Multiple reward current accounts

SaveSomeMore_2

I'm currently with First Direct and I find their customer service and online banking second to none, so easy to deal with. Unfortunately bar the 6% regular saver (which isn't easy access) there are no real financial incentives for me with the current account.

I was thinking of opening a Halifax Reward current account for the £5 a month, and transferring into a TSB Plus for the 5% dealio (which I've calculated as paying back a potential £11.66 give or take with the 5% on balances and 5% on first £100 contactless). So potentially that's nearing a whopping £200 a year with a little management. Then with a £1 in my first direct I'd pay any excess into the 6% saver.

I'm just wondering as to logistics:
-TSB state you don't have to switch, what about Halifax?
-Are there any bars or concerns having multiple current accounts (it being flagged on credit files during application/usage, or raising false alarms with money laundering checks?)

YorkshireBoy

SaveSomeMore wrote: »

I'm currently with First Direct and I find their customer service and online banking second to none, so easy to deal with. Unfortunately bar the 6% regular saver (which isn't easy access) there are no real financial incentives for me with the current account.

I was thinking of opening a Halifax Reward current account for the £5 a month, and transferring into a TSB Plus for the 5% dealio (which I've calculated as paying back a potential £11.66 give or take with the 5% on balances and 5% on first £100 contactless). So potentially that's nearing a whopping £200 a year with a little management. Then with a £1 in my first direct I'd pay any excess into the 6% saver.

I'm just wondering as to logistics:
-TSB state you don't have to switch, what about Halifax?
-Are there any bars or concerns having multiple current accounts (it being flagged on credit files during application/usage, or raising false alarms with money laundering checks?)

Any switching requirement for the £5 Reward payment will be detailed on their website. Did you see anything shown there?


Both the accounts you've mentioned have decent switching incentives. Until today they were worth £250 in total (probably £225 from tomorrow). That's a lot of easy cash to miss out on whilst you're scrabbling with numerous small purchases chasing £5 a month from TSB.