Dilemma: Constantly Switch Current Accounts for Bonus or Stay With Best Service

MARTYM8`

Archi_Bald wrote: »

The only clause I can find in their T&Cs that has a condition on salary being paid in is this one:



http://personal.firsttrustbank.co.uk/content/dam/firsttrustbank/personal/Documents/our-products/current-accounts/personal-banking-terms-and-conditions.pdf

No - its not in the published terms. But the experience of several NI posters on this site is that the branch staff insisted on it - and wouldn't let you switch from an account which you couldn't demonstrate had had a salary payment or pension going in for the last 3 months.

And you can only complete their account opening process in branch - even if you apply by phone.

The terms are one thing - but they actually have to let you open an account too.

Archi_Bald

MARTYM8` wrote: »

No - its not in the published terms. But the experience of several NI posters on this site is that the branch staff insisted on it - and wouldn't let you switch from an account which you couldn't demonstrate had had a salary payment or pension going in for the last 3 months.

And you can only complete their account opening process in branch - even if you apply by phone.

The terms are one thing - but they actually have to let you open an account too.

Perhaps they need to be told that the written T&Cs override even the most zealous bank employee's opinion.

nearlyretired2004

Playing devil's advocate ....and I'd like to be wrong.... but surely, yes, you have to meet the Ts and Cs related to account opening and yes, the Ts and Cs are enforceable when you HAVE the account..... but no bank (or employee...) is OBLIGED to offer you an account just because you qualify?

Archi_Bald

No bank has any obligation to give you an account. You can still challenge them if a CS person uses rules that they have made up themselves.

MARTYM8`

Archi_Bald wrote: »

Perhaps they need to be told that the written T&Cs override even the most zealous bank employee's opinion.

I agree - I joked on the thread about this offer that maybe branch staff were deliberately restricting people from benefiting from the offer so their friends might be more likely win the spa weekend prize draw and take them with them.:D

As has been said however - there are the published terms but they are under no obligation to open an account.

I don't have an NI permanent address - and you need that first before you can even start the process so its a moot point. And in NI for historic reasons they are much tougher e.g. around money laundering/checks.

Presumably they want genuine switchers. How very quaint!

Drunk_Dancing_Monkey

I still a bit confused on the donor account. I want to keep my main bank account with FD but still get the sign up cash bonus from opening other accounts, however a lot of these involved having to use the switch service to change to get the bonus.

With regards to the Donor Account do you mean set up a new account that isn't my everyday use account, then switch that new donor account to one of the bonus paying ones to get the bonus without having to actually switch my everyday account I want to keep. Does that make sense?

MARTYM8`

Drunk_Dancing_Monkey wrote: »

I still a bit confused on the donor account. I want to keep my main bank account with FD but still get the sign up cash bonus from opening other accounts, however a lot of these involved having to use the switch service to change to get the bonus.

With regards to the Donor Account do you mean set up a new account that isn't my everyday use account, then switch that new donor account to one of the bonus paying ones to get the bonus without having to actually switch my everyday account I want to keep. Does that make sense?

Yes - you can do just that and transfer it to an incentive paying bank as soon as you get your bank details/debit card.

RBS/Natwest are usually easiest for online applications - and quick re opening the account. As they don't offer incentives either or interest paying current accounts - that avoids possible issues later with future accounts you might want to open.

TartanSaver

nearlyretired2004 wrote: »

I've seen it rumoured on here that some banks might not credit check .... do we know if this is the case for any FOR SURE ...?

Barclays did not credit check me for a basic account which I used as donor. They DID identity check me (I can see this on my credit report.) I understand ID checks are not visible to other lenders. Unfortunately, it can only be opened in branch.