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Halifax vs M &S Bank

Options
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.
Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    datlex Posts: 2,252 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    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
    Jo_Blogs Posts: 753 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    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 ;):p
    Saved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44:starmod: for the 'Save 12k in 2017' #157
    2017 Womble #35 £3463.27 ;)Sept NSDs 4/15:staradminCCCChl 9/12 months:D
    Sept PPChl#002 Pts 71
  • datlex
    datlex Posts: 2,252 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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 ;):p
    How is that a DD rather than a SO?
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • 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
    notanewuser Posts: 8,499 Forumite
    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!
    Trying to be a man is a waste of a woman
  • No_6
    No_6 Posts: 835 Forumite
    Part of the Furniture Combo Breaker
    should you switch the FD then ????
    to someone paying ?
    Nationwide ???
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