Switching bank account advice

Gror

Hello .
I am just about to switch bank accounts and join first direct.
My question is does anyone know how long I need to remain a customer of first direct before I could look to switch again


Thank you.

mwarby

you could switch the day after your inbound switch as far as I know.

If your referring to the £100 bonus they pay it within 28 days of you having paid in £1k or more. Switching out before the bonus is paid you'd risk losing it

If you wanted the £100 leaving bonus too you'd need to stay 6+ months paying in £1000 a month

YorkshireBoy

You could leave as soon as the incentive is paid, providing there isn't an incentive clawback clause in the T&Cs. Is there one mentioned?

However, there are two reasons for staying longer than that...

1. Stay for 6-12 months and bag the £100 leaving present.
2. Stay for 12 months plus and avail of the 5% regular saver.

Gror

I've searched for a clause in the t&C's but can't find out. Maybe I'll keep checking just incase. Was just a thought to look to switch again in couple of months.

YorkshireBoy

Gror wrote: »

I've searched for a clause in the t&C's but can't find out. Maybe I'll keep checking just incase. Was just a thought to look to switch again in couple of months.

I can't find a clause either.
But wouldn't my option 1 be financially better, for the sake of crediting, and immediately withdrawing, £1K per month? If you want to switch in two months then just open a sacrificial account for that purpose and do it straight away.

PRAISETHESUN

As above, It'd be worth considering keeping the account open to either take advantage of the 5% regular saver to claim their goodbye leaving bonus.

However, you are correct. As soon as the incentive has been paid then there is no obligation to keep the account open and it can be switched away penalty free.