Transferring Current account advice needed.

dgfz

I'm currently looking to transfer my current account from TSB to a First Direct current account which offers better rates for my overdraft (which I'm aiming to get rid of). I've looked into several options and transferring my account is the best option.

My query is that I've got 4 accounts with TSB (Current x 2 - one for everyday use with the overdraft, one doesnt get used anymore as it was for a rental property I let out), an ISA and a savings account. Can I transfer just one account to First Direct or would I have to transfer all of them?

newatc

Yes just transfer the "overdraft" bank account. I am assuming the rates on your savings accounts are not conditional on the bank account you are transferring.

YorkshireBoy

Short answer: One account...the one you ask them to switch.

Long answer: It's called the Current Account Switch Service, ie singular. It's not called the Current Accounts Switch Service (thereby switching all of them), or the Banking Relationship Switching Service, or the Savings Account Switching Service.


But...First Direct must have a pretty good overdraft rate if it beats the 0% (for a year) that the Nationwide FlexDirect account offers. And the Nationwide also, like FD, pays a £100 incentive to switch.

dgfz

The savings accounts are from years ago and are pretty much empty so I'm not to worried about that. Thanks for you reply

binaryuniverse

How large an overdraft we talking? First Direct's is £250 at 0%.

Also FD are extremely picky about who they have as a customer.
I've tried applying twice, in the last few years. Rejected twice. I've opened some 9 or 10 accounts elsewhere in that time, also.

As mentioned, Nationwide may be an easier account to get, and my give you a better overdraft size, at 0% for 1 year (a timescale that gives you added incentive to have it paid off). Plus if you know anybody who already banks with Nationwide, have them recommend you and you both get £100.