Switching bank accounts - confusing myself?!

Amy56

Hi all:)

I've got a telephone interview with first direct next week as we are hoping to remortgage to them. As part of the criteria for the mortgage product we want with them, it is necessary for us to have a First Direct current account, which we are planning to open at the same time.

I was simply going to open the account and just fund it each month with the mortgage payment. But am now thinking that if I could get the £100 for switching current accounts to them, then that would be a bonus!;)

I don't want to transfer my main current account (been with Current bank for 25 years and really happy with them plus have travel ins etc thru it at a rate Im happy with). But another thread got me thinking about an old current account that I've got.

I have an appointment with that bank this morning to remove the dormant indicator, and I was wondering whether you thought I'd have enough time to set up two direct debits on that account, purely so that they could be moved across to the new first direct account next week!;)

Am I trying to do too much in too short a timeframe? I know other people are really clued up about this sort of thing, but wondering if it might be a bit too clever for me to pull off?!;)

Many thanks for any advice:)

Amy56

Sorry ones ore question!......

If I can't sort these direct debits in time for next week - the other option would be to open a halifax reward account and get £125 for switching and £5 per month.

My main account is already with Halifax, so this would be a second account and the funding for it would come from the first Halifax account - would this be allowed?

Thanks again for any help:)

NoMore

First Direct don't need any Direct Debits to switch to get the incentive, all you need to do is use the switching service and deposit £1000 within 3 months after opening.

cifpower

Amy56 wrote: »

Sorry ones ore question!......

If I can't sort these direct debits in time for next week - the other option would be to open a halifax reward account and get £125 for switching and £5 per month.

My main account is already with Halifax, so this would be a second account and the funding for it would come from the first Halifax account - would this be allowed?

Thanks again for any help:)

As per Halifax T&C

To qualify for the £125 switching offer ("the offer") you must use the 'Current Account Switch Service' and meet the following conditions:

Use the 'Current Account Switch Service', to switch into a new or existing Halifax Current Account, Reward Current Account or Ultimate Reward Current Account ("your account").

Use the 'Current Account Switch Service' to transfer all the active credits and debits from the bank account that you hold with another bank and close this account.

You are not eligible for this offer if you have received £100 for switching to a Halifax bank account at any point since January 2012.

So if you have not had a switching bonus since 2012, then you can switch your dormant account to your existing account.

YorkshireBoy

In order:

Get yourself referred* for the FD account by an existing account holder, via their refer-a-friend scheme (both get £50).

Open the FD account.

Switch the Halifax donor account to FD (for £100) at a later date...but within 3 months of opening.


Then:

Sort your Halifax switch (£100) at a later date.


In summary, there's no rush to do anything, let alone mess about setting up DDs to switch to FD.


* There used to be a thread on the referrer's board on here, but I'm sure now I've mentioned it you'll be bombarded with PMs.

badger09

Amy56

Don't forget to take advantage of FD's Regular Saver once your current account is open. Save £25 - £300 per month @ 6%

cheexy

YorkshireBoy wrote: »

In order:

Get yourself referred* for the FD account by an existing account holder, via their refer-a-friend scheme (both get £50).

Open the FD account.

Switch the Halifax donor account to FD (for £100) at a later date...but within 3 months of opening.


Then:

Sort your Halifax switch (£100) at a later date.


In summary, there's no rush to do anything, let alone mess about setting up DDs to switch to FD.


* There used to be a thread on the referrer's board on here, but I'm sure now I've mentioned it you'll be bombarded with PMs.

YB,
I thought the RAF offer was only Nationwide. I don't think FD do this. I may be wrong.

badger09

cheexy wrote: »

YB,
I thought the RAF offer was only Nationwide. I don't think FD do this. I may be wrong.

Me too, but as YB is a multi multiple account switcher , I didn't question this.

Amy56

Thanks everyone for taking the time to post!:)

That's great news that I don't need to sort out my direct debits - I told you I'd got myself confused!;)

I've been in to lloyds today with ID to get the dormant indicator removed from my current account there, so I guess now I'm all set to just transfer the account to FD.:T

Thank you as well for the heads up about the savings account, will get that started as well!:)

I love these boards!:D

EarthBoy

cheexy wrote: »

YB,
I thought the RAF offer was only Nationwide. I don't think FD do this. I may be wrong.

FD do have a refer a friend scheme, although they don't advertise it. They've asked me in the past if I wanted to refer a friend and sent me some cards to pass on to people. I can't remember how much you got for doing it though, it might have only be £25 or something, possibly £50.

YorkshireBoy

EarthBoy wrote: »

FD do have a refer a friend scheme, although they don't advertise it. They've asked me in the past if I wanted to refer a friend and sent me some cards to pass on to people. I can't remember how much you got for doing it though, it might have only be £25 or something, possibly £50.

It's currently £50 each...like I said above.


They send new account holders (at least they do in my experience) a pack of 3 referral cards shortly after account opening.