Top Bank Accounts Discussion Area

Daliah

empyrean said:

Silly question time.... me and my wife currently have separate accounts and are looking to get a joint account as now we have a baby it will just make stuff easier. Can only 1 of us use the whole automatic switching process to a new account and the other person would need to manually switch all their direct debits etc to the new account?

You can use CASS to switch as many sole accounts as you wish into a joint account, as long as the sole account holder is one of the joint account holders. You may, however, only get the switch bonus once per joint account - you will have to check the respective switch offer for the exact terms. You can, obviously, also switch without a switch offer.

However, it is generally considered a good idea to have more than one current account, with different financial institutions, in case there is any problem with the account you use most. You wouldn't want to be stranded without money, would you, especially with a baby? So you might want to keep your existing sole accounts and just open a new joint account into which you transfer money from your sole accounts as needed. You can still go after the switch offers - just set up donor accounts for this. Search the forum for 'donor account' if you need to know more.

soulsaver

Note the LB Group usually require a branch visit (jointly) to open a joint account.

[Deleted User]

It appears that the main forum no longer shows eligibility times for a new account switch bonus. That's a shame, it was handy to keep track quickly on whether you can apply and get the bonus or not.

Daliah

Deleted_User said:

It appears that the main forum no longer shows eligibility times for a new account switch bonus. That's a shame, it was handy to keep track quickly on whether you can apply and get the bonus or not.

What do you mean by 'eligibility times'?

[Deleted User]

It used to give you the last date you could have claimed a former switch bonus. Now you have to delve into each one.

ns2018

Hello folks, two quick questions... The Nationwide Offer, MSE says it's open to anyone but clause 4 on the Ts and Cs says "this offer is only valid in the first sole current account you switch to us... Even if we withdraw this offer and relaunch it in future". 

Does this mean if you've previously received a switching bonus from Nationwide you're not eligible? It doesn't state it directly here but certainly implies it. I have switched a current account to them many years ago, so technically this isn't the first account I've switched to them but I don't know if the Ts and Cs were different back then. Usually MSE articles would state explicitly if you can't get the offer if you've received a previous bonus, but the article says it's open to anyone so I'm a little confused. 

Second question - it's a little unscrupulous but once the bonus has been paid is there anything to stop you simply switching the account elsewhere if you no longer need it? There's nothing I can see in the Ts and Cs about needing the keep the account open a certain amount of time and as I'm a previous customer I can't access any of the other ongoing benefits like the interest. 

Thanks in advance! 

Consumerist

As you say, it certainly seems possible that your previous switch might exclude you from receiving the incentive on this one.

Since you are, apparently, only after the bonus there's no serious harm done by trying it out then to continue with your subsequent switching plans whether or not you receive the bonus.

ns2018

That's a very good point actually! Especially as the bonus is paid within 10 days. Might as well just give it a go. Thanks!! 

russellfogg

Hi...

We moved to the UK in September 2021, myself and my wife have individual as well as a joint Starling account.

I have a UK (born) passport and she is on a Spousal VISA - we are from South Africa. 

Our number one priority is building a solid credit history / score and we are following all the guidance. We don't have a 'bad / poor' credit history just starting from scratch, for me this is even more pressing because I am 49 and don't have time on my side. 

The one thing I cannot get firm clarity on is being single banked @ Starling from a current account perspective would it be a disadvantage when it comes to applying for larger credit purchases like a mortgage, car finance or a lease?

Some people say 'you must had a big bank / traditional' current account to ensure you get approved / best rate but I cannot find any evidence of this after all the reading I have done. 

Things that worry me is on the Experian & Equifax apps I cannot link my Starling account, I can on Credit Karma (TransUnion).

We love Starling but if it is going to be a disadvantage @ some point would rather switch now. 

Thanks

PRAISETHESUN

russellfogg said:

Hi...

We moved to the UK in September 2021, myself and my wife have individual as well as a joint Starling account.

I have a UK (born) passport and she is on a Spousal VISA - we are from South Africa. 

Our number one priority is building a solid credit history / score and we are following all the guidance. We don't have a 'bad / poor' credit history just starting from scratch, for me this is even more pressing because I am 49 and don't have time on my side. 

The one thing I cannot get firm clarity on is being single banked @ Starling from a current account perspective would it be a disadvantage when it comes to applying for larger credit purchases like a mortgage, car finance or a lease?

Some people say 'you must had a big bank / traditional' current account to ensure you get approved / best rate but I cannot find any evidence of this after all the reading I have done. 

Things that worry me is on the Experian & Equifax apps I cannot link my Starling account, I can on Credit Karma (TransUnion).

We love Starling but if it is going to be a disadvantage @ some point would rather switch now. 

Thanks

Ignore your score/rating and focus instead on building good credit history (ie. a history of staying within your limits and making repayments on time - this is what lenders see, not the numerical score).

There's no requirement to use a "big name" bank but if the one you use doesn't report to the credit reference agencies (CRAs) then it won't help build your credit history. I'd probably look at getting a current account/credit card with a high street lender solely for the fact that they are more likely to report to all 3 CRAs.