Switching banks

imaginary_binary

Hi I have a Santander account and my wife has a barclays account. I can put in around 1000 p/m whereas she has about 400 p/m. I also have a mortgage account with First Direct. Savings around 6k. Our aim this year is to save up to 15k.

I am wondering if I can switch my wife to First direct, pay in 1k to her and get the bonus then switch to someone else a few months later to get a different deal? Also could I get the First direct £125 deal if I already have a mortgage account?

YorkshireBoy

imaginary_binary wrote: »

I am wondering if I can switch my wife to First direct, pay in 1k to her and get the bonus then switch to someone else a few months later to get a different deal?

Possibly, although if the £400 is her income FD may not want her!

Also could I get the First direct £125 deal if I already have a mortgage account?

Answered in the incentive T&Cs.


But why are you settling for £125 when £150 is available through a link on the main site?

imaginary_binary

But why are you settling for £125 when £150 is available through a link on the main site?

That's what I meant. £150.

Re the £400 - it says you MAY be able to get away with putting in money, then withdrawing and depositing it again. I thought the banks wouldn't allow this, does anyone know of any where you can actually get away with doing this?

YorkshireBoy

imaginary_binary wrote: »

Re the £400 - it says you MAY be able to get away with putting in money, then withdrawing and depositing it again. I thought the banks wouldn't allow this, does anyone know of any where you can actually get away with doing this?

No bank has T&Cs stating that the minimum monthly funding must be made in one transaction only.

Think about it...such a clause would preclude all those who were paid weekly.

jimjames

imaginary_binary wrote: »

That's what I meant. £150.

Re the £400 - it says you MAY be able to get away with putting in money, then withdrawing and depositing it again. I thought the banks wouldn't allow this, does anyone know of any where you can actually get away with doing this?

I'm not aware of any bank that doesn't allow it. All my accounts are funded in that way.

imaginary_binary

jimjames wrote: »

I'm not aware of any bank that doesn't allow it. All my accounts are funded in that way.

Ok I didn't realise this. So unless explicitly stated in t&cs you could get away with doing this for any account even if it's more than your salary by just withdrawing and depositing up to the required min funds.

Archi_Bald

Yes but......you may not get accepted for the desired bank account as banks sometimes are selective about the level of income. FD particularly have a reputation for being a bit picky.

You could also look at M&S as they have actually got a better offer than FD right now.