May be another silly question regarding HSBC switching

Crag30

My M&S regular save matures today, and I'm planning to switch the M&S Current account to HSBC Advance to access their regular saver, and the £200 for switching .
I see in the terms and conditions I will need to have an account to switch with 2 direct debits, or 2 Standing Orders, but my query is does one Standing Order and a Direct Debit count?

YorkshireBoy

You've added an extra "2". It's "two direct debits or standing orders", so one of each will do. But if you're still worried why not set up another SO?

Crag30

Thanks for the clarification. TSB has given me a lot to think about today, especially after telling me last week my regular saver with them can be renewed at 5%, when my current Saver expires (today)

I try to minimize the number of SO's / DD's as possible in case I need another at some point in the future.
I've already cocked up today setting up a Tesco Internet Saver for a direct debit, when I could have just SO'd £250 from Tesco Current Account to the 'to be switched' M&S current account. If I then include the M&S Current Account into my minimum pay in cycle, that would be my two SO's.

I'll have to miss out on the First Direct switching bonus as I don't have another account I want to switch at till Nationwide matures in January.

YorkshireBoy

Crag30 wrote:

I'll have to miss out on the First Direct switching bonus as I don't have another account I want to switch at till Nationwide matures in January.

I switched 11 accounts to YB over a 3 month period at the start of last year. Do you think I had 11 accounts ready to switch? Sometimes you have to think outside the box!

Crag30

Thanks. I have the ideas for which to create a switch, but trying not to run before I can walk, (or !!!! up as it's commonly known as)
With the help of yourself and others on the forum, and without having it put on a plate, in 12 months I've gone from a current account earning no interest and an ISA gIving me 2.15% to TSB and M&S current accounts with regular savers, a Nationwide Flex Direct and regular Saver, a Club Lloyds, and 2 Tesco current accounts, oh and an S&S Isa
I had a plan to replace the M&S regular saver, but the drop in interest in on the TSB through a spanner in the works.
When I get them both replaced by better regular savers and so where to drip feed the Tesco current accounts, maybe I can then get my head around looking elsewhere at other options. But thanks for the help with gettin me this far.

badger09

Crag30 wrote: »

Thanks. I have the ideas for which to create a switch, but trying not to run before I can walk, (or !!!! up as it's commonly known as)
With the help of yourself and others on the forum, and without having it put on a plate, in 12 months I've gone from a current account earning no interest and an ISA gIving me 2.15% to TSB and M&S current accounts with regular savers, a Nationwide Flex Direct and regular Saver, a Club Lloyds, and 2 Tesco current accounts, oh and an S&S Isa
I had a plan to replace the M&S regular saver, but the drop in interest in on the TSB through a spanner in the works.
When I get them both replaced by better regular savers and so where to drip feed the Tesco current accounts, maybe I can then get my head around looking elsewhere at other options. But thanks for the help with gettin me this far.

You're doing really well, and wise to be sure you can walk without falling over, before trying to run;)

I haven't reread all your posts, but can you explain your comment about the M&S regular saver?

Crag30

badger09 wrote: »

You're doing really well, and wise to be sure you can walk without falling over, before trying to run;)

I haven't reread all your posts, but can you explain your comment about the M&S regular saver?

The plan was to switch M&S to HSBC or First Direct for their switching bonus' because I'll now need to switch an account to M&S and 2 DD's to set up another of their regular savers.

badger09

HSBC & FD are known for being 'choosy':cool:

As you already have the M&S account, I wouldn't be in a hurry to switch it.

Have you thought about opening another account with either Nationwide or TSB for the purpose of switching into M&S? The 2 DDs are very easy to sort out, as you already know. That way, you could open another M&S monthly saver @ 6%.

You could also apply for either the HSBC Advance or FD accounts, and if successful, use a spare Nationwide/TSB account to gain the switching bonus?