Time to ditch the 123

forgotmyname

Lowered our bills recently and the 123 account cost us 25p this month.

No longer viable so where to? The problem is its a joint account. I already have the Halifax account paying me £5 a month, so switching to that is not an option unless i remove my name from the account first i think.

Can we switch to the Nationwide or TSB accounts which are currently paying 5%. Although you may all want to swap when we do because the rates sure to plummet.

Any offer a reward to switch with a joint account?

Spent the past few hours reading the savings and the rates seem to be dropping as i read them...

TSB = lower monthly pay in and 5% cashback on grocery if using contactless. although our shopping is likely to be over the allowed limit.

Thanks.

PS.. This is a current account to pay bills and the shopping money. But hoping to save some into it also.

MissTasmanian

Go with their lite account it's £1 a month but same cashback

xylophone

Go with their lite account it's £1 a month but same cashback

But no interest.

There is a reward for switching to First Direct and it is possible to switch a joint account.

You would then both be eligible to open the monthly saver - up to £600 a month between you at 6%.

http://www1.firstdirect.com/1/2/banking/switching-bank-accounts

You would each open an additional savings account as well (bonus saver they call it now) to obviate the necessity of paying in £1000 a month to avoid the fee.

Or you could switch to Nationwide Flexdirect and each open a Flexsaver but remember to do it this way (post 6)

https://forums.moneysavingexpert.com/discussion/comment/70074087#Comment_70074087

if you are not also each opening a sole Flexdirect.

forgotmyname

Lets see if i get this right..

So i need to open a FD joint current account, and one regular saver and one bonus saver?

I can stick £10 into the bonus saver and that saves me £10 per month? or do i need to save into it each month? only pays 0.75% with the bonus? Not much point filling that up when i can add it to the regular saver right?

We can save upto £600 into the regular saver and earn 6% for upto 12 months?

Thanks

schiff

forgotmyname wrote: »

Lets see if i get this right..

So i need to open a FD joint current account, and one regular saver and one bonus saver?

I can stick £10 into the bonus saver and that saves me £10 per month? or do i need to save into it each month? only pays 0.75% with the bonus? Not much point filling that up when i can add it to the regular saver right?

We can save up to £600 into the regular saver and earn 6% for up to 12 months?

Thanks

You don't need to add to the Bonus Saver once it's opened, but you do need somewhere to 'park' the funds you will drip into the Regular Saver.

forgotmyname

I was unsure about the bonus saver because xylophone put you could each open a bonus saver. But will just opening one be OK?

forgotmyname

Just found this thread.. https://forums.moneysavingexpert.com/discussion/5521261

A better option? oops nope. £1750 a month paid in. we wont be doing that to this account.

xylophone

It is possible to have a joint bonus saver.

Having the bonus saver obviates the need to pay in £1000 a month to have the account fee waived.

You do not need to make regular payments into the bonus saver.

They also offer a basic savings account which would do just as well for the purpose.

However, if you each open a regular saver, then having individual "other" saving accounts makes sense because the maturing regular savers are automatically switched in on maturity date.

http://www1.firstdirect.com/1/2/savings/regular-savings-account

http://www1.firstdirect.com/1/2/savings/compare-savings-accounts

You should read all terms and conditions for yourself before opening any account.

With regard to a £1750 pay in to HSBC ( or any required pay in to a current account), the money can be in and out again by FP on the same day - within a few minutes indeed).

firefox1956

I think you are wrong here.
You can have only one Regular Saver Account with First Direct NOT two.
So you will only be able to put in a maximum of £300.00 per month.
Even if it is a joint account you can only have one Regular Saver Account.
Of course I may be wrong.............
HTH

schiff

firefox1956 wrote: »

I think you are wrong here.
You can have only one Regular Saver Account with First Direct NOT two.
So you will only be able to put in a maximum of £300.00 per month.
Even if it is a joint account you can only have one Regular Saver Account.
Of course I may be wrong.............
HTH

But one each? No?

xylophone

I think you are wrong here.
You can have only one Regular Saver Account with First Direct NOT two.
So you will only be able to put in a maximum of £300.00 per month.
Even if it is a joint account you can only have one Regular Saver Account.
Of course I may be wrong.............
HTH

Each of the joint account holders can have a regular saver.