Top Bank Accounts Discussion Area

Roseanne1

Thanks for the posts grumbler and steve, they do help.

Steve, this is what I read yesterday on Nationwide:

Your FlexAccount Travel cover will stop:

• When your FlexAccount is closed
• If you change to a different Nationwide current account (FlexDirect or FlexPlus)
• If we notify you that you no longer meet the eligibility criteria
• On your 75th birthday, after that you will need to purchase an age upgrade policy annually to continue using your cover.
• If an account holder is removed from the account - cover will cease with immediate effect for that person only

I interpret the bit in bold to mean that, if you try to open a FlexDirect or FlexPlus, your cover stops therefore you can't have both. I'm surprised they refused you outright though, I thought they would just upgrade you.


One other question. As I mentioned I have already got some of these accounts I want to switch to, my worry is, when I switch away I'll lose the account. For example, I have First Direct's First account so I can access the 6% regular saver. If I switched from them to get a different bonus, would I be able to quickly open another account and keep earning the interest on the regular saver. The only other way I can see is opening a joint account (I am not sure if you can have two First accounts in a solo name, I haven't checked all FD's terms in detail yet) and using that to keep me linked to the regular saver.


Thanks again guys. :T

grumbler

Roseanne1 wrote: »

....I have First Direct's First account so I can access the 6% regular saver. If I switched from them to get a different bonus, would I be able to quickly open another account and keep earning the interest on the regular saver.

Firstly, you can't have a Regular Saver without a current account.
Secondly, I simply wouldn't do this regardless.

Switch the account(s) you don't need or open new 'donor' account(s) for switching.

Roseanne1

grumbler wrote: »

Firstly, you can't have a Regular Saver without a current account.
Secondly, I simply wouldn't do this regardless.

Switch the account(s) you don't need or open new 'donor' account(s) for switching.

Yeah, I knew about needing the current account to get the regular saver, that was why I opened that FD account originally. I note, if I want to get the switching bonus, I'd need to switch to them within three months of opening the account, which I still qualify to do. I'm just concerned that, when I jump to the next account while I still need the FD account, I would end up closing the current account so, as you say, lose the benefit of the regular saver. My thinking was that if I can either open another solo FD account before the switch over or a joint one and link this to my regular saver.

anoncol

Roseanne1 wrote: »

Yeah, I knew about needing the current account to get the regular saver, that was why I opened that FD account originally. I note, if I want to get the switching bonus, I'd need to switch to them within three months of opening the account, which I still qualify to do. I'm just concerned that, when I jump to the next account while I still need the FD account, I would end up closing the current account so, as you say, lose the benefit of the regular saver. My thinking was that if I can either open another solo FD account before the switch over or a joint one and link this to my regular saver.

Dont mess with your FD accounts you already have.

Open a "donor" account and use that to switch to where you want to get a switching bonus.

Roseanne1

anoncol wrote: »

Dont mess with your FD accounts you already have.

Open a "donor" account and use that to switch to where you want to get a switching bonus.

So you mean initiate the switch to my existing FD account, open a new FD account (could this be a solo account? - I can't see anything in the T&Cs saying it can't), switch from that thus leaving my existing account still open.

Thanks for your advice, it is appreciated.

anoncol

Roseanne1 wrote: »

So you mean initiate the switch to my existing FD account, open a new FD account (could this be a solo account? - I can't see anything in the T&Cs saying it can't), switch from that thus leaving my existing account still open.

Thanks for your advice, it is appreciated.

I mean open another account which you can switch from. It could be any account but it's easier if you already have an account some where to open one because you've already passed the id checks.

Roseanne1

anoncol wrote: »

I mean open another account which you can switch from. It could be any account but it's easier if you already have an account some where to open one because you've already passed the id checks.

Ah right so, in theory, I could switch to FD, get the bonus, open another account (could be anywhere) then nominate that as my account and sort code and switch from there. I am liking that idea. :rotfl: Last thing I want to do is make any mistakes that lose me interest so thanks once again all for the advice. :T

bofh5

Hi all
So i decided to switch to the Halifax after being with Santander for 20 years.

Went to the their website and clicked the switching link and filled in the details.

It told me i had successfully completed the first stage and gave me a temporary account number but i had to take ID to a branch !
I found this a bit archaic as most places use secure upload sites...

Arrived at the branch and gave them my ID assuming they would complete the switch.
The assistant seemed very confused and eventually said they would send my ID to head office and they would be in touch.

I asked why she didn't want my current bank details and that i was switching.
She just said i had to call the telephone banking service when after i received confirmation my account was opened.

I'm really confused now.

Has anyone else been through the switching process using the halifax website ?
Do they open you a new account first then ask for your previous bank details?

I have a horrible feeling all i've done is open a new account and will lose the chance of receiving the switching bonus.

Thx

J

grumbler

bofh5 wrote: »

So i decided to switch to the Halifax after being with Santander for 20 years.

Why? S123 is one of the best accounts around.

It told me i had successfully completed the first stage and gave me a temporary account number but i had to take ID to a branch !
I found this a bit archaic as most places use secure upload sites...

Never heard of banks doing this.

Arrived at the branch and gave them my ID assuming they would complete the switch.
The assistant seemed very confused and eventually said they would send my ID to head office and they would be in touch.

I asked why she didn't want my current bank details and that i was switching.
She just said i had to call the telephone banking service when after i received confirmation my account was opened.

I'm really confused now.

Don't remember about Halifax, but normally you open account first, then switch.

I have a horrible feeling all i've done is open a new account and will lose the chance of receiving the switching bonus.

To qualify for the £125 switching offer (“the offer”) you must use the ‘Current Account Switch Service’ and meet the following conditions:

• Use the 'Current Account Switch Service' to switch into a new or existing, Reward Current Account, Ultimate Reward Current Account (£15 monthly fee) or Halifax Current Account ("your account").

bofh5

Thanks

The 123 works out less than the halifax for me.

If i had a mortgage then it would be better