Stay with first direct?

anoncol

I also get cash back bills at Santander and fuel and supermarkets on their cc then pay it off every month in full. Easily over a tenner a month.

Lith

Keep the FD account, you won't regret it.


open another account with some other bank if you want, but DO NOT CLOSE the FD Account.

ccdorset

anoncol wrote: »

I also get cash back bills at Santander and fuel and supermarkets on their cc then pay it off every month in full. Easily over a tenner a month.

Yeah I've been looking at their Credit Card too. Think it would be quite good for me as spend around £200 on petrol alone.

ccdorset

Lith wrote: »

Keep the FD account, you won't regret it.


open another account with some other bank if you want, but DO NOT CLOSE the FD Account.

No I won't close the first direct account. I'm so glad I left it open when I switched to Barclays last year as they were awful, so I was able to quickly move it back!

ccdorset

Having a look at some of the switcher incentives e.g. Halifax and M&S, it seems my old account has to be closed to receive the offer? Any way around this? I don't want to close my first direct account.

YorkshireBoy

ccdorset wrote: »

Having a look at some of the switcher incentives e.g. Halifax and M&S, it seems my old account has to be closed to receive the offer? Any way around this? I don't want to close my first direct account.

All current switching incentive deals require closure of the old account.


You need to open a 'donor' or 'sacrificial' account somewhere (maybe FD would be easiest?) and switch that instead.

ccdorset

YorkshireBoy wrote: »

All current switching incentive deals require closure of the old account.


You need to open a 'donor' or 'sacrificial' account somewhere (maybe FD would be easiest?) and switch that instead.

Ah ok, thank you. So I'm guessing I would need to move a couple of direct debits to the donor account, in order to switch?

YorkshireBoy

ccdorset wrote: »

So I'm guessing I would need to move a couple of direct debits to the donor account, in order to switch?

There's really no need to "guess" anything. Any requirements will be detailed in the respective switching T&Cs.


However, last time I looked there was no need for DDs for the Halifax, M&S, and Co-op deals. Indeed, Co-op is the only one to mention specifically what, in terms of outgoing payments, you need to switch...and they say a minimum of 2 DDs or 2 SOs.

ccdorset

YorkshireBoy wrote: »

There's really no need to "guess" anything. Any requirements will be detailed in the respective switching T&Cs.


However, last time I looked there was no need for DDs for the Halifax, M&S, and Co-op deals. Indeed, Co-op is the only one to mention specifically what, in terms of outgoing payments, you need to switch...and they say a minimum of 2 DDs or 2 SOs.

OK great thank you. I will have a look into it all. I've just opened the Nationwide Flex Plus via Quidco as I will make use of the benefits. Will save me about £9 a month off my Mobile Insurance alone. Will have a look at some more, though I'm conscious I shouldn't do too much too soon as I don't want lots of credit searches etc.

thebritishbloke

ccdorset wrote: »

OK great thank you. I will have a look into it all. I've just opened the Nationwide Flex Plus via Quidco as I will make use of the benefits. Will save me about £9 a month off my Mobile Insurance alone. Will have a look at some more, though I'm conscious I shouldn't do too much too soon as I don't want lots of credit searches etc.

If you max out the £2,500 at 3% interest on the FlexPlus (with £80 quidco cashback), it'll theoretically cost you -£35 in the first year, £10 in your second year and £45 a year thereafter. Not a bad deal (so long as you've already maxed out higher interest accounts, i.e. TSB Classic Plus x2, Nationwide FlexDirect, First Direct regular saver etc)