First Direct 6 December 2022 at 9:09PM edited 6 December 2022 at 9:10PM in Savings & investments 6 replies 722 views

stevio

Hi my wife and I have a joint acount with Natwest and she has an account with them in her name only. Martin says we can get £175 if we switch!

So does that mean We can only open a joint account with them and get the £175?

Or could my wife also open an account in her name only and receive the £175 to switch as well?

Or could I apply to switch the joint account in my name only to qualify for the £175
and my wife still open an account in her name only? to qualify for the £175?

Mnay thanks,

Steve

redpete

You can't switch a joint account to two sole accounts and get two switching bonuses.

First Direct don't allow you to switch a joint account to a sole account (It's in their FAQs.)

You could change your NatWest account into a sole account, and then the other of you could open a new sole account, then you could switch both and get the two bonuses.

stevio

Thanks Redpete

Exodi

Don't forget the market busting 7% AER interest rate offered on their regular saver.

You can deposit up to £300 per month for 12 months (but it does penalise you for taking the money out - it's effectively a savings bond.)

But if you can do without £300 a month for the next year, 7% is significant and higher than any other savings product on the market (as I'm aware).

Albermarle

FYI,
There is also another forum for banking, where specific details about current account switching are often discussed.
Budgeting & bank accounts — MoneySavingExpert Forum

katejo

Exodi said:

Don't forget the market busting 7% AER interest rate offered on their regular saver.

You can deposit up to £300 per month for 12 months (but it does penalise you for taking the money out - it's effectively a savings bond.)

But if you can do without £300 a month for the next year, 7% is significant and higher than any other savings product on the market (as I'm aware).

I have one of these which started a few months ago so I am pleased. I have had confirmation of this.

stevio

Thanks guys brilliant. We have decided to change the joint into a sole account for me.

then apply for two seperate accounts.

The operative from first direct said I could open a joint account and my wife could open a sole account, but when I quizzed her on this and after checking she also said if we did that my wife would be an existing customer so she wouldn't get the bonus!

Just got to renew my wifes passport now to change our joint account and she will also need it to apply for the first direct account lol

Cheers!

Merry Christmas!