Warning: long post ahead with lots of information. Any questions then please ask and I’ll do my best to answer.
So, this money making idea is based on the recent boom of current accounts offering ‘switching incentives’. Some banks offer money, others offer gift cards. It’s time to play them at their own game by gaining the incentive and then moving on to the next one. Currently, there are 9 banks offering these offers:
1. Yorkshire/Clydesdale Bank - no incentive at this moment in time.
2. Co-Op Bank - £150 incentive plus £50 cashback via TCB.
3. M&S Bank - £100 M&S gift card if you open their fee-free current account.
4. First Direct - £100 if you open a 1st Current Account and an extra £100 if you leave them.
5. Halifax - £100 if you open their Halifax Reward Current Account and then an ongoing £5/month reward.
6. TSB - no incentive at this moment in time.
7. HSBC - no incentive at this moment in time.
8. Nationwide - £100 if you're referred by an existing Nationwide customer and £35 cashback via Quidco/TCB.
9. Some people reporting that they're receiving an offer for switching current accounts to Tesco Bank - 10,000 clubcard points, 5,000 clubcard points, £100 Tesco gift card or £50 Tesco gift card. Seems to be people who have a Tesco credit card and/or Tesco savings account but no Tesco Bank current account. *Check all emails and mail through your letterbox*
More information about all these offers and clickable links in the 1st comment below.
Now, it’s important to note that these offers have some simple T&Cs that you must adhere to in order to get the incentives. For example, First Direct ask that you pay in £1000 before you get the incentive, Co-Op requires 2 x Direct Debits (DDs) to be transferred over plus £800 to be paid in and Halifax ask you to transfer 2 x active DDs and pay in £750 to get the £5/month; you DO NOT have to do this for the £100 switch incentive. M&S state that you must use their switching service to receive the incentive.
There are some important points to mention before I go ahead:
- to do the above, you DO NOT have to close your usual current account where you pay for your gas, electricity, water, phone, council tax bills etc. or where your salary is paid into. The idea is to create a ‘donor’ current account and use that account for the switching process; more information on this later.
- if you are on the electoral register, you will find that opening these accounts is A LOT easier. You can apply online/via phone for all of them and you can get an instant decision (in most cases) and access to your current accounts via online or telephone banking.
- there is MINIMAL hassle when switching current accounts. Banks are now able to switch your current account within 7 working days and they will do all the work. That means they will arrange all DDs and SOs to be transferred over, they will arrange for the closure of your old account and they will transfer over any remaining balance.
- this is NOT a time consuming commitment; all you need is a little bit of organisation. Opening a current account takes 10 minutes, making a phone call to switch current accounts takes 10 minutes, setting up a new payment and transferring £750/£800/£1000 into your new current account to fulfil the T&Cs takes 5 minutes (not applicable for M&S) and transferring that money out takes another 5 minutes. Finally, expect to check your account every few days which will add another 10 minutes or so. Each account should not take any longer than a couple of hours from start to finish.
- each time you open a current account, the bank will do a credit search and this MAY have an impact on your credit score (especially if you have too many searches within a short period of time). Consider any upcoming mortgage, credit card and loan applications and whether it’s a good idea to open these current accounts. You can get your credit report for free from Noddle. To date, my credit score has NOT been affected. Where possible, don’t apply for an overdraft and space out your applications to minimise the impact on your credit score. As long as you keep an eye on your score every month or so and spread your applications then you should not have any problems.
- First Direct and M&S occasionally offer increased switching rates of £125 via MSE. Keep an eye out for those offers.
- incentives are per customer and NOT per household.
- this is not going make you £££££s overnight, but it certainly will allow you to earn a few hundred pounds over a few months with little effort.
- by switching current accounts, the banks currently CANNOT ask for your switching incentive back.
Now, on to the instructions:
1. Open a ‘donor’ account. Barclays, Halifax and Natwest have simple online current account applications. Once your account is open, stick £1+ in it. Wait for your debit card to arrive.
2. Open a current account with any of the banks offering a switch incentive. Read the T&Cs, funding requirements (if applicable) etc. Initiate the switch by giving the bank your ‘donor’ account details. Wait to receive the switching incentive. Once received, move on to the next bank (you won't have to repeat step 1 as you've now got a ‘donor’ account with the bank you just switched to).
