Is it worth switching bank accounts just for the perks?

Kua

I'm with First Direct and have been very happy there but can't help but be tempted by the Halifax, M&S and Co-op golden hellos. I figure I can always switch back if they're terrible. Or even skip between them to get all the golden hellos and then go back to First Direct (or even to Santander - which will net me around £60/year on cashback).

Am I missing a trick here or is this a no-brainer? Has anyone followed this route and felt in hindsight that it wasn't worth the hassle?

YorkshireBoy

Why switch your main account? Just open another 'donor' account and switch that instead.

fuzzgun19

It's easy money, just open another account with FD and switch that one. That's how I started, I'm with nationwide.

Kua

I can just call first direct and ask for a second account? Will they be OK with that?

coolasacucumber

I'm with Fd too, use online banking, select option to open new account, done very quickly... Then virtually straight away I switched it into an m&s current a/c, a few weeks later... £125 voucher Sat on my door mat.


Why anyone wouldn't do it is beyond me!

B_G_B

Also open a Santander 123 for cashback as you mentioned. No need to switch to it. Have that as well as your FD account. Maybe also get a little interest depending on your finances.

Generally considered to be a good idea to have at least two current accounts with different banking groups anyway so that if one experiences IT problems (for example) you have back up funds available.

Yes, I think that you are missing a trick.............. or two......... or three.

Loads of posts on this forum with regards maximising benefits from current accounts.

agrinnall

All good advice, as long as the account you're switching to doesn't require the from account to have DDs on it, in which case it's a bit more involved (but probably still worth doing).

Kua

This has been a great help. Thank you all. Think I may be just too late for the M&S £125 (as oppose to £100) voucher however.

badger09

Kua wrote: »

This has been a great help. Thank you all. Think I may be just too late for the M&S £125 (as oppose to £100) voucher however.

That's still £100 for very little effort

Sugar

I have never done this, I have been a customer of rbs for 25 years and don't want to get rid of this account as it is a royalties gold account with the insurances and benefits for a monthly fee. Are there some accounts where you don't have to switch your main account to get the perks or is that the point?
TIA

YorkshireBoy

Sugar wrote: »

Are there some accounts where you don't have to switch your main account to get the perks or is that the point?

None of the current switching incentive offers require you to switch your "main account", but do require you to switch "an" account...obviously!


I refer you to post #2.