Top Bank Accounts Discussion Area
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Hi there.
For the HSBC switch offer, do i only have to OPEN the bank account by the 30th and then i have 30 days to switch after the 30th? I have an M&S bank account with a saver that matures after the 30th, after it has,i was going to switch this to HSBC for the £150 but would have to be after the 30th (im also going on holiday on tuesday so need more time to switch it)
Any help i would appreciate. thanks.
The account needs to be opened by 30th June, and the switch must be completed 30 days after that (by 30th July).
When you apply for the account (if accepted) you can apply to switch at the same time and nominate your switch date. Simply choose a date after your regular saver matures.0 -
ValiantSon wrote: »The account needs to be opened by 30th June, and the switch must be completed 30 days after that (by 30th July).
When you apply for the account (if accepted) you can apply to switch at the same time and nominate your switch date. Simply choose a date after your regular saver matures.
Semantics maybe but.. APPLY by June 30th is the actual term & within 30 days of opening START a full switch.
"a. you apply for an Eligible Account between 21 May 2018 and 30 June 2018 (inclusive), and such account is subsequently opened;"
And
"c. you instruct us to start a full switch of a current account, including at least two Direct Debits or Standing Orders, to your Eligible Account using the Current Account Switch Service (CASS) to start within 30 days of the date of your Eligible Account being opened. "
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Semantics maybe but.. APPLY by June 30th is the actual term & within 30 days of opening START a full switch.
Okay, they do say, "apply", rather than "open", and "start", rather than "complete" a switch. In most cases applying for and opening an account starts on the same day, but yes it could be different in certain cases where applications are manualy reviewed. When it comes to starting a switch, however, everything gets a little murkier; exactly when does a switch instruction start? Is it the day that you instruct, which could be the same day you apply for the account, or is it seven days before the switching date? I wouldn't want to be arguing with HSBC over that, so to make life easier it is simple enough to look at it as being the date when the switch will complete, especially as the questioner indicated that this was possible.0 -
Semantics maybe but.. APPLY by June 30th is the actual term & within 30 days of opening START a full switch.
"a. you apply for an Eligible Account between 21 May 2018 and 30 June 2018 (inclusive), and such account is subsequently opened;"
And
"c. you instruct us to start a full switch of a current account, including at least two Direct Debits or Standing Orders, to your Eligible Account using the Current Account Switch Service (CASS) to start within 30 days of the date of your Eligible Account being opened. "
So are you saying I can apply before the 30th, and then start the switch anytime in between the 30 days (till the 30th July)? May go for this if so.0 -
So are you saying I can apply before the 30th, and then start the switch anytime in between the 30 days (till the 30th July)? May go for this if so.
That is what the terms say... I wouldn't go right to the deadline - you get the facility to schedule a switching start/end date.
So when the account is open, or during the opening process, you can choose a switch date up to 30 days ahead (maybe more, so be careful to comply with the bonus requirements).0 -
Hi,
Can anyone advise of any basic joint accounts that allow four people to be named on the account? Have been having a look around and read that Natwest do one but can't find anything?
Thanks!0 -
Sad to see that Halifax reward account is dropping the monthly reward from £3/month down to £2 a got the letter today. Barely worth it nowMS Stalwart. Used site for >10 years :jMake Do, Mend and Minimise member - focussing on upcycling/repurposing and sewing0
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Not sure if tho is the right area to discuss kids accounts so please forgive me if it’s wrong. Basically, I have 3 savings accounts, they’re used for my children as it’s money I save for them but it’s accessed by myself for items that they may need. Eg one child has a medical condition and we self fund some equipment, so we access the account when the next payment is due (every 2 to 3 months). At the moment their money is sitting in savings accounts linked to my Santander 123 account. I like the simplicity of moving money between accounts when required but I’m also mindful that they’re not getting a great interest rate but also the accounts are in my name rather than theirs which can look as if I have more than I actually do but I also need control.
Is this the best option? Stick with what I’m doing or is there a better way?
Thanks0 -
Not sure if tho is the right area to discuss kids accounts so please forgive me if it’s wrong. Basically, I have 3 savings accounts, they’re used for my children as it’s money I save for them but it’s accessed by myself for items that they may need. Eg one child has a medical condition and we self fund some equipment, so we access the account when the next payment is due (every 2 to 3 months). At the moment their money is sitting in savings accounts linked to my Santander 123 account. I like the simplicity of moving money between accounts when required but I’m also mindful that they’re not getting a great interest rate but also the accounts are in my name rather than theirs which can look as if I have more than I actually do but I also need control.
Is this the best option? Stick with what I’m doing or is there a better way?
Thanks
Why not just open three savings accounts in your ow name, but with a different bank to get the best interest rate? For ease of opening, and full easy access, Tesco's Internet Saver may well do. It pays 1.34%. Coventry Building Society have a rate of 1.4%, but limited withdrawals and Birmingham Midshires have a 1.35% rate, but their account opening procedures belong in the dark ages. All of these accounts include a one year interest rate bonus, so you need to make a note in your diary to review it after a year (or sooner if better rates become available elsewhere).
There is no difficulty in managing the Tesco account online. You can easily move money in and out of it to your Santander account via faster payments.
Of course, if you are still topping these accounts up on a regular basis, then why not make the regular contributions into a regular saver, where you can earn more interest and then divide the matured sum (12 months later) between the three easy access accounts. If you are saving upto £200 per month in total for them, and have a Santander 123 or 123 Lite account, then you can get 5% in a regular saver. If your Santander account isn't 123, you can still get 3% from them. Even better, if you won't maximise the deposit o £200 with the regular contributions, then you could do so by adding funds from the existing savings, so as to get the very best return.0 -
ValiantSon wrote: »Why not just open three savings accounts in your ow name, but with a different bank to get the best interest rate? For ease of opening, and full easy access, Tesco's Internet Saver may well do. It pays 1.34%. Coventry Building Society have a rate of 1.4%, but limited withdrawals and Birmingham Midshires have a 1.35% rate, but their account opening procedures belong in the dark ages. All of these accounts include a one year interest rate bonus, so you need to make a note in your diary to review it after a year (or sooner if better rates become available elsewhere).
There is no difficulty in managing the Tesco account online. You can easily move money in and out of it to your Santander account via faster payments.
Of course, if you are still topping these accounts up on a regular basis, then why not make the regular contributions into a regular saver, where you can earn more interest and then divide the matured sum (12 months later) between the three easy access accounts. If you are saving upto £200 per month in total for them, and have a Santander 123 or 123 Lite account, then you can get 5% in a regular saver. If your Santander account isn't 123, you can still get 3% from them. Even better, if you won't maximise the deposit o £200 with the regular contributions, then you could do so by adding funds from the existing savings, so as to get the very best return.
But be careful about opening accounts for children in your own name. Especially if you are likely to breach the tax-free allowance on those savings!0
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