Switching multiple accounts to First Direct

GrantBton

Hi.
Both my partner and I have individual current accounts and a joint account (which we use for all bills) with NatWest and we want to switch all 3 to FirstDirect. So we are paid into the individual accounts, transfer money to the joint and pay direct debits out of that. Transfers between NatWest accounts is instant any time day or night.
I'm thinking given the "new customers only" rule at FD, we need to each switch our individual accounts first, get the £125 each, and THEN do the Joint (making sure the NW Joint has sufficient funds to cover a fair amount of the Direct Debits in the meantime - especially as transferring from FD to NW between the switches will probably take 3 days)?

grumbler

GrantBton wrote: »

...especially as transferring from FD to NW between the switches will probably take 3 days)?

For Faster Payments the deadline is end of the next business day, but most are instant and some can take few hours (depends on the receiving bank; I don't think that FD is among the 'slow' ones).

colsten

I can't see what would stop you from transferring the joint account as soon as the switch of the sole accounts has been completed. If you have doubts, you should discuss them with First Direct as only they will be able to confirm matters to you.

On a slightly different matter - did you consider what would happen if there was a problem that prevented access to all three of your FD accounts? Do you have accounts elsewhere for emergencies? It is generally not considered a good idea to have all your accounts with the same bank.

grumbler

colsten wrote: »

I can't see what would stop you from transferring the joint account as soon as the switch of the sole accounts has been completed. ....

Or even as soon as the sole accounts have been opened.

colsten

grumbler wrote: »

Or even as soon as the sole accounts have been opened.

....and the new joint account has been opened....I would agree - just thought as the OP is already concerned about the manual transfer between accounts, they might be overwhelmed if all three accounts move on the same day.

GrantBton

Thanks for all the replies

JuicyJesus

To chime in: I switched my sole account from FD to Halifax, got £100, then my partner switched hers to Halifax, got £100, then when both switches were complete switched the joint account. Job done.

starM

JuicyJesus wrote: »

To chime in: I switched my sole account from FD to Halifax, got £100, then my partner switched hers to Halifax, got £100, then when both switches were complete switched the joint account. Job done.

Me and my other half already have a Halifax account in sole names and already received switching incentive.

If we open another Halifax acc in joint names and switch into this account we be eligible for another switching incentive?

YorkshireBoy

starM wrote: »

Me and my other half already have a Halifax account in sole names and already received switching incentive.

If we open another Halifax acc in joint names and switch into this account we be eligible for another switching incentive?

Isn't your question answered in the incentive T&Cs?...

5. Only one offer is available per customer. Joint accounts will only be eligible for one payment. If any joint account customer has already benefited from the offer in their sole name, no payment will be made for that joint account.

At least that's the official stance. How about trying it and reporting back?