Switching a bank account that isn't a main account

poiuytrewq10

A year ago I opened up a Nationwide Flexdirect account and have had £2500 in it earning me 5% interest each month. Now that it has been a year, the account instead pays a poor 1% interest a month so I am looking to change.

Originally I was going to open a new Bank of Scotland account (3% upto 5k) and move the £2500 along with other money into that account. Having already got one BoS account, I know that £5k in there will get me about £10 a month.

I then had a thought: Could I switch my Nationwide account to the First Direct account to get the £150 bonus?

I have never used the Nationwide account other than as a savings account and there are no direct debits coming from it. As far as I can see on the MSE website, none of this shouldn't matter. Can anyone suggest a reason why this wouldn't work or why I shouldn't do it?

For information, banks accounts I already have:
Barclays (main account my salary is paid into)
TSB
Nationwide
Bank of Scotland
Tesco
Santander (joint with g/f for our house)

colsten

poiuytrewq10 wrote: »

I then had a thought: Could I switch my Nationwide account to the First Direct account to get the £150 bonus?

yes you can, if they let you open an account with them (they are said to be a bit picky). Just make sure you fulfill the offer terms. No switch terms I have ever seen say anything about a "main" account.

Alternatively, you can downgrade the FlexDirect to a Flexaccount, thereby retaining access to the Nationwide FlexClusive Saver. Instead switch another account to FD, or to whoever - there are other offers about.

Kernel_Sanders

poiuytrewq10 wrote: »

A year ago I opened up a Nationwide Flexdirect account and have had £2500 in it earning me 5% interest each month.

I thought that was just a slip but then you did it again...

poiuytrewq10 wrote: »

the account instead pays a poor 1% interest a month

Do you actually believe that is the rate you get??

Katiehound

Could switch to HSBC and get the switching bonus plus access to the regular monthly saver @ 6%

or switch to the M&S a/c- again access to regular monthly saver @ 6 % plus the bonus payments for the first 12 months- but it is not cash as such.

(I switched my Nationwide last year once the interest dropped down- that was when there was a great offer from HSBC! and no, mine was only used for savings it isn't my main a/c)

agrinnall

Kernel_Sanders wrote: »

I thought that was just a slip but then you did it again...Do you actually believe that is the rate you get??

It would be nice if that was the rate, but it probably is just a slip made twice.

poiuytrewq10

Kernel_Sanders wrote: »

I thought that was just a slip but then you did it again...Do you actually believe that is the rate you get??

Haha I see my slip ups! I meant year, but the interest gets paid each month, hence my mistake!

I thought about the M&S account, but won't have direct debits so that is out to me. First Direct offers the same 6% saving account and the £150 through the MSE website trumps £120 of the HSBC.

I also recently closed my old HSBC account from when I was a student so would rather not go back there yet.

Thanks for the help people.