Switching to HSBC

morg007

I've been with Natwest my whole life and looking to switch for a variety of reasons. My preference would be First Direct as the customer service is superb, however I have a cash ISA with them so won't get any freebies for switching. I know HSBC own First Direct and you can't have an account with HSBC to get the £150 switching bonus, but will I find I can't get it due to my cash ISA with First Direct?

Secondly, this would actually be a joint account as I added my wife to my Natwest account when we got married and found it easier to budget having a joint account. The minimum amount to be put in is £1750. Is this also okay for a joint account or is there a higher minimum amount to be paid in for joint accounts? My starting salary would normally cover it but once my pension contributions and student loan repayment has gone out it will be just under and my wife is part time so (along with the child benefit) we would put in around £2600 approx each month? Would this be enough?

The other option is Halifax as we have our mortgage with them.

As I say my preference would be First Direct. I love that when I call them, they answer quickly with options to have to go through. I also like that they use voice recognition during the security process so I don't have to remember answers to questions that may have vague answers! But the cash incentive others are giving if enticing, especially as I rarely need to speak to someone anyway.

badger09

morg007 wrote: »

I've been with Natwest my whole life and looking to switch for a variety of reasons. My preference would be First Direct as the customer service is superb, however I have a cash ISA with them so won't get any freebies for switching.

Correct. As an existing customer of First Direct, you don't qualify for First Direct's switch incentive

morg007 wrote: »

I know HSBC own First Direct and you can't have an account with HSBC to get the £150 switching bonus, but will I find I can't get it due to my cash ISA with First Direct?

Existing HSBC current account holders don't qualify for HSBC's switching incentive. First Direct and M&S current account holders would qualify, providing the account being switched came from outside HSBC group. However, as you only an ISA with First Direct that condition is irrelevant anyway;)

morg007 wrote: »

Secondly, this would actually be a joint account as I added my wife to my Natwest account when we got married and found it easier to budget having a joint account. The minimum amount to be put in is £1750. Is this also okay for a joint account or is there a higher minimum amount to be paid in for joint accounts? My starting salary would normally cover it but once my pension contributions and student loan repayment has gone out it will be just under and my wife is part time so (along with the child benefit) we would put in around £2600 approx each month? Would this be enough?

Yes, that meets their condition.

Be aware though that both HSBC and First Direct are known to be choosy. Don't take it personally if you are rejected.

Another couple of thoughts:

If this is a long standing account, you might want to hang onto it. Mortgage and other lenders like to see stability and well a managed account.

If this is your only current account you should consider having at least another one, in case of IT problems, card decline etc

And finally, why a cash ISA with First Direct?

Brewer20

You could (last year at least) switch from FD to HSBC and get the switch bonus although some branch staff (HSBC) will disagree. Of course it should work the other way too, I've not explored that route though as I never had an HSBC account. You must have had or still got a FD current account to get the ISA, so it's still a no no for the switch you want.


Why not open two accounts with the Halifax, sole accounts, yourself and wife and get two switch bonuses, of course you need to have and account each to switch from. You can then later open up a joint account if you require that with them.
The Halifax I found was the easier one to open, minimal questions asked, even low pay-ins/earnings I found, even my wife who's on a minimal pension got agreed and received the switch money. Just pay in the required amount £1500 per month, you can take it straight out again just for 6 months.


If you like FD (I do) why not turn your 1st account into a joint account, if you do indeed have one?