Halifax vs M &S Bank

datlex

I am thinking of opening an addition account via the switch service (after moving a couple of DDs manually to a different account). I am considering Halifax or M &S Bank. Any thoughts on these two accounts. I already have Barclays Blue Rewards and Coop rewards, I had a First Direct account 5 years ago but had some financial difficulties then due to redundancy and they closed the account for me. I am now in a much better financial position and have no debts, so want to start getting my money to work for me. Partly through interest on savings and partly through rewards for spending/ banking.

YorkshireBoy

Halifax don't need DDs for the incentive itself. Payment is also quicker.

Which would earn you most over 2 years? As far as I can see that's your only criterion.

But why not have both?

datlex

YorkshireBoy wrote: »

Halifax don't need DDs for the incentive itself. Payment is also quicker.

Which would earn you most over 2 years? As far as I can see that's your only criterion.

But why not have both?

won't have enough dd for both would need 10 to cover all my accounts if I opened both. (2 Barclays, 4 COOP, 2 Halifax, 2 M&S) I currently don't have that many at present.

colsten

DDs are easy enough to get. It just needs a bit of reading round this forum to figure it out.

M&S have a great 5% Monthly Saver which you will be entitled to if you switch to them within 3 months of opening their current account and if you have 2 DDs. Switching to M&S is a bit slower than with most other banks, and the full switch bonus can only be realised over a period of 2 years from completion of the switch, so you need to have considerable patience. Logging into your M&S account also still requires that archaic keypad-thingy and they are the only UK bank I know of who haven't got a usable app. None of this would stop me from going after the switch incentive if I was eligible.

Switching to Halifax is a very slick process and they pay very quickly. They also still pay an additional £3/mth if you fulfill the terms for that offer. Certainly worth going for.

Bottom line: do both.

Jo_Blogs

datlex wrote: »

won't have enough dd for both would need 10 to cover all my accounts if I opened both. (2 Barclays, 4 COOP, 2 Halifax, 2 M&S) I currently don't have that many at present.

Open a Tesco Internet Saver and an Instant Access Savings Account (online) with £1 each and then up a monthly DD from each. That way you keep the money from the 2 DD's and you can have both the Halifax and M&S account

datlex

Jo_Blogs wrote: »

Open a Tesco Internet Saver and an Instant Access Savings Account (online) with £1 each and then up a monthly DD from each. That way you keep the money from the 2 DD's and you can have both the Halifax and M&S account

How is that a DD rather than a SO?

MarkFromCornwall

datlex wrote: »

How is that a DD rather than a SO?

There are some banks that give customers the facility to 'pull' money in to a savings account via a direct debit. Tesco is one: another is Birmingham Midshires. It's not very common these days and becoming less common, but still very useful.

notanewuser

I have an m+s account. Their phone operatives are better than any I've ever spoken to before - and my main account is with First Direct, so that's really saying something!

No_6

should you switch the FD then ????
to someone paying ?
Nationwide ???