switching advice

denwyn

Have been with Smile Banking for about 16 years now, never had any problems with them till now, there new website is awful, and the mobile banking app hasn't worked all day. So reluctantly I have decided to ditch them. Recently retired so income is not massive, Its just two occupational pension payments and a state pension. but I live comfortably on it, without touching my savings. no mortgage as house owned outright. Income after tax is £980, before tax approx £1220. looking at what's available, its a toss up between M&S or Halifax, M&S looking the better to me, I like the 6% savings with it as well. I have a couple of savings accounts with Smile one with £11000 in and a small one with about £600 which I pay in a regular amount for Xmas.. What happens to these if I switch to M&S, do I have to close them first. I have an ISA but that's not with Smile and don't want to do anything with that. I have made up my mind to leave Smile, do you think M&S is best for me. My partner and I also have a joint account with Santander which we each both pay in £400 every month for household bills etc. Can we also move this and open a joint account as well with M&S, there are a few direct debits from this which we pay as well, gas, electric, phone etc. Any help or advice appreciated...Thanks

Katiehound

Well at the moment there is a nice little reward for switching to HSBC + the 6% regular saver- you'll need to read the t&cs but maybe you can switch x2 individual a/cs. Check the thread further down this page.

M&S looks as if it has a switching offer at present - I can't see an end date- possible £220- but that is in M&S vouchers. HSBC is cash
Maybe both? as you have both Smile & Santander

As far as your savings are concerned you need a rethink! current a/cs are the ones giving you more for your money.

TSB Classic Plus - £500pm funding and paperless billing but pays 5% on £2K. I think that is one each and a joint (again you need to check)
The £500 only needs to 'visit' - it can go cycling elsewhere!

Tesco current a/c paying 3% on £3k- no monthly pay in required and you can have 2

Nationwide (for the 1st year)- sorry don't know the figures

The TSB alone is about £8 interest per month so you could be earning some extra pocket money without a load of work- just set up SOs and off you go

Dobbibill

Katiehound wrote: »

Nationwide (for the 1st year)- sorry don't know the figures

Nationwide Flexdirect pays 5% on £2500 for the first year, 1% thereafter. Need to cycle £1k through but no DDs required.

ETA - Halifax is paying £100 switching bonus too. With their RCA if you pay 2 bills via DD and fund with £750 pcm, you'll get £5 reward per month.