First Time Switcher - Is This How To Do It?

citroen999

hi

I'm about to start bank account switching and I just want to make sure I'm doing it right.

First of all I dont want to lose my main Halifax account so i'm going to set up a Yorkshire Bank account to do the switch to Natwest for the £150 cash back.

so here goes....

1. Set up Yorkshire Bank current account and transfer a couple of direct debits from my Halifax account.
2. Apply for the Natwest account and do the switch

the bits i'm not sure about are...
1. It says "pay £1500 in every month" - do i need to do this once, if not how many months, also can i pay £1500 in and transfer it straight back out?

2. Natwest say they will pay the £150 by 19th April 2019 - Do i need to pay the £1500 in every month until that date?

3. Is it 1 switch per household or could i do the same in my partners name rather than doing it as a joint account?

is there anything else that i should be aware of or something that could catch me out

thanks

colsten

citroen999 wrote: »

1. Set up Yorkshire Bank current account and transfer a couple of direct debits from my Halifax account.
2. Apply for the Natwest account and do the switch

You should not request the switch before your DDs on the YB account have paid once. Although I can see no mention of Direct Debits in the offer T&Cs, so an SO or two should suffice.

citroen999 wrote: »

1. It says "pay £1500 in every month" - do i need to do this once, if not how many months, also can i pay £1500 in and transfer it straight back out?

there is no mention in the offer terms of a requirement for monthly deposits of £1,500. Therefore a one-off £1,500 deposit should suffice.

citroen999 wrote: »

2. Natwest say they will pay the £150 by 19th April 2019 - Do i need to pay the £1500 in every month until that date?

See above. The switch T&Cs tell you what to do

citroen999 wrote: »

3. Is it 1 switch per household or could i do the same in my partners name rather than doing it as a joint account?

There is no mention in the offer T&Cs of households.

citroen999 wrote: »

is there anything else that i should be aware of or something that could catch me out

Read and understand the offer T&Cs.

eskbanker

The most important thing to do when preparing to make any switches is to familiarise yourself with the full terms and conditions of the offer and take note of exactly what they say and, equally, what they don't say.

If you still have unanswered questions, head for the threads on here where each offer is discussed in detail by others also considering signing up for the switches. The current NatWest one is discussed at https://forums.moneysavingexpert.com/discussion/5946949/150-switch-incentive-from-natwest-2019.

Your starting point is valid, i.e. setting up a donor account to use for the switch, although many would just open a second account with their current bank, which simplifies things for ID verification, online banking access, etc....