Santander 123, switch options?

Blackbriar_040

Good evening all.
It seems am currently in the same position as another MSE member, I thought it better to start a new post, as no one in that thread has mentioned the new First Direct 1st account.


Basically my Santander 123 account is no longer worth keeping, so I want to switch to another bank!

I considered just transferring the outstanding balance, (£3k) into my Marcus account, but since there are 2 direct debits attached, I figured I may as well take advantage of any current switch bonus being offered!

Up in till last week, there wasn’t much to choose from, am looking for cash bonuses, rather than travel/shopping vouchers or free Tec stuff!

So far my options are:

1. The Halifax Reward Account, which if kept for a year, would net me, £159, and take care of my surplus direct debits!
(However it seems First Direct has just re-introduced a cash incentive, replacing the previous Expedia/Bose, Fitbit offer!)


2. The First Direct 1st account, offers £100 to new customers switching for the first time, Am sure it was previously £125!
Their is also a linked 5% regular saver!
Kept for a year, I would clear £196.77
This account also require no direct debits, defeating my initial ideal, but still allows me to utilise the Santander account!

3. Or wait till January and see if any of the other banks offer anything better!

I can meet all the requirements of either account, with the Halifax requiring a little more leg work!
I have banked with Halifax before, and found them decent enough!
I have no experience of First Direct, but everyone seems to love them!

All advice, much appreciated!

Zero_Sum

Why is it not worth keeping?
The lite version is only £1, and im sure you'll get more than that with cash back on DD's

The reward one isnt really worth it for £2 reward unless youre getting a switching bonus. Also for DD's you can set them up on savings accounts like the post office, so no reason you cant have all of the accounts

Bimbly

HSBC will give you £150 for switching then, I believe, another £50 after a year. Has a regular saver at 5% with 250/m limit.

First Direct's regular saver is £300/m limit in comparison.

It depends if these regular savers are of interest (no pun intended).

Blackbriar_040

Hi, Zero Sum/Bimbly
Change of circumstances, so the Santander defo needs to go!
I would fulfill all the requirments of both accounts, so would qualify for either switching bonuses!
I already have a Post office account which has direct debits set up for another account!
Plus am really trying to reduce the number off accounts rather than adding loads more!
Am pretty sure the HSBC £150 switching bonus has ended!
It was my perferred choice, but I just miss the monthly minimum pay in, and from speaking to them it was made clear it had to be funded from your main salary.

Zero_Sum

Blackbriar_040 wrote: »

Hi, Zero Sum/Bimbly
Change of circumstances, so the Santander defo needs to go!
I would fulfill all the requirments of both accounts, so would qualify for either switching bonuses!
I already have a Post office account which has direct debits set up for another account!
Plus am really trying to reduce the number off accounts rather than adding loads more!
Am pretty sure the HSBC £150 switching bonus has ended!
It was my perferred choice, but I just miss the monthly minimum pay in, and from speaking to them it was made clear it had to be funded from your main salary.

Theyd prefer it if your salary was paid in. Id be surprised if this was actually the case. Id probably go with FD then as they also have the 5% RS

Nationwide also give you 5% on £2500 for a year plus 5% RS