Best Switch Account with No Direct Debits to bring across

LoubyLou1977

I've Looked and Looked until I'm confused - Does Anyone have any thoughts on the Best Bank account that pays interest to switch to if you aren't bringing across any Direct Debits - Just 2 Pension payments in and day to day money out?
I Looked at the First Direct one that Martin talked about but if I'm reading right you have to have at least 2 direct debits coming out.
Hoping someone can help?
Many Thanks
Louise and Roger 

eskbanker

Given the requirement to switch DDs to qualify for the incentives, the best approach is likely to be to set a couple up - there's a thread on here somewhere listing options for small DDs to other accounts or charities, etc.

Edit: https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list

PRAISETHESUN

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

Of the current switching offers NatWest is the only one that doesn't require any DDs. Santander also doesn't require any as a part of the switch, but you need to set up 2x DDs within 60 days if you don't switch any across.

As eskbanker says above, given most switch offers do require DDs, then it's probably worth looking to set yourself up with a dummy account purely for switching purposes, which has a few token DDs. Some good ideas are in the thread linked above if you're not able to shuffle around your existing ones.

Katiehound

First Direct requires 2 x DDs OR  2 x SOs

They are easy enough to set up- just send a small amount to  2 different bank accounts (and then set up SOs from those accounts to send it back to source, or just manually move it back) I assume you have other accounts and don't put 'all your eggs in one basket.'

Zanderman

LoubyLou1977 said:

I've Looked and Looked until I'm confused - Does Anyone have any thoughts on the Best Bank account that pays interest to switch to if you aren't bringing across any Direct Debits - Just 2 Pension payments in and day to day money out?
I Looked at the First Direct one that Martin talked about but if I'm reading right you have to have at least 2 direct debits coming out.
Hoping someone can help?
Many Thanks
Louise and Roger 

FD, as Katiehound points out above, requires DDs or SOs. And SOs are easy to set up to yourself. It's always worth reading the offer in detail as this is the sort of thing you need to know - in this case a missed point that is to your advantage, but always look for the ones that aren't too!

A couple of other thoughts - you seem to be implying you're planning to actually switch a main account to another bank. You don't actually need to do that.

If your existing banking works ok for you then you may be better leaving that entirely asis and simply switching another, possibly rarely used, current account to get the switch incentive (not 'interest' by the way).  Either a second current account at your existing bank or an account at another bank, possibly opened especially for this purpose.

That's just a suggestion, which may not appeal, but worth considering.

winkowinko

Newbie question here. How does one go about opening a second current account (in order to switch) from their existing bank? Wouldn't they ask you why you wanted a second current account?

NorwichMan

winkowinko said:

Newbie question here. How does one go about opening a second current account (in order to switch) from their existing bank? Wouldn't they ask you why you wanted a second current account?

If you open it online or in an app then they won't ask. If you open it in a branch and they ask, I might say "I want another account to help manage my finances" or something like that. I don't think they will really care.

lr1277

winkowinko said:

Newbie question here. How does one go about opening a second current account (in order to switch) from their existing bank? Wouldn't they ask you why you wanted a second current account?

At one point I had 3 current accounts from my bank, with each one having a different purpose. I opened these accounts so long ago, I don't remember if the bank asked any questions.

Katiehound

I would just say don't keep opening multiple new accounts to keep switching at the same bank.  When you have switched an account to a new bank open an extra account there and so on.

I would never switch my 'main' account, I want to keep that as it's the one I have had the longest.

SacredStephan

winkowinko said:

Newbie question here. How does one go about opening a second current account (in order to switch) from their existing bank? Wouldn't they ask you why you wanted a second current account?

You go online and open a new account. If the bank already knows you the process will be quicker.
You are assuming that you can only have one current account - you can have as many accounts with as many banks as you wish.

winkowinko

SacredStephan said:

winkowinko said:

Newbie question here. How does one go about opening a second current account (in order to switch) from their existing bank? Wouldn't they ask you why you wanted a second current account?

You go online and open a new account. If the bank already knows you the process will be quicker.
You are assuming that you can only have one current account - you can have as many accounts with as many banks as you wish.

Yes that was an incorrect assumption on my part. Have since opened a second Barclays account in minutes..