Top Bank Accounts Discussion Area

aphty

Hi
Anyone have any experience whether it is essential to have a debit card issued to a current account that will be switched in return for a bonus. I notice that quite a few ask for debit card details as part of the switch conditions eg Clydesdale - but do they all?
Or maybe I just have to ring the current bank and ask them to issue a debit card first before I switch / or reissue if it turn out I used to have one but have lost it?
Cheers

badger09

aphty wrote: »

Hi
Anyone have any experience whether it is essential to have a debit card issued to a current account that will be switched in return for a bonus. I notice that quite a few ask for debit card details as part of the switch conditions eg Clydesdale - but do they all?
Or maybe I just have to ring the current bank and ask them to issue a debit card first before I switch / or reissue if it turn out I used to have one but have lost it?
Cheers

I can't say whether it is essential but my experience (of multiple switches) is that the receiving bank always asks for debit card details from the account to be switched.

I think someone reported successfully switching an account on which they had never had an active debit card.

When I wanted to switch an account on which I had originally declined a debit card (an old Lloyds Vantage account), I simply requested a card, and switched a couple of days after I had received and activated it;)

bonesbones

Hi all, is there anything to stop someone opening up a First Direct account, taking the £150 opening bonus, and then closing that to open a Santander 123?

Does it, for example, have a bad effect on credit ratingetc?

Thanks

Steve_xx

There wouldn't be anything stopping you from doing that. However, First Direct have a rather attractive 6% Regular Saver account that you might want to have.

Regarding your credit rating: if it's pretty good anyway then the move wont affect it for any length of time, if at all. But, if it's not too cracky and/or you need a mortgage anytime soon, then maybe you would consider more carefully. Especially if say First Direct happened to have an attractive mortgage rate.

Gareth_Alien

There are quite a few bank accounts which offer high rates of interest if you pay in a minimum amount each month, often with a cap on the balance that they'll pay interest on.
My question is this; if I have some spare cash, open each of these accounts and fill them to the point they earn the most interest, what's to stop me from transferring the required monthly payment into the new account, then out again the following day? Would this still count as the minimum pay in? At this point, couldn't I bounce the minimum from one account to the next via standing orders, ensuring that the accounts aren't going over the level of not accruing interest but still getting the money paid in?


I'm sure the banks would have spotted this little loophole but I've not been able to see anything that specifically prohibits this.


Please let me know if I'm posting in the wrong area - I'm new here.

colsten

Gareth_Alien wrote: »

what's to stop me from transferring the required monthly payment into the new account, then out again the following day?

Nothing. In fact, you can pay in and pay out within a couple of minutes. A lot of people here do this with sometimes dozens of accounts. It's not a loophole, it's just something people can do and it's perfectly legit.

polymaff

Gareth_Alien wrote: »

There are quite a few bank accounts which offer high rates of interest if you pay in a minimum amount each month, often with a cap on the balance that they'll pay interest on.
My question is this; if I have some spare cash, open each of these accounts and fill them to the point they earn the most interest, what's to stop me from transferring the required monthly payment into the new account, then out again the following day? Would this still count as the minimum pay in? At this point, couldn't I bounce the minimum from one account to the next via standing orders, ensuring that the accounts aren't going over the level of not accruing interest but still getting the money paid in?.

Basically, yes - by why wait until the following day? Many of us have a single day each month where money is manually transferred left, right and centre.

Tor982

Could really use some advice, heads spinning with all the different accounts!! I have a reasonable credit score, £10,000 in a savings account (0.9%) and earn roughly £1,700 per month. I currently have a nationwide cash account which I have had since I was 19 (roughly 13 years!!) any ideas where may be the best for me to go!! I don't trust myself to have the savings in my current account, I have zero will power! Tia

Steve_xx

Tor982 wrote: »

Could really use some advice, heads spinning with all the different accounts!! I have a reasonable credit score, £10,000 in a savings account (0.9%) and earn roughly £1,700 per month. I currently have a nationwide cash account which I have had since I was 19 (roughly 13 years!!) any ideas where may be the best for me to go!! I don't trust myself to have the savings in my current account, I have zero will power! Tia

Put in in a very low interest savings account or change the name of your current account to "savings account". In either case, and assuming that both types of account are yours and operated online, then the monies are yours to spend at will, surely?

sschandoo

Has anyone tried opening a First Direct account recently? I note Martin's comments about some browsers not being able to open up the £150 switching link application but i can't seem to get this to work on Safari or on Firefox. I don't have IE so can't try this.

If i call First Direct and apply for a sole account, will they give me the £150 switching bonus?