


I have been with First Direct for nearly 20 years, very happy to carry on with them, but I'm wanting to make best use of some of the other offers around at the moment.


I have £1000 savings in an Isa.


I've just been accepted for a TSB Classic Plus a/c - I'll put the £1k into there asap to get the 5% interest. I'll be paying what I can in each month to get up to the max £2k limit for the 5% (which may take me 6-12 months).


I'd like to open the Halifax one for £100 switch fee & £5 monthly bonus, the Co-op current a/c for the £100 switch fee, and the M&S c/a for the £125 gift card.


My question is - I don't want to stop using FD - so I guess I'll need to open a 'phantom' current a/c, set up 2 DD's - then start the first switch.


But - Is this too optimistic? I'll be opening and closing a/c's left right and centre.


Will it work? Any tips or suggestions? Which would be a good 'phantom' current a/c to open?


Thanks in advance.

colsten

In a nutshell, yes it will work if you want to make it work. I suggest your refer to the threads about the various switching incentives.

irm

It's probably easier and less hassle to open another account with one of your existing providers - the process should be smoother as they already have your details and hopefully you've got all the online stuff setup too.

coolasacucumber

Thanks for the tip.


I've just opened a second current a/c with FD. I'll transfer 2 of my DD's to that a/c...


Then when all of that has been sorted, I'll need to choose which of the next c/a's to switch to.


Maybe... As I want to end up with the Halifax £100 switch & then £5 monthly, I should start with M&S, then do Co-op, the finally Halifax.


Any thoughts on that?

Archi_Bald

Sounds a logical sequence though it will take some time (especially with M&S) so the offers might get withdrawn before you can avail yourself.

moneysavinggirl40

Just an idea... you can set up some tesco savers dd if you didn't want your real dds being split from your main fd account. its easy to set up tesco saving acc. there is internet saver and instant access saver, both can let you "move money in" as they phrase it.

coolasacucumber

Thank you. I've given that a bit of thought after your suggestion, but I'd like to keep the accounts that I need to open to a minimum!


I've switched two set amount DD's (broadband & water) to my new FD current a/c.


I'm guessing that I'll need to wait until each DD has been paid at least once to switch that FD a/c to either M&S/Co-op/Halifax?

coolasacucumber

I'm off work ill with a cold for a couple of days, I've gotta say this is quite good fun, hopefully I can earn a couple of hundred in switching fees for my effort...
(and help from you lot too!)

coolasacucumber

A quick question - the £5 that Halifax pay each month, they say is net of tax... So if I send Halifax an R85, will they pay £6.25?

bsms1147

coolasacucumber wrote: »

A quick question - the £5 that Halifax pay each month, they say is net of tax... So if I send Halifax an R85, will they pay £6.25?

[strike]Most certainly.[/strike]

Edit: I stand corrected

colsten

bsms1147 wrote: »

Most certainly.

There has been a lot of discussion about this on the forum, and the conclusion, based on the Halifax T&Cs are

1. Halifax will not pay the reward gross
2. if you want your tax back, you need to claim it from the HMRC (R80, I think, or self assessment)