New bank account

richard65

My wife needs to set up a new bank account, currently we have a joint account (with First Direct) but I want to have her income going into a separate account. All the information on best options for banking appears to concentrate on switching accounts.


Are there any incentives for a mature (no student) to open an account?

ozaz

I guess you've already looked at the MSE article on bank accounts. But in case not...

Some current accounts pay good rates of interest
https://www.moneysavingexpert.com/banking/compare-best-bank-accounts-v2/#interest

Some pay cashback on household bills
https://www.moneysavingexpert.com/banking/compare-best-bank-accounts-v2/#cashback

These are perhaps not the incentives you are asking about, but they are good perks nonetheless.

She could always open an account temporarily somewhere and then immediately switch it to another bank to gain switch incentives. If she wants the Nationwide switch bonus, she needs to be referred by an existing Nationwide customer. I'd be happy to provide this. PM me if you'd like a referral.

colsten

All accounts that can be switched to can be opened without switching to it. In fact, switching is a two step process, the first (mandatory) one being opening the account, and the second (optional) one the actual switch.

It would be a good idea for your wife to have an account with a bank other than First Direct, and possible also other than M&S or HSBC as they are all run by the HSBC group. Having accounts with unrelated banks is a kind of protection in case one of them is inaccessible - something which seems to happen periodically with all sorts of banks.

xylophone

Has she ever had a Nationwide Flexdirect account?

PRAISETHESUN

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

You don't have to switch to open a new account, although the best bonuses are paid only when you switch, as it forces you to use the new bank as your main account.

I'd personally recommend Nationwide - the FlexDirect account pays 5% interest on £2500 for the first 12 months, and you can also open a 5% regular saver on top of that. As @ozaz mentioned, they also do a refer a friend scheme if you want to switch to them (and I'd also be glad to pop you a link). There is nothing stopping both you and your wife opening up separate FlexDirect accounts (both benefiting from 5% on £2500 each - £5000 total) and then referring each other using the scheme to both nab an extra £200 each

Willing2Learn

Another vote for the FlexDirect account as it pays 5% interest during the first year. Alternatively, TSB has the Current Plus account which also pays interest at 5% indefinitely, but there are lots of IT issues currently with TSB...

colsten

Willing2Learn wrote: »

Alternatively, TSB has the Current Plus account which also pays interest at 5% indefinitely

Keep an eye on the 'indefinitely' bit - it was a promise from the now departed CEO. It would not surprise me if the new broom will go back on Pester's promise, and even Pester couldn't/wouldn't have kept it indefinitely.

Willing2Learn wrote: »

there are lots of IT issues currently with TSB...

Too true. I wouldn't recommend that anyone relies solely on TSB. In fact, I would always recommend people have at least 2 current accounts with separate companies.