First Direct and Switching (plus Amex Platinum Cashback Credit Card )

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
3 replies 708 views
muzzy007muzzy007 Forumite
4 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Hi All,

I currently have a Natwest account with a £6k overdraft facility that I am not using but is great to have if ever things were to get really difficult. The account is my main account.

I'm interested in opening a First Direct account with the £100 cash.

Am I right in presuming that in order to qualify for the £100 I would have to 'switch' my current account from Natwest, thus losing my Natwest account and it's overdraft facility? Or can I simply put a standing order in place for £1000 pm from Natwest into the First Direct account and keep both running and still qualify for the £100?

I already have a Santander 123 joint account that I pay all our bills from and earn a few pounds a month from. I have a Santander CC that I use to pay for petrol giving 3% cash back. This is paid off in full from the Santander account.

I'm also thinking about the Amex platinum Cashback Credit Card for for all other purchases, again paid off in full probably from the First Direct account.

Anyone with any experience of doing the above? Worth it or am I majorly over complicating my life?

Thanks in advance.

Replies

  • YorkshireBoyYorkshireBoy Forumite
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    muzzy007 wrote: »
    Am I right in presuming that in order to qualify for the £100 I would have to 'switch' my current account from Natwest, thus losing my Natwest account and it's overdraft facility?
    Yes, but no need to "presume" anything...it says on the FD website switching section what will happen to your old account.


    If you want £100, then open another NatWest account and switch that to FD instead?
  • Yes, but no need to "presume" anything...it says on the FD website switching section what will happen to your old account.[/SIZE][/FONT]


    If you want £100, then open another NatWest account and switch that to FD instead?

    Thanks. Typically as soon as you replied I spotted what I was looking for.

    So, old account and facilities would close, which is not something I'm keen on as the OD is nice to have.

    Is it really as easy as opening a second Natwest account and switching that?
  • YorkshireBoyYorkshireBoy Forumite
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    muzzy007 wrote: »
    Is it really as easy as opening a second Natwest account and switching that?
    No experience of NatWest, but I've helped a few other people open secondary accounts with an existing provider to then 'ditch and switch' a few weeks later.


    One possible issue is you may sour relations with NatWest and they could review your existing facility and reduce/close it...especially if you don't use it. Of course that may not happen...but there's always the chance?


    If that worries you, then (ab)use another bank instead! After all, the only benefits with going with NatWest are a) possibly quicker to set up, and b) possibly no external credit search.
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