Not sure which current account is best for me?

YorkshireBoy

danlightbulb wrote: »

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

Which, apart from Halifax, end in a couple of days?

danlightbulb

Halifax tomorrow, TSB by 2nd Nov. More than a couple days yes sorry, but fairly short time still.

danlightbulb

Ok Ive mapped out how my monthly credits and debits from my existing account work, and looked at how I can make the monthly out and back in transfers to new CAs. Does this look about right?



This doesn't include things like weekly shopping etc which obviously come out throughout the month. At the end of the month I'd then save whatever I have left (at least £350 most months it should be).

I have highlighted yellow and pink where I make the outward transfers to the new Halifax and TSB CAs, and again in yellow and pink when they come back in to my main account. Ive allowed 2 days after I get paid, and then 3 days turnaround for the funds to return.

Have I made any silly mistakes here? This will work?

I think I'd struggle to make a 3rd out/in transfer, especially if its £1k. So maybe I should go to first direct first to get that £150 and then close that one off before going after the other two?

So should I do this:
* open another santander CA so I have 2 donors in total.
* switch one santender CA to first direct for the £150 (paying in £1000 a month until I receive the £150 bonus).
* then switch the first direct CA over to clydesdale for another £150 (again min £1000 pay in)
* then switch clydesdale over to TSB
* and at the same time switch my 2nd santander donor account to halifax

So this way I end up with CAs at Halifax and TSB but having gone through First direct and Clydesdale on the way for extra bonuses?

What sort of timescale should I put on this entire end to end process?

Thanks

danlightbulb

I assume all the above will work just fine then.

I have just opened 2x tesco internet savers, and set up a DD from each one to my new second Santander CA. So I'm all set for the first switch?

I'll need to wait for those DDs to appear on the CA though in online banking won't I? Or do I need to wait for the first payments to come out which will be next month now?

grumbler

IIRC, you can make one-off payments with the same DDs.

danlightbulb

It said on Tesco 10 days to set up the DD though, so I need to wait 10 days before I switch is that right? Even a one off payment won't work if the DD isn't set up? I don't mind a monthly recurring DD anyway as I wanted to put a small amount into an account for my 2 sons, so the two tesco savers I now have will be perfect for that.

YorkshireBoy

danlightbulb wrote: »

It said on Tesco 10 days to set up the DD though, so I need to wait 10 days before I switch is that right?

No, just 2-3 days, ie until the DDs are showing on Santander.


But by the time you've opened the other account, and initiated the switch (the switch alone takes 7 days) that time will have passed.

danlightbulb

Hi again. I now have my 2 donor santander CAs, and 2 tesco savers with DDs set up on one of my donor CAs. Am I ready to go for the first switch?

As banks aren't stupid, won't they see that I'm switching an account thats only just been opened, and which only has two DDs both from tesco? Won't they recognise that as a donor account and therefore only in it for the bonus?

Archi_Bald

They might, but you wouldn't be the first bonus tart so they'd probably not be surprised. The main thing is that you need to fully comply with the T&Cs if you want to see the bonus.

danlightbulb

Im going for first direct first. As far as I understand, I don't need any DDs for this one, although I have 2 which will get switched. I just need to apply for the account, be accepted, use the switching service, and then pay in £1000 (all within 3 months). Im not missing anything?


Im just looking at the T&Cs and this concerns me:

"We set up all the payment mandates on your new first direct 1st Account, inform all your Direct Debit originators that you've moved banks and give them your new details, including your employer so your salary can be redirected."

I don't want them to redirect my salary as I'm keeping my main current account with Santander. Can I prevent this bit from happening?