Top Bank Accounts Discussion Area

The_Enforcer

I have given up on ISAs for the time being and now have a plethora of current accounts for the express purpose of maximising savings:

- First Direct 1st Account - main joint account wages come in and most bills go out - facilitates access to x2 6% Regular Savers

- Halifax Reward - pay in £750 each month and get £5 (x2 £1 Charity DDs mean actual monthly gain is £3)

- TSB Current Plus x2 - pay in £500 each month and get 4% interest after tax on x2 £2000

- Santander 123 - pay in £500 each month and get 2.4% interest after tax on £20k plus about 5 utility bills go out earning cashback more than offsetting the annual £24 fee

- Nationwide Flexdirect - pay in £1000 each month and get 4% interest on £2500 after tax (now fallen to 1% so only using when other accounts are full - keep paying in as sometimes this is a Nationwide prerequisite for obtaining a bonus account)

- NatWest - old redundant account I have had in one form or another since 1992 - have kept this because I read that a longstanding account helped credit rating

- M&S - in the process of applying for this so I can get access to their 6% Regular Saver


So my question is this: Mindful that HSBC do not require any direct debits or standing orders, would it matter if I were to use the HSBC switching process to switch either the Nationwide or Natwest current accounts over rather than my main First Direct account? The former is still receiving a monthly £1000 in/out and I put a few hundred in it briefly earlier this month, otherwise it has £1 balance. The latter has had minimal activity in recent years, with £1 balance, although I transferred in £20-odd earlier this year to pay off a rogue payment on a Natwest Credit card that I was intending to close.

If it's possible to switch one of these subsidiary/dormant accounts to HSBC then I would switch the other one to M&S to get their £100 gift voucher as they do not require any direct debits or standing orders either.

Cheers,
TE

Vortigern

The_Enforcer wrote: »

If it's possible to switch one of these subsidiary/dormant accounts to HSBC then I would switch the other one to M&S to get their £100 gift voucher as they do not require any direct debits or standing orders either.

It's certainly possible to switch any current account to M&S to get the gift card. It should also be possible to switch any account to HSBC to qualify for their bonus but some forum users have reported difficulties with certain HSBC staff allegedly insisting on transfer of a "main" account.

See the HSBC offer thread:
https://forums.moneysavingexpert.com/discussion/5273638

madmum8335

I have just tried to do a switch to Halifax. I was probably very naive in thinking it would be simple! At the start of the process it says there will be a form at the end to complete if you want it to be a joint account - THERE ISN'T!! We now have an account open in OH name and, having been passed to three or four different departments on the phone, have to pay a visit to the branch to open a joint account. Why does it not say that you can't open a joint account online? I wouldn't have wasted time & phone calls and just gone straight into branch. Rant over!!

Steve_xx

madmum8335 wrote: »

I have just tried to do a switch to Halifax. I was probably very naive in thinking it would be simple! At the start of the process it says there will be a form at the end to complete if you want it to be a joint account - THERE ISN'T!! We now have an account open in OH name and, having been passed to three or four different departments on the phone, have to pay a visit to the branch to open a joint account. Why does it not say that you can't open a joint account online? I wouldn't have wasted time & phone calls and just gone straight into branch. Rant over!!

I think with Halifax there is an online facility within your account to add another name to your account.

webwiz

I switched to M&S in April. No sign of the £100 voucher yet. How long did others have to wait? Did you have to prompt them?

G_M

webwiz wrote: »

I switched to M&S in April. No sign of the £100 voucher yet. How long did others have to wait? Did you have to prompt them?

http://bank.marksandspencer.com/pdf/CACass.pdf#Page=8

We’ll send you your £100 M&S gift
card within 1 calendar month of
completion of the switch.

DragonQ

webwiz wrote: »

I switched to M&S in April. No sign of the £100 voucher yet. How long did others have to wait? Did you have to prompt them?

Call them and ask them to send another and cancel the original one. They did that for me since they sent it to my old address (the switch happened shortly before I moved home).

Mikeeuropa

Sorry if this has been asked before but it's a long thread to get through!

I'm looking to get a second current account as I'm going to be self-employed and want to keep "work" transactions separate to personal transactions. Is there a guide or recommendations on deals for opening new accounts? I notice most of the cashback deals are for switching which wouldn't apply in this case.

Thanks for any help/advice offered.

Archi_Bald

You need a business account for your business transactions as it is against the T&Cs of personal accounts to use them for business.

polymaff

Mikeeuropa wrote: »

Sorry if this has been asked before but it's a long thread to get through!

I'm looking to get a second current account as I'm going to be self-employed and want to keep "work" transactions separate to personal transactions. Is there a guide or recommendations on deals for opening new accounts?

http://www.moneysavingexpert.com/banking/small-business