Not sure which current account is best for me?

grumbler

'immediate' standing orders for transfers back are dangerous unless your new account pays high interest and you maintain a sufficient balance in it to prevent going overdrawn accidentally.
Don't rush. Start with one new account.

danlightbulb

Understand yes, so probably the return SO 3 days later than the sending SO?

So I already have my new Santander secondary current account. I still need 2 tesco accounts though right?

Then once that is set up I switch it somewhere new? The secondary Santander account gets closed and moved to the new CA. I get my £150 switching bonus. Then I set up the outward and return S

grumbler

danlightbulb wrote: »

So I already have my new Santander secondary current account. I still need 2 tesco accounts though right?

This depends on where you want to switch it to.

Then once that is set up I switch it somewhere new? The secondary Santander account gets closed and moved to the new CA. I get my £150 switching bonus. Then I set up the outward and return SOs?

If you mean First Direct, then IIRC you don't need DDs. Neither you need SOs as only one £1000 credit is needed to meet the bonus requirements.
Don't fail to use the correct link for applying.
If you want to keep this account for their 6% regular saver (the best one around) you'll need to make some other arrangements.

danlightbulb

I just looked again at the top picks. First direct has a £150 switching bonus, £1000 min pay in, and no DD requirements. But no in credit interest.

Am I right to say that I can immediately switch to this? I'd have to do the SO transfers of £1000 a month in and back out just to keep it open? Or do I just close it after the 1st £1k transfer in and out and after Ive got the £150?

The next ones on the list are clydesdale and TSB, both requiring 2xDDs. The min pay in is lower, £500, and there is in credit interest. I could do both of these for the same £1k sum as the first direct account, and get more switching bonus across the two.

Then Halifax, which is £125 switching bonus and £5 per month if I pay in £750. Need 2xDDs again.

Which is the best one to start with?

Then how do I layer on the others?

It would be critical that the money being transferred around between the accounts makes it back to my main account in time to go on the proper SOs and DDs. Sounds like I need to draw up a flowchart.

And just to confirm its the Tesco Internet Saver that I need to set up? May as well get this going asap.

YorkshireBoy

So you now have 2 Santander current accounts?

Move 2 DDs from your main to the secondary Santander account.
Switch the main to Halifax Reward (£125* and £5 per month).
Switch the secondary to TSB (£100 and 5% AER on your £350 a month savings).
Each month on payday, send £500 from Halifax to TSB, and then immediately send £150 back to Halifax.
Your original objectives have all been met...£225* in incentives, £5 a month Reward, 5% AER on your £350 a month savings, and your savings separated from your current account with penalty free access.

Let things settle and find your feet. Then look at the switching incentives available to you and open donor accounts as required. Some offers will require DDs; some won't. For the ones that do, Tesco will look after you.

Don't want to run before you can walk.


* The Halifax £125 offer finishes tomorrow I believe, but they'll almost certainly replace it with a fresh £100 offer (often within a week of the previous offer ending).

danlightbulb

YorkshireBoy wrote: »

So you now have 2 Santander current accounts?

Yes that's correct, but I only opened the 2nd account today, so not received bank card for it yet. Can I switch it within days of opening it?

YorkshireBoy wrote: »

Move 2 DDs from your main to the secondary Santander account.
Switch the main to Halifax Reward (£125* and £5 per month).
Switch the secondary to TSB (£100 and 5% AER on your £350 a month savings).
Each month on payday, send £500 from Halifax to TSB, and then immediately send £150 back to Halifax.
Your original objectives have all been met...£225* in incentives, £5 a month Reward, 5% AER on your £350 a month savings, and your savings separated from your current account with penalty free access.

Ok great! Plan sounds good. Except I have read that its wise to keep my original Santander account open so I have a long standing current account for credit worthiness purposes?

YorkshireBoy

danlightbulb wrote: »

Except I have read that its wise to keep my original Santander account open so I have a long standing current account for credit worthiness purposes?

If that concerns you, open a third Santander account.

danlightbulb

I think i'd prefer that, and it means I don't have to inform work and change my big SOs like rent and child maintenance payment.

So last question lol. I just opened a new 2nd current account with Santander today. Can I apply for another literally straight away?

Can I then switch them both within days of opening them?

YorkshireBoy

danlightbulb wrote: »

So last question lol.

Somehow I don't think so.

I just opened a new 2nd current account with Santander today. Can I apply for another literally straight away?

Taking your question quite literally, yes. However I wouldn't do it immediately. I'd wait 2 clear business days, just to make sure the second account has passed all internal checks and paperwork/cards/etc have been commissioned.

Can I then switch them both within days of opening them?

I have done that previously, yes. Actually, define "within days"...because I seem to recall I waited a week or two. And I always use the debit card on a new donor account before switching it. Maybe I'm too cautious?

danlightbulb

YorkshireBoy wrote: »

Somehow I don't think so.

Ha ha maybe you're right

YorkshireBoy wrote: »

Taking your question quite literally, yes. However I wouldn't do it immediately. I'd wait 2 clear business days, just to make sure the second account has passed all internal checks and paperwork/cards/etc have been commissioned.

I already have it. I applied this morning, and by lunchtime I had received an email and its now visible in my online banking.

YorkshireBoy wrote: »

I have done that previously, yes. Actually, define "within days"...because I seem to recall I waited a week or two. And I always use the debit card on a new donor account before switching it. Maybe I'm too cautious?

I should have looked at this a month ago Because some of the switching bonus offers end in a couple of days.