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Switching bank accounts
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peterr1006
Posts: 2 Newbie
If I switch my bank account from First Direct to take advantage of the switch bonus what happens to the monthly savings account which pays out a bonus at the end of 12 months. (In my case , at the end of December 2024?)
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What do the terms and conditions say e.g. requiring you having a current account to have the saver?peterr1006 said:If I switch my bank account from First Direct to take advantage of the switch bonus what happens to the monthly savings account which pays out a bonus at the end of 12 months. (In my case , at the end of December 2024?)
The Bonus Saver, Fixed rate and Regular Saver (latter two don't seem to have a bonus at the end?) all require a current accountSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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When you switch an account using CASS, only the acocunt you nominate will be switched. Any other products you hold with that bank will remain as they are (eg. any other current accounts, savings accounts, credit card, etc).
Completely separate however is the issue Nasqueron has raised about the T&Cs of the particular savings account(s) you hold and whether they require you to hold a current account to remain eligible. Without knowing which exact accounts(s) you hold we can only speculate, but usually if you don't adhere to the T&Cs then they will close the savings account or convert it to another type of account, which will likely impact any interest or bonus due.0 -
Sounds like you mean the Regular Saver account though that pays interest rather than a bonus.peterr1006 said:If I switch my bank account from First Direct to take advantage of the switch bonus what happens to the monthly savings account which pays out a bonus at the end of 12 months. (In my case , at the end of December 2024?)
The terms state that if you switch your 1st account to another bank then your Regular Saver is closed, interest added at the "relevant savings account rate" (a.k.a. savings account variable rate, currently 2% AER) and the money sent to your new account.
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You'll be left with a savings account at First Direct and no way to get your money out unless you open another current account with them0
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Open another account elsewhere to switch & leave the First Direct well alone!
It's not a good idea to have 'all your eggs in one basket' anyway.Being polite and pleasant doesn't cost anything!
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2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
Knits:6covers,4hats,10mitts,2 bootees.
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