Switch: To FirstDirect or Halifax?

lyle1993

I'm looking to switch to either FirstDirect or Halifax from Natwest. My questions are:

a) I'm leaning toward FirstDirect, they are very well recommended on this site but are they good for any other products too apart from current accounts and savings?

b) I'm looking at getting a mortgage in the next year-2 years. Would having an account with either of these two help in obtaining a mortgage? And which of the two is best for mortgages?

c) How many current accounts is too many to have in credit scoring point of view? I currently have 4 as it is, 3 of them are unused though?

Thanks

YorkshireBoy

a) They're not 'good' for current accounts in my opinion. But my requirements may differ from yours. I believe they only have one 'good' savings account.


b) A few years ago I'd have said yes. These days I'd say not really. As to which is 'best' (presumably in terms of cost?), then why not pop along to their respective websites and compare deals?


c) I currently have 24 current accounts, although I've previously had as many as 40 or so for short periods. No negative effect on my credit rating (as perceived by lenders, not credit reference agencies) as far as I can tell.

Jlawson118

A) To me, First Direct's customer service is outstanding. Their overdraft is a good facility to have as the first £250 overdrawn is interest free! They did have good interest rates on their savings accounts, but these have significantly dropped over the past few months, probably due to Brexit.

I'm not sure about Halifax, or First Direct in that respect. But I was reading First Direct's Facebook reviews about a year ago, or just less than, and a lot of people were complaining about the mortgage side of things, and how FD messed up.

C) I'd recommend closing the three accounts if you don't use them, but this isn't a necessity

No_6

Nationwide would be my choice, especially with
a £100 from a refer a friend, for a switch.
2 DD's required and £1k a month deposit for 5% on £2.5k
nice online account,
if you ignore the card reader

aparky85

If you're interested in the switching bonus aspect, Halifax are usually very quick to pay up. I got mine within a week of switching. First Direct I had to wait a month for.

ceredigion

No_6 wrote: »

Nationwide would be my choice, especially with
a £100 from a refer a friend, for a switch.
[STRIKE]2 DD's required and[/STRIKE] £1k a month deposit for 5% on £2.5k
nice online account,
if you ignore the card reader

:money:
...............................

aparky85

No_6 wrote: »

Nationwide would be my choice, especially with
a £100 from a refer a friend, for a switch.
2 DD's required and £1k a month deposit for 5% on £2.5k
nice online account,
if you ignore the card reader

I remember reading that Nationwide are working on introducing a new system that doesn't need the card reader, which would be very welcome. I just wish I could change my login username to something more memorable. Have been trying to memorise it for months, but still have to refer back to my welcome letter each time i log on.

System

Why are you only looking at First Direct or Halifax?
What is the issue with NatWest & other accounts you have?

I wouldn't personally move to a bank just for a mortgage, nor is it needed, just look for the best deals.

Keep, at least two current accounts, but more won't hurt.

Dobbibill

No_6 wrote: »

Nationwide would be my choice, especially with
a £100 from a refer a friend, for a switch.
*2 DD's required and £1k a month deposit for 5% on £2.5k
nice online account,
if you ignore the card reader

and this gives you access to their Flexclusive Regular Saver which will allow up to £500 a month also paying 5%

*DDs required for switch via 'recommend a friend' but not for interest on the current account.

notafan

first direct are over rated from my experience. They also have a terrible app and online banking compared with anywhere else i've ever banked - except co-op.

easymoney999

I have actually applied to switch to First direct, Heard nothing in the the last 10/14 days not even an email, how long do they take?