Current Accounts options and idea (Advice needed)

Nijjion

Would like some advice and critique on an idea I have with switching accounts. Currently I have a Barclays Graduate account that I want to move away from and an old Nationwide account that I forgot about (haven't used in 8+ years but has like £80 in it). Looking on advice that is best for my situation as well. Have £1500 savings at the moment with £1100 month salary (So most banks criteria for bonuses on deposits).

I was thinking if I switch my old nationwide account to First Direct and get the joining fee of £150 (Doesn't look like it needs direct debits just deposit) and then switch my Barclays graduate account to Halifax (with 2 direct debits) meaning I'd get the £100 from joining + £5 a month.

Money from salary first goes into the Halifax account to meet the deposit requirements then I transfer into the FD account to meet those requirements (then possibly into a 6% FD savers as no interest with the current account). Starting also a HTB ISA as well so decided £200 in that each month then £300 in FD savers (12 month).

Forgot to mention only have 1 direct debit and 2 are required for Halifax so probably open up a Tesco Online Savers as well to create a direct debit (or maybe donate £1 to a charity).

Does this sound ok/or any better options that I'm missing?

TSB might have be good but I missed the switching fee which ended in Jan.
Santander I don't have enough savings to make use of the interest or bills for the cashback.
Nationwide my old unused account might stop be getting the switching bonus.
M&S Bank seems good but only being able to spend the 220 at M&S is a bit of a drawback.

Thanks in advance!

System

Convert the old Nationwide account to a FlexDirect and switch Barclays to Halifax?
Better to keep one old account imo.

Nijjion

Heng_Leng wrote: »

Convert the old Nationwide account to a FlexDirect and switch Barclays to Halifax?
Better to keep one old account imo.

Not sure if I would get the switching bonus though if I did that.

Does he FlexDirect have 5% interest under £2.5k? or is that the savings account you would have to open for that? See that their Saver is 5% compared to the 6% with FD.

Kim_13

The FlexDirect pays 5% fixed for a year on up to 2.5k. You don't have to take their saver, although it takes more than FD (£500 p/m.) Though upgrading to the FlexDirect would mean you have one less account to switch.

Nijjion

That might be an idea, if I get the 2.5k the interest should be equal to better than joining bonus of Halifax.