Top Bank Accounts Discussion Area

zolablue25

Robbieh wrote: »

My wife and I have TSB accounts, the first 5% ones we opened! So easy and straightforward, don't understand your problem!

Ditto. I would definitely touch these acounts with a bargepole. Very lucrative if you complete the application correctly.

GolfFoxtrot

Runninggirl17 wrote: »

I have applied to First Direct for a joint bank account, but it hasn't been a pleasant experience. First, the online application had me going round in circles, with each link leading back to the first. I received four emails, none of which made sense. When I rang the first time, I was told my browser might be at fault. On the third phone call, I was told that I couldn't apply online because I am an existing customer. My hubby and I had ISAs with First Direct which we closed over 10 years ago. We then had to spend 90 mins on the phone going through a ridiculously long process, with the agent insisting on individual financial answers even though all our finances are joint. We had to make up answers just to get through the process. At the end, we were told that we had to jump through more hoops. Now we have to get certified copies of our passports and a credit card/utility bill and send them in. We have recently moved house and don't know anyone in this area so we are likely to have to pay someone. They could make it easier by allowing us to take our passports and bills to a HSBC bank, but no. Not impressed.

Even if you have to pay £50, you're still making £100 by switching.

Robbieh wrote: »

Just got an FD acc. And the switch incentive without any drama here.

We applied to move our mortgage to FD a few weeks back, first step is opening bank accounts and we both had to supply certified doc copies.

jenniewb

Can anyone help answer a question I have on the £150 for the First Direct switching account?


I went through the MSE site but when I clicked through, the page said £125.


I went through anyway, thinking that xxxx MSE users can't be wrong and I'd get the £150 without any issues.
However, I wanted to call First Direct so went through the link to get the number, but today it reads £150.


I'm confused!


Has anyone else had this issue? Has anyone been paid £125 instead of the £150 and did you get them to rectify it? I definitely went through the MSE link!

grumbler

jenniewb wrote: »

Can anyone help answer a question I have on the £150 for the First Direct switching account?


I went through the MSE site but when I clicked through, the page said £125.


I went through anyway, thinking that xxxx MSE users can't be wrong and I'd get the £150 without any issues.
However, I wanted to call First Direct so went through the link to get the number, but today it reads £150.


I'm confused!


Has anyone else had this issue? Has anyone been paid £125 instead of the £150 and did you get them to rectify it? I definitely went through the MSE link!

If you applied through £125 page, you shouldn't have done this.

An earlier post from this thread:

sschandoo wrote: »

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?

System

I went to spend my £100 voucher for switching my bank to M&S and was delighted to find the voucher is for £150!

Very pleased!

Switch was pretty easy too, although did take longer than 7 days, but not a problem at all. Would really recommend it.

jenniewb

grumbler wrote: »

If you applied through £125 page, you shouldn't have done this.

An earlier post from this thread:

I don't understand- I went through the MSE link and it said £125! I called First Direct who couldn't tell me either way but said if I went through the MSE link then not to worry about what the page says.


Looks like I've got an argument on my hands....well if it doesn't work out I guess I've got sound reason (in my mind at least) to move and take the £100 didn't-work-out-for-me payment!

1884

Hi

I have tried searching the forum for the answer to my question but there are so many posts I have been unable to find...

I have a main bank account and a couple of others that I have set up as 'saving' current account. One of these is a Halifax account where as long as I have some standing orders to and from my main bank account plus 2 direct debits I get £5/month. At the time of set up it made sense for me to do that but I am now thinking to switch it to one of the other interest paying bank account to maximise returns.

Rather than switch straight to another interest paying account I am thinking I could make a quick £150 by switching to the first direct, get the switch service bonus then switch to the interest paying account. I have read the T&Cs on the moneysavingexpert page and it seems to be that as long as I pay in £1000 within the first three months then I will get the bonus. I have two main questions: firstly, would they be able to identify that I am not switching my main bank account to them but rather a 'savings' current account? I would be switching the direct debits and would close the account fully but would they only pay the switching bonus if there was a salary? Secondly, if I did do it how quickly could I expect to get the bonus after fulfilling the criteria and would there be anything meaning if I switched again they would take away the bonus they have given me?

Thanks very much

1884

grumbler

1884 wrote: »

I have a main bank account and a couple of others that I have set up as 'saving' current account. One of these is a Halifax account where as long as I have some standing orders to and from my main bank account plus 2 direct debits I get £5/month. At the time of set up it made sense for me to do that but I am now thinking to switch it to one of the other interest paying bank account to maximise returns.

IMO, it's a good account worth keeping. If you switch it for a higher interest don't forget to subtract the lost £60 from the extra annual interest you get.
Nothing stops you from opening a new account and then switching it if you want a switching bonus.

Rather than switch straight to another interest paying account I am thinking I could make a quick £150 by switching to the first direct, get the switch service bonus then switch to the interest paying account.

I you want higher interest on savings, FD is worth keeping too because of the 6% regular savings account. This is the highest interest on savings you can get.

I have read the T&Cs on the moneysavingexpert page and it seems to be that as long as I pay in £1000 within the first three months then I will get the bonus. I have two main questions: firstly, would they be able to identify that I am not switching my main bank account to them but rather a 'savings' current account?

No

I would be switching the direct debits and would close the account fully but would they only pay the switching bonus if there was a salary?

No

Secondly, if I did do it how quickly could I expect to get the bonus after fulfilling the criteria

As per the T&C: "Incentives are paid within 28 days of criteria being met"

and would there be anything meaning if I switched again they would take away the bonus they have given me?

No

1884

Thanks very much for your reply grumbler.

grumbler wrote: »

IMO, it's a good account worth keeping. If you switch it for a higher interest don't forget to subtract the lost £60 from the extra annual interest you get.

I have actually got a lump sum to invest so was thinking of moving from Halifax where I get £5/month to Santander where I will get approx £20. Whilst I could just open the Santander so I continue to get the £5 halifax bonus, I was thinking it would be more profitable (+less confusing in terms of accounts) to just switch to it. That was when I thought I could switch again along the way to get a £100+ switch bonus.

grumbler wrote: »

If you want higher interest on savings, FD is worth keeping too because of the 6% regular savings account. This is the highest interest on savings you can get.

The only money I will have available to do regular savings I have started to put into a buy to let ISA and therefore would not utilise the 6% first direct regular saver. The mse article seems to think that the buy to let ISA should be first port of call for regular savings I think.

YorkshireBoy

1884 wrote: »

I have actually got a lump sum to invest so was thinking of moving from Halifax where I get £5/month to Santander where I will get approx £20. Whilst I could just open the Santander so I continue to get the £5 halifax bonus, I was thinking it would be more profitable (+less confusing in terms of accounts) to just switch to it. That was when I thought I could switch again along the way to get a £100+ switch bonus.

If your employer offered you a 25% pay rise would you turn it down just as quickly?...because that's in effect what you'll do by switching your Halifax Reward account!

Suggestion...open another current account somewhere and switch that instead. FD don't require DDs, so just set up a couple of £10 SOs on the new account (to your existing accounts) and stick £50 in it. Job done!

Whilst you're waiting for FD to pay out, sort out a couple of DDs for the account and then switch somewhere else...and again...and again.

Open Santander as a separate exercise.