Want to switch - but which?

wallofbeans

Hello All,

I'm looking to switch bank accounts. I have been with HSBC since I opened a student account before going to uni 20 years ago and haven't moved since. I don't have any particular problem with them but the basic account gives me no interest and although I do have an available £1000 overdraft, it's now at 19% interest and I haven't needed to use it for a long time...

I can see other better options but am not sure which is the best bet for me...

I already have a Santander 123 and TSB account that I'm using for the interest, so maybe Lloyds or First Direct are the next best bet?

I will be bringing in at least £1500 per month and if I transfer all from my HSBC then a few direct debits too.

Thoughts?

Thanks all.

jimjames

I'd choose one that pays decent interest and joining bonus, maybe nationwide which is 5% and £100

wallofbeans

jimjames wrote: »

I'd choose one that pays decent interest and joining bonus, maybe nationwide which is 5% and £100

I thought Nationwide just had the 5% thing (although it's only for a year and only applies to the first £2500) but did they add the £100 moving bonus too?

Dobbibill

wallofbeans wrote: »

I thought Nationwide just had the 5% thing (although it's only for a year and only applies to the first £2500) but did they add the £100 moving bonus too?

If an existing customer recommends you, you will both get £100 each. If you don't know anyone with a Nationwide account then you can get £75.75 via TCB.

wallofbeans

Dobbibill wrote: »

If an existing customer recommends you, you will both get £100 each. If you don't know anyone with a Nationwide account then you can get £75.75 via TCB.

What's TCB?

xylophone

A switch to Yorkshire Bank before 30 Nov for £150 bonus? The Current Account Direct pays 2% on up to £3000.

http://www.ybonline.co.uk/

wallofbeans

I'm quite tempted by the Halifax option - £100 cash and £5 per month every month as long as I pay in £750 and have two direct debits. Not a bad option.

Any better ideas?

TSB is good too but I assume I can't get that deal as I already have a TSB account. But maybe I can get it if I officially make that my main bank account??

JazzJPH

wallofbeans wrote: »

What's TCB?

TopCashBack.

YorkshireBoy

wallofbeans wrote: »

Any better ideas?

There's a whole section devoted to 'best bank accounts' on the main site. See the 'banking and savings' tab at the top of the page. Maybe have a read and see if there are "any better ideas"?

TSB is good too but I assume I can't get that deal as I already have a TSB account. But maybe I can get it if I officially make that my main bank account??

Er, no! The switch T&Cs are available to view on the tab referred to above, but in a nutshell...

1. You have to apply for a new account via the MSE link, and
2. The account T&Cs, and the incentive T&Cs themselves, state you're only allowed 1 sole TSB Plus account.

Futuristic

If you can hold over £4000 then Lloyds account would be perfect, year on year you would get 4% interest rather than a one time switch bonus.

First direct would gain you switch bonus and the 6% saver account for putting in £300/mo

wallofbeans

Ok so I think I can put 4k into a Lloyds and will then will also switch from HSBC to Halifax, making that my main account.

I'm a bit nervous about moving money around and how to set it up so it works and every account gets what it needs each month. I've managed it for my Santander and TSB but for some reason adding Lloyds into the mix makes it all very confusing!