Top Bank Accounts Discussion Area

fdl8

Hi all,

I'm currently with LTSB and have two current accounts with them. I was thinking of switching to First Direct for the £100 bonus (and the buffer of the £250 interest-free o/d). I'm a bit anxious about doing this as I've only ever been with Lloyds and don't know if I'm missing any pros or cons of making the switch.

First Direct also say they will give an additional £100 if you leave them in the first 12 months so I guess if I didn't like it with them I could always go back to LTSB with another £100.

Does anyone have any advice? Thanks!

alanobrien

DreamerV wrote: »

I opened the First Account today and am waiting for security details/welcome back to open the regular saver. My income monthly is £1000 (not taxable, this is from various non-taxable sources), and I understand from what they have told me on the phone that I will not be able to get the £100 bonus. Even if I 'recycle' £500 of the incomings. They said it actually had to be salary. Can anyone confirm that?


Also, if you use their switching service, does it close the old account? As I have money going into the old account and I'm guessing the switching account only switches over direct debits going out. Also, I don't want the old account closed completely - even if it remains with a nominal £1 balance that would be ok.

It doesn't have to be salary as long as 1500 is paid in. I simply transfer the amount from my nationwide account to the first direct account. They also transferred the D Debits seamlessly and i received the 125 incentive (now 100) very quickly.

They do not close the old account unless you tell them to in the form they send you. i chose to leave my old flexaccount open in case i wanted to switch back for any reason. So far no need FD have been great.

DreamerV

alanobrien wrote: »

It doesn't have to be salary as long as 1500 is paid in. I simply transfer the amount from my nationwide account to the first direct account. They also transferred the D Debits seamlessly and i received the 125 incentive (now 100) very quickly.

They do not close the old account unless you tell them to in the form they send you. i chose to leave my old flexaccount open in case i wanted to switch back for any reason. So far no need FD have been great.

Thanks Alanobrien, I'll do the same from my Nationwide Account. And I'll open another FD account over summer (now have FirstAccount and RegSaver) to prevent a monthly fee on FirstAccount. Sorted

Oh, Alanobrien, does your online banking show your regular saver? Mine shows £300 left my First current account and shows, I presume, the account details of where it went....but the actual regular saver is not showing on my online banking. I hope this just takes time, as opposed to not being able to see it online ever.

flergalwit

Just checking: if you switch away from the Halifax Reward account e.g. to Nationwide Flexclusive but keep the former open, does the £5 reward still operate if you continue to pay in the £1000 every month? I can't see anything in the terms and conditions that says no, but I want to be sure.

For new customers to the Nationwide Flexclusive account (which I'd like to join to be eligible for their ISA) it seems like you need to switch to them including all direct debits. Does it matter if you don't have any direct debits? If you do switch the DDs but subsequently cancel them do you lose eligibility? Again I don't see anything in the documentation that suggests so but who knows.

MFray

flergalwit wrote: »

Just checking: if you switch away from the Halifax Reward account e.g. to Nationwide Flexclusive but keep the former open, does the £5 reward still operate if you continue to pay in the £1000 every month? I can't see anything in the terms and conditions that says no, but I want to be sure.

A good tip if you have a spare £1000 each month.

If you open a new account and pay your salary into the new account instead of the Halifax you can set up a standing order for £1000 to go from your new account to the Halifax the day after payday. Then set up another standing order for the £1000 from the Halifax back to your new account about 3 days later. You will still receive the £5 reward from the Halifax. I recommend moving the £5 out as well just so you can earn interest on it.

This also works if you already have another account and want to open an Halifax Reward Account. I've left £1 in my Halifax Reward Account just so the balance is above zero.

hueknight1969

Have a FD account setup for the incentive, I have to admit it was purely for the £100 incentive. Did have DDs switched over even though it wasnt necessary. Has anyone been successful in moving account away and bagging the extra £100?

I to would like to know if anyone was successsful in the above.....

Jabrul

hueknight1969 wrote: »

Have a FD account setup for the incentive, I have to admit it was purely for the £100 incentive. Did have DDs switched over even though it wasnt necessary. Has anyone been successful in moving account away and bagging the extra £100?

I to would like to know if anyone was successsful in the above.....

I am wondering this also. I noticed the Halifax switching scheme which also gives the £100 but wondering if anyone managed to bag that extra £100 from FD.

myth123

Very tempted to open the Halifax Rewards Current account for the start up bonus and £5 per month. I already have 2 other accounts which require minimum deposits per month in, just wondering, does it matter if the deposit and subsequent withdrawal of the £1000 happens in the same day? Or would it be better to leave a day or two between?

LongTermLurker

myth123 wrote: »

Very tempted to open the Halifax Rewards Current account for the ... £5 per day.

Is that a new offer? That has to be a great offer, I must admit

myth123

LongTermLurker wrote: »

Is that a new offer? That has to be a great offer, I must admit

Haha, sorry, per month! Got a bit carried away :rotfl: