switching banks, which?

grinch53

Am getting a little frustrated with halifax reward account continually saying I haven't met criteria for my reward . So decided to switch .Narrowed it down to first direct 1st and nationwide flexdirect.I have another  current account with virgin for the travel insurance..Which of these two banks consistently offers the better regular and or fixed interest savings accounts?
The article regarding nationwides expected bonus to members has thrown a spanner into the works, has this been paid out year on year?
thanks for any help

eskbanker

There's no need to limit yourself to having savings accounts with your current account provider, so many will simply shop around for whichever savings account suits their needs.

Having said that, First Direct's regular saver has usually been at or close to the top of the market and does require a current account with them (albeit not necessarily one you make much use of).

The Nationwide fairer share payment is easier to qualify for if holding savings with them - it's only been offered for the last two years and is expected again this year.

grinch53

Thanks for that, and the fairer share payment can't be relied upon.First direct edges it.

Nasqueron

grinch53 said:

Thanks for that, and the fairer share payment can't be relied upon.First direct edges it.

Why not just setup another account and switch both?

PRAISETHESUN

There's nothing that says you have to have only one account at only one bank - in fact many would encourage you to have backup accounts with a few in case of technical issues.

By all means move your primary bank account if you're unhappy with the service offered by Halifax, but there's nothing stopping you setting up secondary accounts to switch to other banks solely for the bonuses, whilst leaving your primary account untouched. That way you can switch to FD to get the £175, then switch again to Nationwide to grab their incentive, and set yourself up for their fairer shar payment later in the year (assuming they repeat it). 

flaneurs_lobster

If you are going to try for the Nationwide Fairer Share (IF it operates again this year and IF the criteria remain unchanged) then do it soon since you need to pay cash in'n'out of the current account and have some cash in a savings account by the end of the month.

https://www.moneysavingexpert.com/news/2025/01/nationwide-fairer-share-payment-maximise-chances/

Rob5342

PRAISETHESUN said:

There's nothing that says you have to have only one account at only one bank - in fact many would encourage you to have backup accounts with a few in case of technical issues.

By all means move your primary bank account if you're unhappy with the service offered by Halifax, but there's nothing stopping you setting up secondary accounts to switch to other banks solely for the bonuses, whilst leaving your primary account untouched. That way you can switch to FD to get the £175, then switch again to Nationwide to grab their incentive, and set yourself up for their fairer shar payment later in the year (assuming they repeat it). 

I agree with this, treat each account individually. Choose a current account that best serves you as a current account, and choose the savings account with the best rate, getting another current account with that bank if that's necessary for the savings rate. If you want the Nationwide fairer share bonus then open a couple of accounts with them and put the minimum required amount of money in them. Keep on top of it and shop around every few months to see if there is anything better.

grinch53

Thank you all, am new to  switching and whats suggested makes sense to be prepared and take advantage of future switches that suit me better and also our joint account.