Only taking new current account for switch offer?

gc747

Hello, 

My conscience is starting to creep up wrong or not here me out… 

I’m looking to take up the first direct switch offer - I would be closing an unused nationwide account to switch with. 

I’m only switching purely for the £150 incentive. I wouldn’t use the account for anything apart from keeping a positive balance in.

 Is this what everyone does? And will the bank look at me unfavourably in the future? 

I know it’s a silly question but just feel a bit of a cheat! 

eskbanker

gc747 said:

Is this what everyone does?

Not everyone, but you certainly wouldn't be alone!

gc747 said:

And will the bank look at me unfavourably in the future?

Who cares?

RG2015

gc747 said:

Hello, 

My conscience is starting to creep up wrong or not here me out… 

I’m looking to take up the first direct switch offer - I would be closing an unused nationwide account to switch with. 

I’m only switching purely for the £150 incentive. I wouldn’t use the account for anything apart from keeping a positive balance in.

 Is this what everyone does? And will the bank look at me unfavourably in the future? 

I know it’s a silly question but just feel a bit of a cheat! 

First Direct have a market leading regular saver paying 3.5% p.a. but you need to have their current account.

If you can afford £300 per month for 12 months you will make a cool £68 in interest and have built up a lump sum of £3,600.

First Direct clearly want your custom with these offers. Nothing to feel guilty about. Who knows, you may even like them so much you move more of your banking to them.

Bear in mind though they may decide they don’t want you.

gc747

I’ve been accepted and all set up! Might take up that fixed savings offer to be fair, just hat tying money down for that long.. plus I do wonder if interest rates else where will sky rocket soon. Thank you!

Daliah

gc747 said:

I’ve been accepted and all set up! Might take up that fixed savings offer to be fair, just hat tying money down for that long.. plus I do wonder if interest rates else where will sky rocket soon. Thank you!

The minimum monthly deposit for that savings account is only £25. So as and if better offers come along, you can just reduce your monthly deposits into FD to £25, and put the remaining £275 into the better paying account(s).

kaMelo

Although at 3.5% on £300 pm, I doubt it will be bettered for quite some time if at all. .

phillw

gc747 said:

I’ve been accepted and all set up! Might take up that fixed savings offer to be fair, just hat tying money down for that long.. plus I do wonder if interest rates else where will sky rocket soon. Thank you!

If you end up regretting opening a 3.5% regular saver then I think we'll have bigger problems.

I wouldn't keep a positive balance in current accounts unless they pay interest. Just make sure there are transactions going through it every month. You can pay money in and out immediately. Or if you open the regular saver, then just send the money in to cover the standing order. If you applied for an overdraft then you can do that when you go overdrawn.

If a positive balance was necessary then they wouldn't give you an overdraft.

oldagetraveller1

Hopefully I do have a conscience but feel no guilt, sympathy or remorse for taking advantage of these incentives. I have received over £400 in the last few months. My latest is NatWest, already received their initial £100 and "on track" according to them for the extra £50 later this year. Once received I intend to see what's on offer elsewhere.

In the meantime, taking advantage of their regular saver's 3.25%. Although only up to £1000 and a low monthly deposit.

castle96

take the (any) free money !

grandadgolfer

gc747 said:

Hello, 

My conscience is starting to creep up wrong or not here me out… 

I’m looking to take up the first direct switch offer - I would be closing an unused nationwide account to switch with. 

I’m only switching purely for the £150 incentive. I wouldn’t use the account for anything apart from keeping a positive balance in.

 Is this what everyone does? And will the bank look at me unfavourably in the future? 

I know it’s a silly question but just feel a bit of a cheat! 

The banks were bailed out for billions of taxpayers money your just taking your share back

oldagetraveller1

"The banks were bailed out for billions of taxpayers money your just taking your share back "

That sentiment was discretely hidden between the lines at the start of my post!

Many years ago Barclays "lost" £30 from a savings account (yes, that long ago, it was 2 weeks' apprentice wages) during a branch transfer accross the road.

It was most satisfying to receive £100 from them, years later, for opening an account. That would then have been equivalent to the £30? Closed on the receipt of the £100.

When I phoned to close said account and asked why - I told the rep. exactly the reason. i.e. a "missing" £30.