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  • schiff
    schiff Posts: 20,099 Forumite
    Name Dropper First Post First Anniversary
    Thank you both. It works out to the penny! :)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Vortigern wrote: »
    Some months are longer than others. BoS use a "month" which runs from the first working day of the calendar month to the day before the first working day of the next.
    It's the 2nd working day to the 1st working day of the next. :)
  • schiff
    schiff Posts: 20,099 Forumite
    Name Dropper First Post First Anniversary
    One of the reasons Scotland wants to leave the UK is so that they can have different months from us. And be out of kilter.

    As it were :)
  • schiff
    schiff Posts: 20,099 Forumite
    Name Dropper First Post First Anniversary
    Some guidance please from anyone who has been through the routine :)

    Opened the account on Jan 5th, switch completed Jan 18th, deposited £1000 on Feb 6th.

    When should I expect my £100 gift-card and when will it first be enhanced by £10? I appear to have been lucky with my timing.
  • millie25
    millie25 Posts: 7 Forumite
    Hi all,

    I am looking to switch bank accounts and take advantage of the great incentive offered by First direct. I am currently with HSBC with a £1200 overdraft. I pretty much end every month at the limit of my overdraft (-£1200). Then when i get paid I return to around £300 positive. My monthly income is £1450 but because of a wedding to pay for and recently buying a house i'm struggling to make a dent in it. This may be a bad time to begin but i really want to take steps to lessen the amount owed.

    I thought a start would be to benefit from the £100 to switch and the first £250 interest free overdraft.

    I have never switched before so I am unfamiliar with the process.

    Will my current £1200 overdraft be a sticking point or am i likely to be able to take that with me?

    Any help would be greatly appreciated.
  • grumbler
    grumbler Posts: 58,629 Forumite
    Name Dropper First Post Photogenic First Anniversary
    edited 21 February 2017 at 3:43PM
    Before switching, you apply for a new account first. If accepted, they tell you your agreed limit. There is no way to know your new limit before applying and you can never be sure that the new bank will give you the limit you want.

    Consider finding an alternative, cheaper, way of borrowing (CC, loan) first as an overdraft is usually a very expensive way.
  • dan-_3
    dan-_3 Posts: 43 Forumite
    First Anniversary Combo Breaker First Post
    I'm interested in the switching bonus from HSBC and I know that you can't recive it if you're already an HSBC customer, but what about First Direct?

    I already have about five accounts with first direct (current, mortgage, savings, regular saver, etc.). So would this prevent me from receiving the switching bonus from HSBC, considering that they own First Direct, or are they considered as separate banks from this point of view?

    I guess the same question applies to Halifax versus Bank of Scotland and other banks that have merged or are subsidiaries.

    Any ideas folks? Apologies if this is already covered, but I didn't have time to read all 64 pages of the thread!
  • badger09
    badger09 Posts: 11,201 Forumite
    First Post First Anniversary Name Dropper
    dan- wrote: »
    I'm interested in the switching bonus from HSBC and I know that you can't recive it if you're already an HSBC customer, but what about First Direct?

    I already have about five accounts with first direct (current, mortgage, savings, regular saver, etc.). So would this prevent me from receiving the switching bonus from HSBC, considering that they own First Direct, or are they considered as separate banks from this point of view?

    I guess the same question applies to Halifax versus Bank of Scotland and other banks that have merged or are subsidiaries.

    Any ideas folks? Apologies if this is already covered, but I didn't have time to read all 64 pages of the thread!

    Why do you need to read 64 pages?

    The Switching Offer T&Cs are all on a 1 page PDF.


    https://www.hsbc.co.uk/1/2/current-accounts
  • spexs
    spexs Posts: 340 Forumite
    First Anniversary Combo Breaker
    I am planning to switch to Halifax to get the £75 and then switch to Co-oP to get their £110. I can't find anything in the Halifax Ts&Cs that says I have to keep the account for a certain length of time to avoid a clawback of the £75. Have I missed something or am I looking for a black cat in a dark room? Thanks.
  • Steve_xx
    Steve_xx Posts: 6,976 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    spexs wrote: »
    I am planning to switch to Halifax to get the £75 and then switch to Co-oP to get their £110. I can't find anything in the Halifax Ts&Cs that says I have to keep the account for a certain length of time to avoid a clawback of the £75. Have I missed something or am I looking for a black cat in a dark room? Thanks.

    You're not bound to hold onto the account, but, bear in mind that it pays a £3 monthly reward, so you may wish to reconsider switching away from it?
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