Switching current account

WSB

Just watched Martins programme about switching current account to get cashback (up to £180).

My wife and I have been with Santander for over 30 years and feel a bit stupid for not having switched sooner but thinking about it now. 

Currently we have a Santander 123 joint account that our salaries get paid into and direct debits come out. 

Martin talks of the switching service which moves direct debits across but assume this doesn't cover salaries coming in? Presumably, we have to change this with our employers payroll dept?

Also, was wondering whether it would be better to double up on this cash back and each having a new current account, rather than another joint account? Sort of complicates things a bit as currently we have one current account where all goes in and all goes out. 

Finally, are there any cons to switching current account (not bothered about credit score as we won't be looking at applying for mortgage etc)?

Many Thanks in advance 

masonic

Most of us keep our main current account and instead open another account with a couple of token direct debits (e.g. Paypal, a little used credit card) for the purposes of switching. Yes, if you do decide to switch your main account it is advisable to contact your payroll department to update your bank details, although payments sent to your old account closed by the switching service will be redirected with a notice to the payer.

Jami74

The way to do it is to leave your joint account of 30 years well alone.

Both of you open a sole account with Santander, set up a couple of small direct debits on each of the accounts if required and then both of you switch your new sole account away for the switch bonus.

WSB

Thanks all. 
So, think I'll leave our joint santander account as is. 
Open a current account for each of us. 
Then switch from those 2 new accounts each to other new current accounts to get the bonus on each. 
My only concern is ensuring we meet the right criteria for all the accounts we are opening. 

Albermarle

This is the 'Savings and Investments' forum. You will see a lot more threads about current account switching on this forum .
Budgeting & bank accounts — MoneySavingExpert Forum

allegro120

WSB said:

Thanks all. 
So, think I'll leave our joint santander account as is. 
Open a current account for each of us. 
Then switch from those 2 new accounts each to other new current accounts to get the bonus on each. 
My only concern is ensuring we meet the right criteria for all the accounts we are opening. 

It's very important to make sure that all the criteria are met, switching offers differ a lot.  Some of them require active direct debits prior to switch in order to receive incentives. 

WSB

Found an old Nationwide flexi account which I no longer use.  Currently, there's no direct debits or standing orders going out of that account and no money coming in.

I was thinking of using this account to switch to First Direct.

As part of the bonus qualifying criteria, First Direct state that I need "at least 2 Direct Debits or standing orders", guess I will need to set this up in my old Nationwide account first.

Would setting up a regular payment to another of my accounts or my wife's account count as this?
Or would it need to be something business related such as TV license direct debit?

Thanks

eskbanker

WSB said:

As part of the bonus qualifying criteria, First Direct state that I need "at least 2 Direct Debits or standing orders", guess I will need to set this up in my old Nationwide account first.

Would setting up a regular payment to another of my accounts or my wife's account count as this?
Or would it need to be something business related such as TV license direct debit?

Up to you, but in general you can't set up direct debits to other bank accounts, although there are exceptions listed in this thread that was set up to address this very issue:

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

WSB

eskbanker said:

WSB said:

As part of the bonus qualifying criteria, First Direct state that I need "at least 2 Direct Debits or standing orders", guess I will need to set this up in my old Nationwide account first.

Would setting up a regular payment to another of my accounts or my wife's account count as this?
Or would it need to be something business related such as TV license direct debit?

Up to you, but in general you can't set up direct debits to other bank accounts, although there are exceptions listed in this thread that was set up to address this very issue:

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

Thanks.  What about standing orders.  Could I set up a couple of standing orders to my or my wife's personal savings accounts?  Would this count?

winkowinko

I hope they allow standing orders, because that's exactly what I did when I initiated my switch last week.

eskbanker

WSB said:

eskbanker said:

WSB said:

As part of the bonus qualifying criteria, First Direct state that I need "at least 2 Direct Debits or standing orders", guess I will need to set this up in my old Nationwide account first.

Would setting up a regular payment to another of my accounts or my wife's account count as this?
Or would it need to be something business related such as TV license direct debit?

Up to you, but in general you can't set up direct debits to other bank accounts, although there are exceptions listed in this thread that was set up to address this very issue:

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

Thanks.  What about standing orders.  Could I set up a couple of standing orders to my or my wife's personal savings accounts?  Would this count?

Yes, standing orders to other accounts are viable and qualify for the First Direct offer (unlike the equivalent incentives from other banks).