Yorkshire & Clydesdale Banks offering £150 for switching

YorkshireBoy

MARTYM8` wrote: »

But does that apply before you do the switch - if that takes over a month to do?

There will be some leeway. Most/all genuine switch customers (whom the T&Cs are written for!) will be redirecting their income, and that could take a month or two.

However, if they don't see an ongoing monthly credit of at least £1K, they will most likely serve you notice that unless you start to satisfy the account conditions they'll downgrade the account.

I expect some people may pay in the £1k pocket the £150 - and then leave a zero balance.

A lot of people will do that I'm sure, but why would those people choose the Current Account Direct knowing full well they weren't going to utilise the 2% AER rate? After all, anyone can get around £50K in 3-5% AER accounts, and a couple can get over £130K in 3-5% AER accounts. And if you've that much in cash, you probably ought to re-assess your situation?

koenig

To clarify if I already have a YB CA Direct paying 4% interest, I can't get £150 for switching to this but I can if I open up a YB CA Plus and switch to that?

Thanks

Ed-1

koenig wrote: »

To clarify if I already have a YB CA Direct paying 4% interest, I can't get £150 for switching to this but I can if I open up a YB CA Plus and switch to that?

Thanks

Correct. Or any other YB current account.

koenig

Ed-1 wrote: »

Correct. Or any other YB current account.

With the accounts that require a monthly fee, is there a minimum time you have to keep the accounts open or could you close them once you've received the switching incentive?

Also, is it only 1 switching incentive per person?

Thanks

Ed-1

koenig wrote: »

With the accounts that require a monthly fee, is there a minimum time you have to keep the accounts open or could you close them once you've received the switching incentive?

Also, is it only 1 switching incentive per person?

Thanks

Read the terms and conditions of the accounts. The terms of the switching offer don't explicitly rule out receiving more than one switching incentive although YB/CB staff are adamant that it is not possible to receive more than one.

Hooloovoo

yeahright wrote: »

Hooloovoo-
You say, 'To my surprise, my Nationwide FlexDirect is already today showing the label "this account is switching out"'. Where do you see this exactly? I see nothing on mine.

On the overview of accounts page, as B_G_B said.

starM wrote: »

Did you make your application in branch or phone? Afew people said previously that YB/CB was not accepted Nationwide account for telephone applications.

Both [:rotfl:]

I applied in branch. But had to do it over the phone to another branch, because the branch I was at didn't have an "advisor". I never even considered I might have to make an appointment just to open a normal current account.

YorkshireBoy wrote: »

A lot of people will do that I'm sure, but why would those people choose the Current Account Direct knowing full well they weren't going to utilise the 2% AER rate?

Because it's tricky to come up with an excuse for why you don't want the 2% interest when you've already told them you plan to manage the account entirely online

I suppose I could have told them I already had six other current accounts with better interest. But somehow that didn't seem like a good thing to say either.

It just seemed simpler to accept the recommendation of the CA Direct.

MARTYM8`

Hooloovoo wrote: »

I suppose I could have told them I already had six other current accounts with better interest. But somehow that didn't seem like a good thing to say either.

It just seemed simpler to accept the recommendation of the CA Direct.

As you say - you will have to leave £1,000 in the account for up to 60 days and top it up. So you might as well earn 2% interest on it for two months - than nothing!

And you can simply move cash between your various current accounts - you only need £1k in the account for a day or two.

tbw

smallgingerone wrote: »

Does anyone know what date counts as the new account being opened? I can't remember exactly what date it was I phoned and got accepted for the account, but the paperwork was sent out on the 1st December. I still haven't had a card, internet banking info or any further confirmation that they have accepted my paperwork ( - apart from 3 separate letters asking me to complete another switch agreement, the original one not having anything to fill in)

I opted for the current account direct so I need to pay in £1000 per month but don't know what date my account was set up, so don't know when i need to pay £1k in by.

Thanks

I'm getting more confused by the day about the £1000 credit - according to the T&C's they sent me, I have to pay in at least £1000 within 31 calendar days of the Switch completion. I've only just signed the Switch agreement and, hopefully, it should go through on 29 December - if they get their act into gear. I thought I had to pay in within 31 days of that date . I can't see how the date the account is opened can be the date the 31 days starts from - the switch date is bound to be some time after that and we won't know for sure until they tell us its been done.

Even the condition that the full switch must be completed within 21 days of signing the switch agreement is dicey - we have no control over that. We can ask for a certain date but it relies on them to actually do it.

YorkshireBoy

MARTYM8` wrote: »

...you will have to leave £1,000 in the account for up to 60 days and top it up.

Your interpretation of the incentive T&Cs is different from mine (and, I suspect, the majority of others on here).

System

The adviser told me that they require the 1k to be credited in 3 months out of 4. She didn't say much more than they would eventually change to a Current Account Plus with 0% interest.

I was also given a change to the T&Cs saying the overdraft would now come with a usage fee in addition to the interest. Before that 9.9% seemed fairly competitive.

YorkshireBoy wrote: »

Condition 23.3(a)(i) would seem to indicate they'll (at best) downgrade, or (at worst) close, the account if you don't pay at least £1K per month in.