Transfer Bonus

w00519772

I currently have the following accounts:

1) HSBC account earning 5% interest on balances up to 1K (I have a £1K balance)
2) TSB account earning 5% interest on balances up to £2K (I have a £2K balance)
3) Santander account earning 3% on balances up to £20K (I have a £3.5K balance)

I have a Nationwide current account, which earned 5% on balances up to £2.5K. This interest rate expired around 01/11/2015 (it was only valid for 12 months) so I used the balance to buy a new car.

I am debating what to do with the Nationwide account. I have two options:

1) Close it
2) Open another current account - one that gives a transfer bonus

How do transfer bonuses work? Do you have to keep the account open for a certain period of time? Do you get the transfer bonus straight away? Do you have to transfer a minimum amount? (can you transfer it straight out)?

xylophone

http://www.uswitch.com/current-accounts/?ref=ppcgoogle~gen~PFG700581&gclid=CMOrwI-aoMkCFSoEwwodvZgG6Q

Switching bonus currently available at Clydesdale/Yorkshire Bank and First Direct.

Check T&Cs for details.

http://www.ybonline.co.uk/personal/current-accounts/direct/?utm_source=uswitch&utm_medium=aggregator&utm_campaign=yb-agg

http://www2.firstdirect.com/1/2/banking/current-account?fd_msc=PCS0000005&WT.mc_id=FSDT_Aggregators_fdCAAggsH22015_CUR_Textlink_Lovemoney_uSwitch_StandardListings_125_AG3066

gmaurer

I had a read of the T&C's of the Clydesdale bank offer. Would I be right in assuming there is nothing stopping me from taking advantage of the £150 switching offer and once I receive the bonus moving to another bank? Or even back to my original bank?

YorkshireBoy

gmaurer wrote: »

I had a read of the T&C's of the Clydesdale bank offer. Would I be right in assuming there is nothing stopping me from taking advantage of the £150 switching offer and once I receive the bonus moving to another bank? Or even back to my original bank?

Yes you would.

MarkBargain

Why not upgrade your Nationwide FlexDirect to FlexPlus? It's £10 a month, but 3% interest on £2,500, breakdown cover for your car, travel insurance and loads of other benefits.

The Santander 123 fee goes up to £5 a month in January so you won't be making much on that unless you have a lot of bills cash back.

jimjames

You can get £200 if you transfer an account to nationwide if your partner is a customer. If you're both customers then you can get £400.

colsten

MarkBargain wrote: »

Why not upgrade your Nationwide FlexDirect to FlexPlus? It's £10 a month, but 3% interest on £2,500, breakdown cover for your car, travel insurance and loads of other benefits.

It would be a shame to sacrifice the FlexDirect for this since - if the FlexPlus would indeed be of value for the OP - you can apply for a FlexPlus independently. If you are smart, you get the £200 jimjames mentioned, or at least £75 via Quidco. You then still got your FlexDirect to make some switching money with.

w00519772

colsten wrote: »

It would be a shame to sacrifice the FlexDirect for this since - if the FlexPlus would indeed be of value for the OP - you can apply for a FlexPlus independently. If you are smart, you get the £200 jimjames mentioned, or at least £75 via Quidco. You then still got your FlexDirect to make some switching money with.

Are you suggesting the following:

1) apply for a nationwide flexplus independently to get £200 (I did not realise this was available)
And
2) switch the nationwide flexdirect to Yorkshire bank to get the £350.

colsten

I'd probably do something like this - but only if I was interested in a FlexPlus anyway.

Otherwise I'd still switch the existing FlexPlus, and do the Nationwide Referral offer with another FlexXxxxx account.

Could still net £350.

w00519772

colsten wrote: »

I'd probably do something like this - but only if I was interested in a FlexPlus anyway.

Otherwise I'd still switch the existing FlexPlus, and do the Nationwide Referral offer with another FlexXxxxx account.

Could still net £350.

I would only open the Nationwide FlexPlus because of the incentive.

jimjames

w00519772 wrote: »

I would only open the Nationwide FlexPlus because of the incentive.

In which case just open a standard Flexaccount.
I've just re-read your OP, if you only have £3.5k in Santander then unless you are getting a huge cashback on DDs I'd move that account to Clydesdale and then open a Tesco account for the money. There you'll get 3% on it but without fees eating into your interest.