Worth switching from Santander 123 to First Direct?

nicjane113

I've been with Santander since around 2008 and upgraded to the 123 account 2 years ago when I took out a mortgage with Santander.
I earn approx. £6 per month on direct debit cash back which will go down to £3 when the new fee kicks in.
Is it worth switching? Been looking at the First Direct deal that's going around with the £150 cash back but not sure what to do!
Is it better to just downgrade my santander account to their everyday account seeing as my mortgage is with them or just move? Is there an advantage to staying with the same bank long term?
I don't have any savings but always stay in credit.
I don't have the best credit rating though and saw a post that First Direct are fussy with who they accept?
Any advice would be much appreciated

NotRichAtAll

I earn approx. £6 per month on direct debit cash back which will go down to £3 when the new fee kicks in.

new fee is £5 you will only have a quid left out of your 6

YorkshireBoy

NotRichAtAll wrote: »

new fee is £5 you will only have a quid left out of your 6

OP has £6 after the current £2 fee, so will have £3 after the new £5 fee...is how I read it.

nicjane113

The fee is going up from £2 to £5, an increase of £3 so I will still have £3 a month remaining.
Didn't really answer my question with your post.

grumbler

nicjane113 wrote: »

Is there an advantage to staying with the same bank long term?

Not really, but it's always worth having more than one account with different banks and keep one longstanding account in your credit history.

I don't have any savings but always stay in credit.
I don't have the best credit rating though and saw a post that First Direct are fussy with who they accept?

They can be fussy with ID verification and, without savings, are worth switching to for bonus only. If accepted, you can later switch to something better, e.g. Halifax paying you monthly fiver.

YorkshireBoy

I'd stay with Santander. £3 a month is the interest you'd earn after BR tax if you had £1,500 in a 3% AER savings account.

But I'd open another Everyday account with them and then tart it round all the providers offering switching incentives for around £500-600. And if there were two of you I'd double up to £1,000-1,200...but that's just me!

nicjane113

YorkshireBoy wrote: »

I'd stay with Santander. £3 a month is the interest you'd earn after BR tax if you had £1,500 in a 3% AER savings account.

But I'd open another Everyday account with them and then tart it round all the providers offering switching incentives for around £500-600. And if there were two of you I'd double up to £1,000-1,200...but that's just me!

I actually already have a separate everyday account which I am using for my friends hen do to stop all of the money being collected getting mixed up with my own. It will be empty by the end of Jan so I could switch that one then!? Never thought of that!

Archi_Bald

You could.

Or you could try opening another Everyday account right now and get your first switch underway as soon as you have the details of that account. Then switch the other one later. I think they allow several Everyday accounts.

NotRichAtAll

nicjane113 wrote: »

The fee is going up from £2 to £5, an increase of £3 so I will still have £3 a month remaining.
Didn't really answer my question with your post.

thats because i am not a financial advisor, however as others have said i would open an everyday account and switch that round all the others 1st

ispookie666

I did think hard about the bank accounts - I have Santander 123 and natwest platinum (something). Was thinking of switching to halifax from both - but on doing the math - I realised i'd still be £30 better off without any saving with Santander. I also moved a few of my DD which were earning 1-2% to Natwest - so that they earn cashback at 3%.
All in all I will be spending £23/mon on bank charges but will be cost neutral.
PS: I did need the benefits of Natwest packaged account and the Overdraft of Santander at times

NotRichAtAll

bigadaj wrote: »

The perfect storm, wrong, unhelpful and trying to take credit for others suggestions.

Not many financial advisors would be dealing with current accounts.

really why are so many people on these forums perfect at picking fault?
in my opinion anyone who reply's to a person's question where money ,savings, and banks is the topic then they are in effect offering financial advice or am i wrong? as for taking credit for others suggestion's am not really sure i follow that, i am not claiming any credit for anything i am merely echoing what other's have suggested.
I am also struggling to see where your reply in this thread was "HELPFUL" it clearly shows that you have deliberatly posted a reply to provoke me into responding which in turn will mess up the op's post
please feel free to correct any spelling and grammar i am afraid i don't fit into your perfect world.
Have a nice day