Switching bonus ?

I___I

Hello guys, I basically need a 2nd account and thought I may as well try to get something out of it . I've concluded that switching bonuses seems better for me as I don't want the hassle that comes with the higher interest accounts when my income is small with little savings anyway.

Looking at First Direct at the moment and I have a few questions. It seems to stand out as better than the rest in lots of areas. firstdirect(dot)com/1/2/banking/switching-bank-accounts


1 - Do any competitors have a better switching cash bonus (not vouchers) ? (I couldn't find any)

2 - Do I have to set up any direct debits to qualify ?

3 - Do I have to close my existing account to qualify (this puts me off banks such as Halifax as I need my original account)

4 - 'pay in at least £1,000 within three months of your acc' Soooo, if I pay in 1,000 when I open the acc, I qualify right away ? No need to do this every month ?

5 - Are they any other banks that seems to fit my requests ?


To be honest bank stuff smashes me, I see so many terms and conditions and ** at the end of each sentence I'll no doubt end up signing away a kidney, which is why I ask !


Cheers :beer:

EarthBoy

I___I wrote: »

3 - Do I have to close my existing account to qualify (this puts me off banks such as Halifax as I need my original account)

All banks, not just First Direct, require you to use CASS, the current account switching service, in order to gain the joining bonus. This involves closing the account you're switching.

If you want to keep your original account, you'll need to open another one and switch this new one instead of your original one.

I___I

Cheers mate, I think I'm just gonna get a bog standard account with whoever has the best customer service now. Cheers.

grumbler

I___I wrote: »

1 - Do any competitors have a better switching cash bonus (not vouchers) ? (I couldn't find any)

Your link is to £125 bonus, but £150 is available ATM:
Best Bank Accounts


Also you can easily get £150+ with Nationwide.

2 - Do I have to set up any direct debits to qualify ?

Read the T&C?

3 - Do I have to close my existing account to qualify (this puts me off banks such as Halifax as I need my original account)

It will be closed automatically if you use the switching service required for the bonus.

5 - Are they any other banks that seems to fit my requests ?

What requests? The only one I see is "not vouchers", and the only bank offering vouchers is M&S.