Top Bank Accounts Discussion Area

Raimonds

Can someone clarify this to me, please!

If I send/transfer money from my TSB account to my wife's TSB account, will it still qualify as external pay in or not?

TSB says, they might remove the Plus feature from their Classic Plus Account, if You don't pay in the minimum. Would they also remove the Contactless payment cashback as well as balance interest?

Will try to find time and speak to them, but all answers much appreciated!

badger09

Raimonds wrote: »

Can someone clarify this to me, please!

If I send/transfer money from my TSB account to my wife's TSB account, will it still qualify as external pay in or not?

Yes. Nothing in the T&C to prevent internal payments. In fact, internal between accounts in your own name would also meet the requirement.

Raimonds wrote: »

TSB says, they might remove the Plus feature from their Classic Plus Account, if You don't pay in the minimum. Would they also remove the Contactless payment cashback as well as balance interest?

Yes, because the contactless cashback is one of the features of 'Plus'. So, if they remove the 'Plus' features, you lose both the interest and the cashback.

Mikeeuropa

Archi_Bald wrote: »

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

Thanks, but as Martin says "If you are a sole trader (not a limited company), then you may be able to use your normal bank account for your business, with all the better terms that involves (though check your terms & conditions - some banks won't allow this)."

Most "best bank account" write-ups seem to cover the deals available when switching which is what led to this question.

colsten

As the quoted text says - check the terms and conditions. As anything anyone else says is irrelevant.

badger09

colsten wrote: »

As the quoted text says - check the terms and conditions. As anything anyone else says is irrelevant.

Indeed.

And, (present company excepted:D), what some people say is more irrelevant than others

eacesar

I'm sorry if this has been asked and replied before. I couldn't find the answer using the search and the thread is just too long to read through.

Does anyone know which banks offering a switching incentive which the whole switching process could be done entirely online?
I'm asking this for a friend who doesn't speak a very good English. She would like to switch banks taking advantage of these offers but will certainly struggle on the phone.

I know M&S and Co-Op both require a very long phone call. Nationwide is totally online as I have used it recently but that's the bank she will be switching from.

Thank you

P.S. Does Halifax allow people to have more than one of their Rewards Current Account? Will they pay the monthly £5 bonus on both?

ernie-money

eacesar wrote: »

I'm sorry if this has been asked and replied before. I couldn't find the answer using the search and the thread is just too long to read through.

Does anyone know which banks offering a switching incentive which the whole switching process could be done entirely online?
I'm asking this for a friend who doesn't speak a very good English. She would like to switch banks taking advantage of these offers but will certainly struggle on the phone.

I know M&S and Co-Op both require a very long phone call. Nationwide is totally online as I have used it recently but that's the bank she will be switching from.

Thank you

P.S. Does Halifax allow people to have more than one of their Rewards Current Account? Will they pay the monthly £5 bonus on both?

Nationwide can be done completely online.

Raimonds

Hi all switchers!

The MSE page for Best Bank Accounts regarding First Direct 1st Account Need-to-knows states:

This account has a £10 monthly fee, but this is waived each month you either pay in £1,000, have an average monthly balance of £1,000 or hold selected other accounts with First Direct.

Going through the link to get £150 switching bonus, I read at the bottom of page in something like summary box regarding Charges:

Is there a charge for banking with first direct?
Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product. Take a look at our Account Terms and Conditions for more details of other additional products.

So, what is the reality, if someone can confirm (who has already switched to First Direct), what happens after first six months. Does the charge start to apply regardless the £1000 pay in and or using their other qualifying products?

Anyhow, I am going to apply to this account in time being, just wanted to know of other's experience on here.

Thanks in advance!

Steve_xx

Raimonds wrote: »

So, what is the reality, if someone can confirm (who has already switched to First Direct), what happens after first six months. Does the charge start to apply regardless the £1000 pay in and or using their other qualifying products?

The charge does not apply after six months if you pay in £1k per month.

Klopek

eacesar wrote: »

P.S. Does Halifax allow people to have more than one of their Rewards Current Account? Will they pay the monthly £5 bonus on both?

I completed a Halifax switch completely online. My account was already open with them - if that affects anything.

You can have one sole Reward account and one joint account. Both will pay the reward if you meet the terms.