Top Bank Accounts Discussion Area

murphydavid

manumuswell wrote: »

Great, thanks for your answer.
So best to open a basic santander account set up 2 DD and then switch.

Kind of lost track of what you are trying to achieve. Are you trying to switch out of First Direct (ie close your first direct account) so you can get a switching fee by switching back into it or something else? I suspect First Direct will have a time that you need to wait before you can switch back with a freebe. Doe's Santander pay a switching fee? If you want to go from bank to bank to get switching fees wouldn't you be better to start by switching from FD to TSB?

Steve_xx

murphydavid wrote: »

Kind of lost track of what you are trying to achieve. Are you trying to switch out of First Direct (ie close your first direct account) so you can get a switching fee by switching back into it or something else? I suspect First Direct will have a time that you need to wait before you can switch back with a freebe. Doe's Santander pay a switching fee? If you want to go from bank to bank to get switching fees wouldn't you be better to start by switching from FD to TSB?

Santander doesn't pay a switching fee, so it's probably a good one to switch from if you don't plan on keeping between about 9 and 20k in their 123 account. If you have one of their basic accounts, then that would be an ideal candidate for a switch out.

You wouldn't especially want to switch from First direct to anywhere because you'd lose your 6% Regular Saver, if you had one.

Similarly, you might not want to switch out of TSB because thy pay 5% on a balance upto 2k and they have A regular Saver that pays 5%. In addition you can earn upto a fiver a month from TSB by using your Debit Card on a contactless basis.

manumuswell

Hi Murphydavid,
No I want to keep my firstdirect to keep the 6% regular saving.
I just opened a basic account with santander that I will switch to other banks regularly (every 2 or 3 months I think).

aimeeeliza

I want to switch bank accounts but I'm having some trouble. I am currently with Norwich & Peterborough and they DONT have the 7 day switching service. I now don't know how to switch banks, and how to do this 'the old fashioned way'. I also know I don't get any switching benefits which is very annoying. Presumably, I open a new current account with another bank, contact ALL my bills, pay etc to tell them to now pay into the new bank, and then close the one with N&P? Any advise would be great.

grumbler

advice

Yes, you open a new account elsewhere and then change your DD details with all companies you pay bills to by DDs and change your card details with all companies you pay by CPA (if any). Also you change your account details with the companies/people paying you, typically your employer only.

There is no need to rush with closing the old account and it's worth keeping a small amount in it. Firstly, because it's recommended to have more than one current account. Secondly, in case you forgot to inform some company about the changes.

TheGame21

Just a quick query on the TSB account, do you have to pay £500 in one go or can you make 2 or 3 different payments which equate to £500?

Thanks

Steve_xx

TheGame21 wrote: »

Just a quick query on the TSB account, do you have to pay £500 in one go or can you make 2 or 3 different payments which equate to £500?

Thanks

Make as many payments as you want to.

franno1990

Just switched to the Santander 123 account and it was so easy! Wondering what to do with my money once I hit the 20k mark.

What's the best thing to do with the rest of my savings? I'm not sure the help to buy ISAs will give the best rate of interest in the long run.

LXdaddy

aimeeeliza wrote: »

I want to switch bank accounts but I'm having some trouble. I am currently with Norwich & Peterborough and they DONT have the 7 day switching service. I now don't know how to switch banks, and how to do this 'the old fashioned way'. I also know I don't get any switching benefits which is very annoying. Presumably, I open a new current account with another bank, contact ALL my bills, pay etc to tell them to now pay into the new bank, and then close the one with N&P? Any advise would be great.

Hmmmm - isn't the key question does the NEW bank have the current account switching service or do BOTH the OLD and the NEW need to participate for it to work?

TheGame21

Steve_xx wrote: »

Make as many payments as you want to.

Thanks, wasn't sure if the £500 needed to be paid in one go.