Switching my second Tesco Current Account

EmmyHel

I have several current accounts (First Direct, Nationwide, Tesco, and today I opened a 2nd Tesco current account). I have seen today that Natwast are now offering a switching incentive. Is there any reason why I might not be able to switch my 2nd Tesco current account over to Natwest to make the most of this deal (the one that I opened today)? Will it still leave my 1st Tesco current account intact?

margaretx9

No reason - except Tesco pay 3% interest on £3k so it is an account worth keeping. Over a year you might make up most of that £125 back.

Your other Tesco account would be unaffected.

binaryuniverse

When did you open that Tesco account? If it's before Feb 2017 then I'd say keep it open. It's essentially a 3% interest savings account with no strings to having that 3%.

If it's one you have to have direct debits going in to then you can easily open one again, at a later date.

YorkshireBoy

binaryuniverse wrote: »

When did you open that Tesco account?

I'm going to guess it was opened today.

EmmyHel

I opened both accounts within the last month. First one i've had a few weeks, and i've only just recieved the card for the 2nd one today and activated it. I've not transferred any money or set up any direct debits to that one yet. I've got 3 direct debits going from my 1st tesco account to qualify for the 3% interest, but am struggling to find another 3 for my 2nd account at the moment.

I'm thinking I could switch the 2nd tesco account to the Natwest, recieve the £125 bonus for that, and then I could always re-open another 2nd Tesco account at a later date (as I don't think I need to do a switch to open a 2nd one, I can just apply online). Does that sound like a good plan?

Shakin_Steve

YorkshireBoy wrote: »

I'm going to guess it was opened today.

Are you psychic or something?

Kim_13

EmmyHel wrote: »

I opened both accounts within the last month. First one i've had a few weeks, and i've only just recieved the card for the 2nd one today and activated it. I've not transferred any money or set up any direct debits to that one yet. I've got 3 direct debits going from my 1st tesco account to qualify for the 3% interest, but am struggling to find another 3 for my 2nd account at the moment.

I'm thinking I could switch the 2nd tesco account to the Natwest, recieve the £125 bonus for that, and then I could always re-open another 2nd Tesco account at a later date (as I don't think I need to do a switch to open a 2nd one, I can just apply online). Does that sound like a good plan?

Sounds fine, as the Natwest incentive doesn't require any direct debits. It's a limited time offer and one that may not come around again, given the lack of incentives from Natwest until now.

It can never be guaranteed that Tesco would accept you for a 2nd account again, or that they would not stop taking applications again. But as things stand, the 2nd account will not be earning you anything, so it could be a risk worth taking.

You are correct that you would not need to switch back to Tesco, just apply online.

binaryuniverse

YorkshireBoy wrote: »

I'm going to guess it was opened today.

That'll teach me for replying whilst watching TV. :rotfl: