Current Account Switching

JWalker1995

Hi,

I have a Barclays current account which is my main current account (they have the best mobile banking) which my salary and all my direct debits are paid from. I have also just opened at TSB 5% account. I was wondering, if I open a second barclays current account and put £10 in there just for the sake of it, can i then open a First Direct account and do the account switching service on my second barclays account, close the barclays account, get £150 from first direct, and then 6 months later close the account and get £100 for closing, and never use the account in the mean time?

Surely they must just be making a £250 loss here?

James

YorkshireBoy

Yes you can get the £150 fairly easily (by complying with the offer T&Cs). But if you don't use the FD account you won't get the £100 leaving present. Have you read the T&Cs, especially the £100 conditions?

JWalker1995

I believe 'using' the FD is paying in £1000 per month, could I just pay in/out again on the same day?

YorkshireBoy

JWalker1995 wrote: »

I believe 'using' the FD is paying in £1000 per month, could I just pay in/out again on the same day?

That's more or less all I did when I bagged the leaving present a few years ago. Their 6% regular saver doesn't interest you then?

JWalker1995

Unfortuanltly not at this moment in time, I'm only earning around £1200 per month so I'm just saving with the TSB 5% current account as I don't have to make the payment