Accounts for switching

baz8790

I have just set up direct debits from 2 of my old bank of Scotland basic accounts (2DD per account) with the first payment date being the 28th

I am planning to open a first direct and clysdale current account to get the £150 switching bonus.

Do I wait until the 28th after the new direct debits have been taken before I open the new current accounts? Or should I just open them as soon as I can see the direct debits in my old accounts?

JWalker1995

I'm also in the same situation and an awaiting the DD's to start on the 25th. Currently I'm playing the better safe than sorry card and waiting for the DD's to have one cycle, but would be great if I could just skip over and get the switch started

YorkshireBoy

The First Direct switching incentive doesn't need any DDs (or anything else for that matter!).

As to your question, I always let mine pay at least once before initiating a switch.

Re opening the other accounts, you can open them now can't you? Then initiate the switches once you're happy with the DDs. Obviously ensure you meet any deadline stipulated by FD and CB.

baz8790

So I can open the first direct and switch an unused account without any direct debits or payments and still get the £150 bonus once I pay in £1000?

The first direct account is the one I want to open first as I want to use the 6% regular saver,

Didn't think I could switch from an account without any payments in or out to switch, so really I would just use the switching service to close my old account?

YorkshireBoy

FD have some of the clearest switching T&Cs...

Open a 1st Account then switch your banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of your account opening and we'll add £150 to your account.

This offer is limited to one payment per customer or joint relationship. Incentives are paid within 28 days of all criteria being met.

We can only offer this to people who haven't previously held any account with first direct.

We reserve the right to refuse any application for a product or service. All credit is subject to status. We reserve the right to extend or withdraw this offer at any time.

...and that's it!

Para 1 - One sentence saying what you have to do, and if you do it what they'll do.

Para 2 - Clearly outlines that whether you apply for a sole of joint account there's only one incentive paid. They then tell you when they'll pay it.

Para 3 - The ONLY exclusion.

Para 4 - Miscellaneous stuff!

baz8790

Thanks

I have applied for the first direct account but did not get the option of switching accounts, so I assume something will be in the welcome pack?

Looking at the clysdale account I can get the bonus when opening a basic account so might go down that route to save another credit search on my file but I will wait until the new direct debits have been paid before I do.

JWalker1995

baz8790 wrote: »

I have applied for the first direct account but did not get the option of switching accounts, so I assume something will be in the welcome pack?

Did you apply online? If so there should have been an option to switch to your old account, if not I'd give them a ring and say you want to switch, there was nothing in my welcome pack. Switching is currently taking around 16 days from requesting to finishing due to large number of requests

baz8790

JWalker1995 wrote: »

Did you apply online? If so there should have been an option to switch to your old account, if not I'd give them a ring and say you want to switch, there was nothing in my welcome pack. Switching is currently taking around 16 days from requesting to finishing due to large number of requests

I applied online and there wasn't the option,

I will call them and see if they can do anything.

Kernel_Sanders

YorkshireBoy wrote: »

Para 4 - Miscellaneous stuff!

Including the fact that they can refuse the application for any reason, the prime one surely being that the account proposed for switching aint the applicant's main banking account!

badger09

Kernel_Sanders wrote: »

Including the fact that they can refuse the application for any reason, the prime one surely being that the account proposed for switching aint the applicant's main banking account!

Any bank can refuse your application, if you don't fit their customer profile.

Please define 'main banking account' :cool:

Please explain how First Direct, or any other bank, would know anything about the account you wish to switch to them, until the switch takes place?