First Direct Current Account Switch Blagged Deal

Enobarbus3

I am also with Virgin One and my mortgage has been redeemed and title deeds returned. I need to move accounts, Virgin One are appalling and getting worse. I tried switching to First Direct where my wife banks.She loves them and the money is an additional incentive. I also found out that I cannot switch a joint account to a sole account. Virgin One say they have no relationship with RBS so cannot do anything. All they can do is close the account. I have many direct debits and standing orders on the One Account. So how can I switch accounts using the much vaunted switching system? The BACS current account switch site says that I can switch a joint account to a sole account with the agreement of both parties but the Banks are saying no. I am left with the solution of closing the account and manually moving all of my direct debits and orders . No wonder few switch. Any ideas?

eskbanker

Enobarbus3 wrote: »

Virgin One say they have no relationship with RBS so cannot do anything.

Not sure who you're speaking to but I'd say it was the other way round - the account is part of RBS and nothing to do with Virgin!

Enobarbus3 wrote: »

The BACS current account switch site says that I can switch a joint account to a sole account with the agreement of both parties but the Banks are saying no.

It doesn't actually say that, it says (at https://www.currentaccountswitch.co.uk/helpandsupport/Pages/help.aspx) that you can switch joint to joint if both agree but specifically not joint to sole:

I have a joint account. Can I switch my current account?
Yes, as long as both parties agree to the switch and you are switching to another joint account. It is not possible to use the service to switch a joint account to a sole account.

Enobarbus3 wrote: »

Any ideas?

According to post #11 (which is perhaps what you were replying to?) the One account isn't compatible with the switching service anyway, so it looks like a manual process is all you have left.

djpailo

Huggis wrote: »

I wouldn't bother..we switched to them 2 years ago and have since switched back to TSB. Every aspect of managing the account was really arduous!

You miss out on a 5% regular saver though. It would be better to keep the first direct account open, just use it for a regular saver, then use the TSB account as your main account. It is advised to always have two current accounts at a time, incase one is temporarily locked at short notice by the bank.

invisibility

I got turned down for their current account today due to no regular income. Quite frustrating because I can't find anything anywhere saying that you need one. I told them this and they just said "well it doesn't need to be in the T&C as we are a income based bank"...

binaryuniverse

Finally got an account on the third time of asking. Had to go through a phone application as the online system already had details from a previous application. But the lass was very helpful, clear and pleasant.
Have confirmed my switch bonus offer is still £125, and she said that'll be fine.

Will probably use this account as my main one now, whilst the others are purely for savings.

phantasticalkat

Is anyone aware if this requires a length of time to hold the account? If I were to get the account, pay in the £1000 and receive the £125 and then close the account not long after, would this void the £125?
I know many accounts need a period of time to hold the account open and use it.. I think this is true of the HSBC switch needing 12 months of their monthly requirements for example.. but nothing is mentioned regarding the First Direct switch. So is this an exception?

Thank you for all your help! :beer:

YorkshireBoy

phantasticalkat wrote: »

Is anyone aware if this requires a length of time to hold the account? If I were to get the account, pay in the £1000 and receive the £125 and then close the account not long after, would this void the £125?

FD's incentive T&Cs run to 3 paragraphs only. If you can't see such a clause there isn't one!

I know many accounts need a period of time to hold the account open and use it..

There is, in fact, only one switching incentive that stipulates a minimum time to stay 'without good reason', and that's Nationwide.

I think this is true of the HSBC switch needing 12 months of their monthly requirements for example..

That's only for the extra £50. You can leave with the initial £150 anytime you like after it's been paid.

but nothing is mentioned regarding the First Direct switch. So is this an exception?.

No, it's the norm...see above.

binaryuniverse

thebestdayever wrote: »

Is this going to affect credit scores?

It won't affect your credit history in a meaningful way, if that's what you're asking.

Your 'score' will mostly likely drop as a result of having a credit search, opening a new account and having a bit more credit available. But that doesn't matter to anyone in the slightest.

em_z

I'm thinking of doing this. I'm happy with my bank but the £125 would come in handy. Has the process gone smoothly for those who have switched so far?

Pound

If I switch a current account to FD which has a few quid in it, no direct debits, standing orders, etc. would that qualify?