Switching current account

WSB

eskbanker said:

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).

Sounds like a doddle then. 
A basic account each for myself and my wife. Set up a couple of standing orders fir small amounts to some of our savings accounts.
Bung a grand in each and make a few transactions as they state then bobs your uncle. 
Unless I'm missing something?

Alexland

WSB said:

Unless I'm missing something?

Just read the switch offer terms carefully to ensure you comply. Many of us run additional bank accounts with low volumes of transactions in order to benefit from switching bonuses although after a while it becomes harder as some banks will not payout twice or have long periods before becoming eligible for switch incentives again. You are fortunate to be new at this. There are several threads at the bank account forum to discuss particular bank switch offers:
https://forums.moneysavingexpert.com/categories/budgeting-bank-accounts

badger09

WSB said:

eskbanker said:

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).

Sounds like a doddle then. 
A basic account each for myself and my wife. Set up a couple of standing orders fir small amounts to some of our savings accounts.
Bung a grand in each and make a few transactions as they state then bobs your uncle. 
Unless I'm missing something?

You should also be aware that FD (& HSBC) tend to be ‘selective’ in terms of the type of customer they accept. If they don’t accept you or your wife, don’t take it personally. Just try somewhere else. 

If you are successful, you might want to hang on to those FD accounts, rather than switch again later. You could then both open a Regular Saver paying 7% on up to £300 per month. 

WSB

Alright folks, quick update.

Have set up my wife switching from her old Nationwide account to a new First Direct account for £175 bonus.
Set up a Monzo account for me yesterday and today have set up for me to switch from that Monzo account to a new First Direct account for £175 bonus.
NB: Have ensured we both have met all the bonus criteria.

Looking at the other deals out there, there are good switching deals with Santander and also Nationwide.  However, we already have joint accounts with both of these, so not sure whether it's worth trying to switch from a new dummy account each to one of these each, as they might refuse as we already have joint accounts. 
What do you think?

Other than those, the only other option appears to be Co-Op.  Although there's a few more hoops to jump through there.

Thanks all.

PRAISETHESUN

WSB said:

Alright folks, quick update.

Have set up my wife switching from her old Nationwide account to a new First Direct account for £175 bonus.
Set up a Monzo account for me yesterday and today have set up for me to switch from that Monzo account to a new First Direct account for £175 bonus.
NB: Have ensured we both have met all the bonus criteria.

Looking at the other deals out there, there are good switching deals with Santander and also Nationwide.  However, we already have joint accounts with both of these, so not sure whether it's worth trying to switch from a new dummy account each to one of these each, as they might refuse as we already have joint accounts. 
What do you think?

Other than those, the only other option appears to be Co-Op.  Although there's a few more hoops to jump through there.

Thanks all.

You'll need to check the terms of each offer individually to see if you can switch into existing accounts to qualify for the offers or if you need to open brand new account, but either way assuming you are eligible then as long as you do sole switches each (ie. don't switch into the joint accounts) then you will be fine. Nationwide actually allows a second incentive payment for a separate joint switch on top of the incentive paid for a sole switch.

And as an aside, I use Chase for all my dummy switching accounts. Once you open your first account, you can then very quickly and easily open up additional accounts in the app which you then switch away. Just make sure to never close down your very last account or else they bar you from opening new accounts in future.

WSB

PRAISETHESUN said:

WSB said:

Alright folks, quick update.

Have set up my wife switching from her old Nationwide account to a new First Direct account for £175 bonus.
Set up a Monzo account for me yesterday and today have set up for me to switch from that Monzo account to a new First Direct account for £175 bonus.
NB: Have ensured we both have met all the bonus criteria.

Looking at the other deals out there, there are good switching deals with Santander and also Nationwide.  However, we already have joint accounts with both of these, so not sure whether it's worth trying to switch from a new dummy account each to one of these each, as they might refuse as we already have joint accounts. 
What do you think?

Other than those, the only other option appears to be Co-Op.  Although there's a few more hoops to jump through there.

Thanks all.

You'll need to check the terms of each offer individually to see if you can switch into existing accounts to qualify for the offers or if you need to open brand new account, but either way assuming you are eligible then as long as you do sole switches each (ie. don't switch into the joint accounts) then you will be fine. Nationwide actually allows a second incentive payment for a separate joint switch on top of the incentive paid for a sole switch.

And as an aside, I use Chase for all my dummy switching accounts. Once you open your first account, you can then very quickly and easily open up additional accounts in the app which you then switch away. Just make sure to never close down your very last account or else they bar you from opening new accounts in future.

Thanks, I used Monzo for my dummy account.   Would Chase have been better?

PRAISETHESUN

Nothing wrong with Monzo, it just means that the next time a switching offer comes along you will need a new dummy account if you aren't going to keep your FD account open. That can take time to apply, go through ID/security checks, and then waiting for the debit card to arrive. All things you might not want to worry about if you're under time pressure to get a switch completed before a deadline. Opening new accounts as an existing customer of a bank you already hold an account with is usually significantly faster and easier, and Chase is one of the easier banks to do that with. Added bonus of no hard credit checks for new accounts either, unlike plenty of other banks.

WSB

PRAISETHESUN said:

Nothing wrong with Monzo, it just means that the next time a switching offer comes along you will need a new dummy account if you aren't going to keep your FD account open. That can take time to apply, go through ID/security checks, and then waiting for the debit card to arrive. All things you might not want to worry about if you're under time pressure to get a switch completed before a deadline. Opening new accounts as an existing customer of a bank you already hold an account with is usually significantly faster and easier, and Chase is one of the easier banks to do that with. Added bonus of no hard credit checks for new accounts either, unlike plenty of other banks.

Ok, thanks for that. Cheers