Switching Current Accounts

Homeboy_1

Hi, I am looking to switch my donor current account to either First Direct or Marks and Spencer bank to get the introductory bonus, and access to their 5% savings account. I can't see anywhere where it says that you need any direct debits to get the First Direct bonus when switching, but that you need two direct debits for the Marks and Spencer bank, which I have already got set up on my donor account. Meeting the monthly pay in amount is no problem. Would I be better off transferring my donor account to the M&S bank as that needs the two direct debits and then trying to open another donor account to try and switch it to First Direct once it has been set up, I would obviously keep these two accounts for 12 months to make sure I got the 5% savings. Hope this makes sense. Thanks for any help

eskbanker

Getting two switching bonuses and two lots of 5% regular savings is clearly better than one, yes! And if you're going to do both then starting with the one that needs DDs makes sense if your existing donor account already has these, so do the M&S switch and in parallel open another donor account and initiate the switch to FD.

Homeboy_1

Thank you so much eskbanker for your very quick reply. I thought that this might be the best way to go, but just wanted advice from more knowledgeable and clever people on this forum. Going to apply to M&S now. Thank you once again

datlex

Homeboy_1 wrote: »

Thank you so much eskbanker for your very quick reply. I thought that this might be the best way to go, but just wanted advice from more knowledgeable and clever people on this forum. Going to apply to M&S now. Thank you once again

Just remember it is a M&S gift card you are getting. Some after the switch has gone through fully then £5 a month is added for the duration of the offer. Of course with Christmas coming up could be handy for Christmas presents :-)

Mchambers

Use Tesco Instant access saver account and Tesco Saver accounts to create d/debits made payable to yourself. Then switch your accounts. Done this loads of times for MS, Halifax, HSBC, etc.

HTHs.