Current Accounts

AndyT678

soapy17 wrote: »

Good evening,

I've been making a complicated plan for how I could set up lots of new current accounts to take advantage of offers for new customers.

Most of the replies so far have focussed on where pays the most interest for credit balances but my reading of the OP is that switching bonuses are the goal rather than stashing a large wodge of cash.

If that's the case;

1. open Tesco Internet Saver and Instant Access Saver.
2. open a bunch of donor current accounts. I've used Nat West and Lloyds for these in the past but anybody that you're not switching to will do.
3. set up DDs from your Tesco accounts.
4. Use current account switches to score cash from whoever is currently offering it. If you want a referral code for £100 at Nationwide just PM me.
5. Don't worry too much about your credit history. As long as you're not applying for overdrafts and impact will be gone pretty quickly.

soapy17

Wow thanks for all the replies,

I'm not planning on setting up overdrafts on any of them, that does answer something I was wondering about which was why does everyone keep referring to current accounts as credit.

I'm initially interested in the switching bonuses but with the intention of having decent amounts to put in the accounts with good rates probably 6-12 months down the line depending on what life throws at me.

How does the Tesco DD work? I was looking at using GoCardless which lets you set up a minimum DD of £1 with a 1% fee per transaction. I need to message them to check that's allowed since it's probably not worth there time though.

Eco_Miser

soapy17 wrote: »

I'm not planning on setting up overdrafts on any of them, that does answer something I was wondering about which was why does everyone keep referring to current accounts as credit.

Even without an arranged overdraft it's possible to borrow money with a current account - in certain circumstances, even when the account isn't supposed to allow an overdraft at all.

soapy17 wrote: »

How does the Tesco DD work? I was looking at using GoCardless which lets you set up a minimum DD of £1 with a 1% fee per transaction. I need to message them to check that's allowed since it's probably not worth there time though.

Tesco allow you to draw money from an apparently unlimited number of your own current accounts into their savings accounts through the direct debit mechanism.

soapy17

Do you get charged for setting up a DD?

greenglide

Tesco don't charge for this:-)

Ashen

soapy17 wrote: »

How does the Tesco DD work? I was looking at using GoCardless which lets you set up a minimum DD of £1 with a 1% fee per transaction. I need to message them to check that's allowed since it's probably not worth there time though.

To save you time - it's not allowed.