Bank Switching deals

theshed

I have had a look through the main MSE site and a couple of others but can't find any current switching offers.
We have some savings in a joint account which pays out a couple of DD's but has no 'regular income'.
As interest rates are so low we thought it may be beneficial to use savings to make regular payments into another account if we could switch that joint A/c
Anything available ?
Thanks

colsten

All switching offers have been paused during the current crisis. They may or may not re-appear in the future.

You don't mention how much interest you get, how much money you have, and which bank you are with, so the following may or may not be relevant for you.  If you do not have any TSB Plus accounts, you can consider the Quidco offer. It doesn't involve a switch, so you can preserve your existing account. But you need to pay in at least £500 a month, and make two transactions a month (e.g. sending two Faster payments), for at least the first 3 months from opening. You also need to  switch your communication and statement preferences to paperless, and you must be very patient as it takes months and months before they pay up (cashback is never guaranteed).

You can have 1 sole TSB Plus each, and one joint. I.e. a potential 3 x £50. 

TSB Plus also still pays 1.5% AER variable on up to £1,500. Virgin pays 2% AER variable on up to £1,000. Several Regular Savers pay fixed 2% AER, or even 2.5% AER.

theshed

To be honest not had recent check but interest, was 0.5% but only on first £2499, 0.10 % on remainder. Currently we have just short of £10,000 in Halifax.
My main account is with First Direct and I quite happy with them, my wife recently switched from Halifax to HSBC.
The Quidco offer is not to bad but would that exclude us from a future switch to TSB ?
If nothing available I may look at packaged account, travel insurance starting to look expensive just now !
Thanks

colsten

Those interest rates don't look like you are making the best use of your money! Even Halifax and First Direct have Regular Savers that pay you 4 or 5 times as much as you get at present. Despite of the generally miserable savings rates, there are still tons and tons of relatively decent accounts available.

I have absolutely no idea whether TSB will ever have another switching deal and whether the Quidco cashback offer would exclude you from it but if you think it might, just don't do it. 

Packaged accounts seem to be the polar opposite of savings, so I am not sure why you would consider them in the context. You are also unlikely to need any travel insurance any time soon, unless spending a month in quarantine is your idea of travelling.

theshed

Agreed, it was originally put in temporarily until we found somewhere better but finding the 'right' place proved difficult. 
The idea of the packaged account was to save money on other products. If not receiving interest I may as well get something in return ?
Thanks for the input. We may just transfer it to a savings account in the short term.

ovusa

colsten said:

You can have 1 sole TSB Plus each, and one joint. I.e. a potential 3 x £50. 

Don't believe you can apply for a joint account through Quidco as both applicants have to go into branch.  This standard condition applies all times irrespective of the Quidco deal.
Each applicant can apply for a TSB Classic Plus and a TSB Classic through Quidco giving potential 4 x £50 for a couple.  Pay in £500 and make two £250 payments from the Classic account to leave no funds there as this account gives no interest.  A joint account is then optional.

theshed

That sounds like a plan, would just have to check the cashback still payable if you do transfer the money out.

colsten

ovusa said:

colsten said:

You can have 1 sole TSB Plus each, and one joint. I.e. a potential 3 x £50. 

Don't believe you can apply for a joint account through Quidco as both applicants have to go into branch.  This standard condition applies all times irrespective of the Quidco deal.
Each applicant can apply for a TSB Classic Plus and a TSB Classic through Quidco giving potential 4 x £50 for a couple.  Pay in £500 and make two £250 payments from the Classic account to leave no funds there as this account gives no interest.  A joint account is then optional.

That's a point about joint accounts, I had forgotten that this might not be possible to do online.

There is no longer any Quidco offer for the TSB Classic now as the account has been completely withdrawn from new applications. Only TSB Classic Plus now.

lbowes20

If you can find someone with a nationwide referral link before they were withdrawn they still work if unused 

kuepper

colsten said:

All switching offers have been paused during the current crisis. They may or may not re-appear in the future.

You don't mention how much interest you get, how much money you have, and which bank you are with, so the following may or may not be relevant for you.  If you do not have any TSB Plus accounts, you can consider the Quidco offer. It doesn't involve a switch, so you can preserve your existing account. But you need to pay in at least £500 a month, and make two transactions a month (e.g. sending two Faster payments), for at least the first 3 months from opening. You also need to  switch your communication and statement preferences to paperless, and you must be very patient as it takes months and months before they pay up (cashback is never guaranteed).

You can have 1 sole TSB Plus each, and one joint. I.e. a potential 3 x £50. 

TSB Plus also still pays 1.5% AER variable on up to £1,500. Virgin pays 2% AER variable on up to £1,000. Several Regular Savers pay fixed 2% AER, or even 2.5% AER.

I just looked at that TSB a/c and couldn't see anything in t&c about 2 transactions/month? https://www.tsb.co.uk/current-accounts/classic-plus-account/?WT.ac=A00254

colsten

kuepper said

I just looked at that TSB a/c and couldn't see anything in t&c about 2 transactions/month? https://www.tsb.co.uk/current-accounts/classic-plus-account/?WT.ac=A00254

You need to look at the Quidco offer rules.