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Thread: Bank account switching

  1. #1
    Join Date
    Apr 2007
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    15,323

    Default Bank account switching

    I've idly considered this for years but have stayed with Natwest through inertia, plus it's what I know, plus they gave me a £6k overdraft facility years ago I used once that might be useful one day. Plus it's all just a bit scary as it's all our finances (wages and child benefit in, bills and savings out) and I just don't want to mess around with it.

    Sound familiar?

    Thanks to a post on HUKD I've sort of had a eureka moment. Basically the point is you don't have to switch your main account. Some incentives are paid simply by switching a basic account with just £1 in it, most with a couple of DD's in, and some do require £xxx to be paid in a month, which can be easily paid in and back out again.

    If you haven't read it, have a look at the post. I'd got a pretty dormant account with HSBC with one annual DD attached to it and £10 in it, next step is to switch that to a new M&S account that will give me £100 in M&S vouchers and then put a simple additional DD on that and switch every couple of months or so.

    If like me you have fancied the £100 plus incentives but were put off by talk of having to switch your 'main account' then have a read of the article. I appreciate many of you will already have done this ages ago but hopefully this may help one or two like me that have been put off by some assumptions about it having to be their main account.

    Note it may affect your credit rating, just read all the post.

    http://www.hotukdeals.com/deals/new-...2079867?aui=38
    Those who think they know it all are very annoying to those of us who actually do.

  2. #2
    Join Date
    Feb 2010
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    2,156

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    If you're just getting started, it could be best to start with the TSB offer since that ends in a couple of days time; the M&S one has been running for ages (although used to be better; was £150 when I did it). I think the TSB terms allow the direct debits to be setup after opening the account, which is unusual and helpful for the tight timescale; normally they need to pre-exist on the account being switched out.

  3. #3
    Join Date
    Nov 2011
    Location
    Southest south devon
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    I have been put off doing this stuff for very similar reasons to Dom...

    One snag is I don't currently have any "dormant" current accounts - Just have a Santander 123 which is where my wages go and several d/ds go out. Also have a normal Santander current account ( joint with OH ) no d/ds in that one, but we use it to put aside money that we have to pay every 6 months ( service charge & ground rent ).
    Away from the numbers

  4. #4
    Join Date
    Apr 2007
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    15,323

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    Highlander - Just open one now, although you will miss out on the TSB offer but there are several others and new ones come along from time to time. Sarah you are probably right, I just decided to go for the easiest one (in my mind) first as I'm not intending to hammer them all within a short timeframe as possible. As a shareholder in two banks it still doesn't sit totally at ease with me but I feel I should take advantage, but at my own pace.
    Those who think they know it all are very annoying to those of us who actually do.

  5. #5

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    another one here who keeps thinking about it but doing nothing as it seemed easier to stay put however now that I am on maternity leave and have gotten over the initial shock of a new born (** note to Dominic and Polo.... the couple of years since number 1 have very much dulled the memories of the lack of sleep etc prepare yourselves !!) I have a little more time and have just got around to doing the HSBC one for my husband for the 120 switch bonus and 120 regular saver (£10 per month for leaving £300 in their ISA for the year). Not sure which to go for next but will come up with a plan over the next couple of weeks.

  6. #6

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    Some time last year I was offered 5000 clubcard points for opening a Tesco Current Account (no transfer needed). So that gave me the 'spare' account to start a chain of transfers - Tesco to Yorkshire (£150), Yorks to Co-op (£100) from there the plan was to go for M&S (£100) followed by Halifax (£100) and to stay there for the £5 per month bonus but a letter from Halifax offered me an increased £200 transfer bonus for a limited period so I have skipped M&S.

    All transfers went through very smoothly with very little effort but Halifax was the quickest to pay out the incentive. I have finished now and am happy with the Halifax.

    Don't forget to check Topcashback before proceeding. Co-op is offering £40.40. Mine has gone to confirmed now but fingers are still crossed for payment due to account now being closed.

    Also the TSB Classic pays 5% interest on balances up to £2000 and no direct debits needed there.

  7. #7
    Join Date
    Apr 2007
    Posts
    15,323

    Default Bank account switching

    Yes the TSB classic is one account we actually looked at opening and keeping for the interest - we have another HSBC current account that we use as a small savings account. We might actually move to that legitimately!
    Those who think they know it all are very annoying to those of us who actually do.

  8. #8
    Join Date
    Oct 2006
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    over on MSE comps page !
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    571

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    Just opened a Co-op account and done the switch, everything went through smoothly. Just waiting for £100 switch incentive, plus £50.50 from TCB and £25 to charity

  9. #9

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    Quote Originally Posted by Jude1234 View Post
    Just opened a Co-op account and done the switch, everything went through smoothly. Just waiting for £100 switch incentive, plus £50.50 from TCB and £25 to charity
    I'm in exactly the same position having switched a dormant account about 3 weeks ago. I set up 2 x £1 direct debits going out of it before I switched (magazine offers) and am now just waiting. My plan was to do a chain of them as previous poster for me and OH. However his application to open an account was declined with Coop
    we must live with our enemies as if they might become friends and our friends as if they might become enemies La Bruyere

  10. #10
    Join Date
    Apr 2007
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    just a word of caution, its best to space these applications out as it all leaves a mark on your credit record.

    I don't suppose it matters if you don't have a mortgage or don't intend moving house or applying for a bank loan for the foreseeable future but life tends to throw us curve balls ...
    Achieved Gold award for my 50th blood donations in12/11. Now 07/03 just given my 62nd blood donations

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