Making the most of Switched accounts

knowlesv

Good afternoon folks,
I am a long time lurker of these forums and have finally dug out my login details to ask for some advice:


I made a couple of donor accounts a while back to take up the original Yorkshire bank and Nationwide switch incentives. During this time I switched a few accounts to make the bonus's but I never set up direct debits/ put in cash each month for rewards, as my savings were none existent.


I currently have my Main Barclays which I do have the rewards for (everything comes and goes from this account). I don't not wish to mess around with this account and don't need too. I also have the following two donor/ switched accounts (both held for well over a year now)


-M & S current account with £5 in.
-Halifax current account again with £5 in.


I have managed to save a whooping £800 in a Barclays easy saver - but interest is rubbish. I would like to set up some Tesco easy saver accounts so I can set up direct debits as I can now cycle my savings into Halifax to make £5 soon to be £3 (this is still much more than the Barclays easy saver monthly interest). My questions to you knowledgeable folk:


1. If I create a Tesco easy saver account should I use my Halifax account details to set a direct debit up? From my research it appears I could set up two DD's to this Tesco account to fulfil the criteria of Halifax rewards, as long as the DD's go out on different days.


2.Are there any other good switch incentives out there where I can cycle £750/ £800 a month? I may give first direct ago after Christmas when I have £1000 in savings.


3.could I also set up DD linked to my Tesco saver in my M&S account? Then I could switch this with 'active' DD's.


Any tips would be fantastic, I like to be careful with my money, but It's time I try and make it work more in my favour.


Thanks for your time,

TheShape

Get a Tesco Internet Saver and a Tesco Instant Saver. Set-up 1 DD from each to the Halifax Account and move £750 in and out of the account each month to get the £3.

Set up the DDs on the M&S account in the same way and get someone from the referrals thread to refer you to Nationwide for the FlexDirect account to switch your M&S to. You and they will get £100 each.

You'll earn 5% interest (Var) for 1 year on the FlexDirect. You can then move £1000 (the FlexDirect requires £1000 p/m funding) between the FlexDirect and Halifax to meet both funding requirements. You don't even need £1000 to do this as you could shuffle £500 twice to make up the £1000.

As your savings increase you can build the balance in the FlexDirect earning 5%.

knowlesv

Thanks for your reply 'The Shape'. May I just ask about the nationwide referral deal?


Nationwide was one of the original accounts I opened - which I then switched. I believe it has been well over 12 months since I have been a NW customer, Will I be eligible to be referred?


Since opening this thread I have opened the two Tesco accounts and set up DD's to Halifax, so should start earning the reward by the end of this month (why didn't I do that before!!!).




Thanks

TheShape

Having looked at the t&cs for the referral offer, it appears that so long as you haven't received the referral bonus before you will get one now.

Saver-upper

Hi knowlesv,
I have been watching this thread (as well as reading through older threads over the weekend),because I am looking at cycling money through accounts also.

Can I just ask,do you really set up a DD to yourself?
I was researching all weekend,and apart from on these threads,I have never heard of setting up a DD to yourself.I thought you had to be a company/large organisation to be paid by DD.

So you opened 2 tesco accounts,and DD to Halifax,all online?I am starting to work out a "circle" of accounts to run money through,but the whole thing is giving me a headache .I don't want to get it wrong!

Tragen

TheShape wrote: »

Get a Tesco Internet Saver and a Tesco Instant Saver. Set-up 1 DD from each to the Halifax Account and move £750 in and out of the account each month to get the £3.

Why do you suggest two different Tesco savers? I use a single internet saver to create multiple DD's for each current account. I have 4 with co-op and it works fine.

TheShape

Tragen wrote: »

Why do you suggest two different Tesco savers? I use a single internet saver to create multiple DD's for each current account. I have 4 with co-op and it works fine.

In that case it doesn't appear necessary but when I was first setting up my accounts some posters suggested using two different accounts to guarantee different DD reference numbers. As it took very little extra effort I set up two accounts. I also thought that if ever t&cs were changed to say x number of DDs from x number of accounts was required I'd already be covered.

darkidoe

Tragen wrote: »

Why do you suggest two different Tesco savers? I use a single internet saver to create multiple DD's for each current account. I have 4 with co-op and it works fine.

Some people don't know how to work out how to create multiple distinct DD to a single Tesco Saver Account.

Both methods work fine anyway.

knowlesv

I created the two tesco saving accounts in the end - once you have made one, a second only takes an additional 2 minutes. It's very useful that you can create other DD's for these accounts.

Thanks for all the help folks!