Preparing to switch

Archer0710

After many years of being financially incompetent, I'm finally in the position to start using my finances to my advantage.

I have three current accounts, my main Nationwide one which both lots of wages go in to plus all dd's Come out of and I'd like to retain this account for the future mortgage prospects.

I have a lloyds current account with about £500 in and a Barclays one with about £150 in separate to our savings, this is probably too much info but just setting the scene,

If I want to take advantage of the rewards for switching I'm happy to use my Barclays account as a sacrificial account but just wanted to check:
Do the DD's have to be monthly or yearly DD's?

Also how long do they need to be set up for before I can switch my account?

If there is a pay in clause of £1000 can I just cycle money from one of my savings accounts?

Sorry for probably asking the most inane questions of the day but i want to get it right so as to not damage my credit worthiness.

YorkshireBoy

Archer0710 wrote: »

Do the DD's have to be monthly or yearly DD's?

Some switching offers don't even require DDs. For all current switching offers, the DDs, if required, don't even need to pay out at all...merely be set up.

Also how long do they need to be set up for before I can switch my account?

I always let them pay out once, but others have switched before they've even paid out. Generally, so long as there's a DDI showing on your old bank account online area you're good to go.

If there is a pay in clause of £1000 can I just cycle money from one of my savings accounts?

Yes.

Archer0710

Fab thank you. I was planning on leaving my sim only mobile payment and yearly caravan club dd going out the account to make future switches work too.

The other question I meant to ask was after switching is there a minimum amount of time accounts need to be kept open for?

If I took advantage of the First direct offer for example, could I literally pay in £1500 tomorrow for example and then move it on Monday back to savings?

YorkshireBoy

Archer0710 wrote: »

The other question I meant to ask was after switching is there a minimum amount of time accounts need to be kept open for?

I assume you mean after the incentive has been paid? I wish I'd a pound for every time that question gets asked on here! The answer is no...unless the T&Cs state otherwise, eg Nationwide RAF.

If I took advantage of the First direct offer for example, could I literally pay in £1500 tomorrow for example and then move it on Monday back to savings?

Tomorrow is Monday, in terms of UK banking (for most banks). But yes, you could even move it back immediately.

Since you mention FD, that's one of those that do NOT require DDs switching.

Archer0710

Thank you,

Sorry for the obvious questions, I'm very OCD about terms and conditions so like to be 201% sure especially as is almost seems to good to be true.

I'd spotted that about FD so think that may be my first move as I can easily cycle £1000 through that account.

Thank you for clarifying sorry my job means I use literal references a lot so illustrated my point incorrectly but yes that's fab I can literally move money on a day by day process.

First Direct application being made in the morning,

Thanks for your help.

badger09

OP, I realise your aim is to bag some switching incentives, but if you are considering a mortgage in the not too distant future, I assume you're saving your deposit.

At the moment, you have a Nationwide account and a Lloyds account. Are they the ones which generate 5% and 4% interest respectively, and give you access to 5% & 4% Regular Savers? If not, have you looked at those accounts?:cool:

Also, the First Direct account gives you access to a 6% Regular Saver, so you might want to keep it;)

Super_Whiskey

Don't forget openning up Halifax's HTB ISA!