RBS Delay Switch

MattFinucane

Hi all,

I have a little experience of switching accounts having just done my current account to Nationwide (on recommendation) and 11 months ago switching my bills account (shared with the gf) to First Direct.

My big problem is that it's high time to switch the bills account again, and the RBS switch looks dreamy, but I can't close my First Direct CA because it's linked to a FD Regular Saver, and the final (12th) payment goes in on the 15th of March - days after the RBS deadline.

Can you think of any ways of getting round this? And what do you think my chances are of negotiating any kind of delay? Worst-case scenario, I suppose I plump for the HSBC switch instead, which I think is around for a little longer, but the 2% on bills would be nice...

Any help would be much appreciated!!

gt94sss2

MattFinucane wrote: »

Can you think of any ways of getting round this? And what do you think my chances are of negotiating any kind of delay?

You won't be able to negotiate a delay, but it's not the first time RBS/Natwest have run a referral offer.

If you switch your FD account 'early', your regular saver automatically closes and you receive a lower interest rate. I take it you are aware that you can open another regular saver once your existing one matures if you remain an FD customer.

Willing2Learn

Why not open a 'donor' current account, just for switching purposes?

MattFinucane

Willing2Learn wrote: »

Why not open a 'donor' current account, just for switching purposes?

This is what I was considering; with a bank like Starling (got a CA already) that I can open in a day or two, then switching that one over. The only downside is having to change the direct debits for all my bills, for my standing order in, and convincing the girlfriend to look at her bank account and update hers too.

Then it comes to timescales, whether I'll be able to request the switch and transfer the funds in time...

MattFinucane

gt94sss2 wrote: »

You won't be able to negotiate a delay, but it's not the first time RBS/Natwest have run a referral offer.

If you switch your FD account 'early', your regular saver automatically closes and you receive a lower interest rate. I take it you are aware that you can open another regular saver once your existing one matures if you remain an FD customer.

Thanks, yes this is what I'm grappling with. If I can't switch, one option is hoping they extend or re-open the offer, but from what I've read today, the beginning of the year really is the season for the most enticing offers.

I could open another with FD, but I've already set up a replacement with Nationwide, and even though it's not quite as good as FD's (by about £15) I'm much keener on what the Nationwide CA offers me and what a new bills account could offer (~£200). Saying that, I might do both anyway, if it's just about within my means...

Willing2Learn

MattFinucane wrote: »

This is what I was considering; with a bank like Starling (got a CA already) that I can open in a day or two, then switching that one over. The only downside is having to change the direct debits for all my bills, for my standing order in...

I don't believe the RBS terms require DDs or SOs to be eligible for the £150 switch incentive. All they require is a £1,500 deposit at any time before 12th April, and for you to logon via the website or app.