Utilising the switching benefits

hmmca

Just wanting some advice. Hoping to utilise the switching benefits of some of the current accounts out at the moment. Hoping to juggle a few different accounts at once. At the moment my DH and I only have the Santander 123 current account and credit card and I feel these give us the best ongoing rewards with cash back incentives and interest on balance. But I have a few work related direct debits, which do not qualify for any bonus, so thought I would use these in one of the "free money" current account switches.

So as we don't want to close our Santander account, I am assuming I will have to open a separate temporary current account, and set up the direct debits, then do the switch. Would anybody have any advice on which accounts are free, quick and easy to set up for this temporary account? And also is there any minimum time I would have to stay in the temporary account before switching to get benefits?

Thanks all in advance!! :j

YorkshireBoy

hmmca wrote: »

At the moment my DH and I only have the Santander 123 current account and credit card and I feel these give us the best ongoing rewards with cash back incentives and interest on balance.

Are you sure?

Even if you had the full £20K in there you'd only get £532 gross interest a year (after the fee).

If you were prepared to open a few current accounts each you could get (at least) £900 on the same cash elsewhere...that's a 70% increase.

But to your questions (which get asked many times a week on here)...

1. RBS or NatWest (or maybe even a Santander Everyday account), and

2. Others report switching immediately the account is fully up and running.

hmmca

Thanks for the advice! Think we will start opening those other accounts first, then maybe as we get braver we will move away from Santander! We have an offset mortgage at 3.05% interest so we tend to put most of our savings in there to reap the best rewards. So it may well be better spreading our money about a bit more!

Thanks again!