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Further Advice for a Newbie
FunLovinCriminal
Posts: 490 Forumite
Hi all
Just some further advice required.
I was going to close my Nationwide account down, as the 5% finishes next month.
I was thinking about opening a First Direct account, to earn £125 cashback, but like my "real" current account - it earns £5 interest every month, and is local to me.
Can I use the nationwide as my current account, and therefore the switching service, even though the account just holds £2500, and no direct debits leave from it?
FLC
Just some further advice required.
I was going to close my Nationwide account down, as the 5% finishes next month.
I was thinking about opening a First Direct account, to earn £125 cashback, but like my "real" current account - it earns £5 interest every month, and is local to me.
Can I use the nationwide as my current account, and therefore the switching service, even though the account just holds £2500, and no direct debits leave from it?
FLC
Mortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 50
Mortgage: Current - £97k
Mission: MF by 50
0
Comments
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The account is a current account, and £2500 is quite a bit of money, so yes, you can use the CASS on it. Do FD require you to switch Direct Debits to them? If so set some up on the FlexDirect before you initiate the switch.FunLovinCriminal wrote: »Can I use the nationwide as my current account, and therefore the switching service, even though the account just holds £2500, and no direct debits leave from it?Eco Miser
Saving money for well over half a century0 -
Thanks EcoMiser - I will move a few Dd's (ones not with 123 account) and see how I get on.
Every pound is a prisoner!Mortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 500 -
The First Direct does not need direct debits on to get the switching bonus.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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