Donor accounts - which bank?

mrssjs

Hi

I would like to open a "donor account" in anticipation of switching soon - probably to First Direct, so that I can start using their regular saver.

I currently use Halifax for day-to-day banking (£5 reward)

I switched to M&S from Co-op for the £125, but have now opened a regular saver with them, so need to keep this

I have 2 x TSB & 2 x Tesco for "savings"

Which bank would it be best to open with?

Thanks in advance.

colsten

Any bank that is part of the CASS (which literally all UK registered banks are) will do. It will obviously be faster to use a bank with whom you already have an online account as you won't have to set up online access.:D

YorkshireBoy

mrssjs wrote: »

Which bank would it be best to open with?

Tesco is out (you already have the max).
So that leaves Halifax or TSB.
Which was the quickest/easiest to open originally?

mrssjs

YorkshireBoy wrote: »

Tesco is out (you already have the max).
So that leaves Halifax or TSB.
Which was the quickest/easiest to open originally?

TSB, but I already have 2 sole current accounts. I don't think I can have more?

YorkshireBoy

mrssjs wrote: »

TSB, but I already have 2 sole current accounts. I don't think I can have more?

The 2 account rule is for Plus accounts isn't it? They do other accounts as well.

mrssjs

YorkshireBoy wrote: »

The 2 account rule is for Plus accounts isn't it? They do other accounts as well.

Ahh I see....

Lovely thanks

mrssjs

Thanks for the advice, 1 classic acc setup and added to online banking, plus 1 acc opened at natwest.

Is there a preferred "waiting time" for switching...?

YorkshireBoy

mrssjs wrote: »

Is there a preferred "waiting time" for switching...?

You'll need the debit card, so that will be the governer.

I've never switched an account without first setting up a couple of SOs and letting them go once (maybe overkill but that's my way!), but there's plenty of time for that while you wait for the debit card if you do the same.

No "waiting time" as such, but I'd say you'd be looking at 7-10 days?

amictus

Are there any current accounts that don't run a credit check when they're opened? Having many credit checks will affect your credit rating, and could prevent you opening more accounts.

inspireme247

owains wrote: »

Are there any current accounts that don't run a credit check when they're opened? Having many credit checks will affect your credit rating, and could prevent you opening more accounts.

Not true. I know some people here, and myself, applied for a lot of current accounts and the credit score didn't affect them.

Archi_Bald

inspireme247 wrote: »

Not true.

I would say it's not true for everyone, but it might be for some people. I personally had no problems and I have a very large number of current accounts (and many credit cards). I have however seen some people reporting problems with multiple applications.