Top Bank Accounts Discussion Area

Steve_xx

Mjkpio wrote: »

Excellent, thanks.

I appreciate it may effect my credit score, but hopefully not too much, and not for too long!

Another £125 here I come

It wont "effect" your credit score, but it may affect it!

polymaff

Steve_xx wrote: »

It wont "effect" your credit score, but it may affect it!

Muddling "affect" and "effect" may well be his wont, but, yes, it probably won't significantly affect his credit score

Steve_xx

polymaff wrote: »

Muddling "affect" and "effect" may well be his wont, but, yes, it probably won't significantly affect his credit score

Indeed, any effect on his credit rating may be temporary!

Mjkpio

badger09 wrote: »

Steve_xx is correct, but have you got the Halifax Rewards account? £5 free money every month (check the T&C!).

If you haven't, can you upgrade to it? If you already have the Rewards account, why not open another account with Halifax, and use that one to switch to FD, or wherever?

Yes I do have that account and am eligible for the £5pcm... though that's £60 over 12 months compared to another £125 NOW!

Tempted to try switching to one of the other accounts before the FirstDirect one just to see how much I can accumulate(!), but probably won't risk it.

Steve_xx

Mjkpio wrote: »

Yes I do have that account and am eligible for the £5pcm... though that's £60 over 12 months compared to another £125 NOW!

Tempted to try switching to one of the other accounts before the FirstDirect one just to see how much I can accumulate(!), but probably won't risk it.

I wouldn't switch from the Halifax Reward account. You should open another basic current account with HBOS and switch that. Then you get to have £125 to switch elsewhere + £60 to stay with HBOS.

In addition, next tax year, ie 2017 onward it may be that the Halifax Reward will no longer suffer the tax burden that it does today and so the £5 a month may suddenly turn into £6.25, thereby netting £75 a year. Of course it's all, if if and if. The account might not exist by then!

quentinsnorklejacket

Has anyone else used the moneysaving expert link to M&S to get £125 for applying for NO FEE M&S Current Account and then been sent the paperwork for a Premium account charging £20 a month?
Not impressed!

officeguru

Hi, Sorry to butt into this thread, but I read somewhere in the banking section of MSE how if you opened up X number of current accounts and took money out of one account and into another and so on, you could maximise the interest on the Accounts... Well I have just came into some money to enable me to bounce money from one current account to another but I can't find the article that gave you a step by step guide in how to do it...

Can any one help ???

Thanks in advance

grumbler

What guide do you need for circling money between accounts?
FPs are instant, and you can do this by SOs with some precautions.

However, many (all?) interest-paying accounts have have some extra requirements, like DDs, for getting the interest.

Daps

officeguru, I believe the article you are referring to may be this one: http://www.moneysavingexpert.com/savings/savings-loophole

Archi_Bald

This article massively over-complicates the minimum deposits of accounts.

Plenty of people who have been doing this for years do all their funding on a single day. Some do it by SO, some by FP, some by a combination of the two. I know of nobody who takes 9 days over it.