Sharing current accounts between First Direct & Lloyds

bill_face

Would there be anything to stop me opening a new current account with first direct (I have an existing Barclays account, that I rarely use) and funneling the money through it into my joint Lloyds account? This is with the aim of getting the regular savings on both accounts?

I'd get my wages paid into First Direct and then standing order onto Lloyds

I imagine I would need to share the direct debits between the accounts to a certain extent.

PRAISETHESUN

There is nothing stopping you from doing what you propose. Many people set up standing orders from account A to account B and back again to meet minimum pay in requirements for both accounts. The DD requirements may be more of an issue for you, but from my understanding FD doesn't need any DDs to maintain the account or associated regular saver.

colsten

If you put all your money into the Club Lloyds and just transfer what you need for the FD RS, you can probably earn a few pennies or pounds of extra interest in the Club Lloyds.

To avoid the monthly FD charge, all you need is one of their normal savings accounts, with £1 or so in it.

bill_face

Awesome. I'm thinking I'd like to keep my account with Barclays for sentimental reasons, and because I know the know the account numbers off by heart.

Would I be able to open a new account with say Tesco, and then switch it to First Direct? Is there any time limit on how long you have had the current account to qualify for the switching incentive?

masonic

You can open an account just for switching. I used Tesco once for this purpose. Check the T&Cs of the switching offer. There may be requirements to have a certain number of active direct debits for example, but unlikely to be a minimum time the account has been open as this information is not easy for the receiving bank to determine. You'll normally need to wait for your debit card to arrive as this is needed for the switching service.

YorkshireBoy

If speed is of the essence then another Barclays account would almost certainly be quickest to open and switch.

Katiehound

Presumably you could also open a standard Lloyds a/c- it's generally easier with a bank you already know (and love!!) There's not a lot of point in opening an account with a totally new provider and then switching it away , unless it gives you some incentive!

If you think you might want to 'play' the current account game it is worth having a spare 'donor' account which can then be groomed when you see an offer you like.

AndyPK

Don't expect the first direct application to be easy.

If there is an alternative, offering the same saving rate, use them instead!