Not sure which current account is best for me?

grumbler

danlightbulb wrote: »

I'm sorry then I don't understand what you are suggesting.

I suggest transferring the amount to cover the min funding requirement, then, if needed, transferring the excess amount back or to other account.

I know I need to transfer money once I get paid into whatever new accounts I set up. But don't I have various bills coming out of these various other accounts as well?

Usually you have to have some DD for getting some benefits. The DDs have to be either just 'active' or actually paid each month - this depends on the T&C.

danlightbulb

Oh so you're not suggesting I actually use these other CA's for anything? Just transfer in to meet the minimum funding and then transfer that money straight back out again?

I'm getting confused here though sorry.

If the account has to have DDs then how do I have DDs if I'm just switching the same money back and forwards?

Once Ive got the switching bonus why don't I just close the account straight after, instead of doing all these monthly transfers?

grumbler

danlightbulb wrote: »

Oh so you're not suggesting I actually use these other CA's for anything? Just transfer in to meet the minimum funding and then transfer that money straight back out again?

You use them for anything that can benefit you. This can be cashback on DDs, cashback on purchases, higher in-credit interest, monthly bonus etc.

If the account has to have DDs then how do I have DDs if I'm just switching the same money back and forwards?

You transfer the amount to cover the min funding requirement.
If you want, you leave the amount needed for DDs and transfer the extra money to any other account.
Is it a rocket science?

Once Ive got the switching bonus why don't I just close the account straight after, instead of doing all these monthly transfers?

As I said, some accounts offer more than just switching bonuses. If you switch in sequence you possibly want to leave them for a final destination.

Take a break and read MSE article:

• Bank Accounts
• Bank accounts with benefits

danlightbulb

I have read those articles several times.

Thats why I posted the thread, because there are several options and I don't know what is best. Do I go for cashback, interest, linked savers etc etc. Then someone suggested I should open more accounts and get more switching bonus.

I thought I was suggesting moving DD's and SO's over in post #9, but then you said I didn't need to do this, but then you said I would need to so I meet the min DD requirements. You are confusing me.

grumbler

Normally accounts that give bonuses require DDs. If you have more than one such account you have to spread DDs between them.

I didn't say that you didn't need to move DDs. You wanted "to meet the minimum payment criteria without cycling money around" and I said that 'cycling around' wasn't a problem.

danlightbulb

Ok so I don't need to move DDs but if I need to to get the switching bonus then I can?

But I will need to cycle money around the accounts and back to where it started? Even after I've got the switching bonus?

Won't I lose track of things if I have DDs spread around several accounts?

I'm sure this is all straightforward if you're doing it already but I have 1 current account and 1 savings account and everything goes into it/out of it. I have to set all this up from scratch.

Archi_Bald

Leave your existing DDs untouched. Set up some small new DDs on accounts that need them for switching etc.. There must by now be hundreds of mentions of Tesco savings accounts for this purpose - please do your research in existing threads.

Write down what you are doing so you don't lose track.

danlightbulb

I have read all of MSE articles and didn't see any mention of tesco savings accounts, and i scanned the first several pages of this sub forum as well looking for similar topics.

grumbler

danlightbulb wrote: »

Ok so I don't need to move DDs but if I need to to get the switching bonus then I can?

You said that you read the articles several times.
For each switching bonus it lists the requirements.
2 DDs switched or set up is a requirement for many bonuses, but not for all.
2 DDs active or paid out is a common requirement for many monthly bonuses or benefits.

But I will need to cycle money around the accounts and back to where it started? Even after I've got the switching bonus?

Usually yes - if you want to get monthly bonuses or other benefits.

Won't I lose track of things if I have DDs spread around several accounts?

You know this better than anybody else.
I have no problems with this. That's why, personally, I wouldn't set up new DDs, but this is up to you. Re Tesco see, say, this thread: Minimum Direct Debit

I'm sure this is all straightforward if you're doing it already but I have 1 current account and 1 savings account and everything goes into it/out of it. I have to set all this up from scratch.

Start with one new account and the decide whether it's worth having several.

danlightbulb

Ok ive done more searching. This is right rabbits hole isn't it.

Ok so...I just opened a new Santander current account (no overdraft selected). Do I open another Santander one straight away so I then have one main one and two secondary ones?

And then I need to also set up two tesco savings accounts. Then set up one direct debit from each savings account to each of my current accounts?

I don't touch my existing main current account at all. That stays exactly where it is with my salary and all other bills still coming out of it?

Then once I have my new current accounts with Santander opened, and the DDs from Tesco coming out of it, then I switch them to somewhere else?

Then I need to set up standing orders from my existing main current account to each of the newly switched current accounts, then immediately another standing order transfers it straight back again to my main account?

Have I got that right so far?

So then to continue getting switching bonuses, I keep switching from one account to a new one. How often do I do this?




Sounds like a logistical nightmare this. Don't get me wrong, its worth it for a few hundred quid of free money. Just want to make sure I don't get myself into some unknown hole.