First Direct rules for switch to get £150 sign up

GrandBoo

If I use a second account (TSB) that is just an old current account I just use to pay Standing Order into an ISA - will this do to qualify as switching and get the bonus? Can't find if there are rules around the account you are switching needing to have DD for bills, salary paid in etc.? Also if I do switch my main account what happens to CSA payments coming in? Do they automatically switch to new account? (my reason for being wary) - have no contact with the payee.

Zanderman

The terms for the switch are on FD's website here:  https://www1.firstdirect.com/banking/switching-bank-accounts/ 

And on MSE's site here: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#fdswitch

There is no mention of DDs etc - so you don't need DDs etc.  If there was a need they'd say so.  They don't, so there isn't.

Your TSB account would be fine.  No need to worry about CSA etc if that's a different account.

kaMelo

GrandBoo said:

If I use a second account (TSB) that is just an old current account I just use to pay Standing Order into an ISA - will this do to qualify as switching and get the bonus? Can't find if there are rules around the account you are switching needing to have DD for bills, salary paid in etc.? Also if I do switch my main account what happens to CSA payments coming in? Do they automatically switch to new account? (my reason for being wary) - have no contact with the payee.

The switch guarantee means that all payments from the old account (Standing Orders and Direct Debits) should be switched over. Any payments made into the old account are redirected to the new account and the details are shared with the sending party to update their payment details.  Any problems will need to be dealt with by the back you've switched to.

Even with the guarantee I would also be reluctant to switch a main account, it shouldn't go wrong but it would be a real pain if it did.  As you've got a second account then no such worries, switch that one.