3. Continue until you're fed up/have taken advantage of the offers. And that’s it!
So there you have it folks, a nice little earner.
Any questions then fire away; always here to help.
**A big thank you to everyone who comments when new incentives pop up, change etc.**
Top comments
BMOLE
10 Dec 14159#4
I've exhausted most of these options and it has had a dramatic effect on my credit score!
Its gone from 5/5 on Noddle to 3/5.
I would advise anyone to consider your credit rating before switching banks so regularly.
Master G
10 Dec 1466#14
Leave the first direct one until last. You won't want to leave them ..... even for an extra £100. The level of service they provide is worth much more than that,
IMHO, that 'detailed paragraph' should be at the very start of this 'deal' and marked as a warning.
There are many people, particularly at this time of year, who will be drawn to the 'free money' without fully understanding the potential implications of the affect it could have on their credit score.
Mods I have put this in deals as you need some money to transfer in to the account in order to be eligible for the switch incentives; thus not being a 'freebie'.
Of course, you can swiftly transfer the money back out.
:wink:
spicy_gal
10 Dec 143#3
Heat for the effort,will look into this tonight
BMOLE
10 Dec 14159#4
I've exhausted most of these options and it has had a dramatic effect on my credit score!
Its gone from 5/5 on Noddle to 3/5.
I would advise anyone to consider your credit rating before switching banks so regularly.
karlie88 to BMOLE
10 Dec 141#6
As per the opening post.
:man:
stevebax to BMOLE
11 Dec 14#95
No-one cares what your Noddle score is though, it's largely meaningless.
If you're going to apply for a mortgage in the next 6 months then you probably shouldn't do this. For anyone else it's fine.
gordon999 to BMOLE
11 Dec 14#96
Yes definitely. The problem arises when your too many searches are carried out on your credit file in a short amount of time. The amount of money earned is minimal compared to the irreparable damage this could do to your credit score.
knack to BMOLE
11 Dec 141#107
So in other words it's gone from one meaningless number to another?
kiish to BMOLE
11 Dec 14#135
You do know your rating has no effect on lenders except where you have high amount of credit searches in short period. The fancy rating or stars is a way for them to monetise from upgrades just like experian and equifax for monthly charges
mikeyrobbo to BMOLE
11 Dec 141#144
that's not your credit score
seanmorris100 to BMOLE
11 Dec 14#157
I think most the people on this site dont have good credit ratings lol
MaximusRo to BMOLE
13 Dec 14#181
Yes, OP is optimistic about not affecting your credit score, however, it depends on whether you actually plan to take a loan or not in the near future
pdhroche to BMOLE
16 Feb 15#279
I agree, I have a mortgage application going through as we speak, so I'm going to hold off for a while.
Psychic to BMOLE
16 Feb 15#301
Yes I agree it can have a negative affect on your credit score. It's not a good idea to apply for lots of accounts. Same goes for credit cards.
aym280 to BMOLE
22 Jul 15#880
How so? I have used lots of them and I never bother about my credit rating. I have no debts ... What are you on about?
djt100 to BMOLE
28 Oct 15#1162
Yep was going to say the same, it will massively screw your credit score! not worth it
Pluun to BMOLE
28 Oct 15#1187
I know someone who defaulted on 5 credit cards, had a CCJ and then was offered and got a £10,000 limit card.
So, just how does "credit rating" work? :confused:
Rhnsurvey123 to BMOLE
30 Nov 15#1246
Mine has gone up from 2/5 to 5/5, using the switching service won't have a massive impact, if they perform credit checks for things like overdraft then it does, but for standard reference checks it shouldn't. If you don't have an overdraft with the new bank, the effects will be minimal. Just get a credit card and keep it in credit and pay it off every month or don't use it for a year and your credit rating should rebuild. Also make sure you are on the electoral roll.
deeky
10 Dec 142#5
Good effort karlie. Hopefully this will help a few people. :smiley:
Jeikobu88
10 Dec 145#7
Good work op - just need to find £1000 now so I can start transferring lol
karlie88 to Jeikobu88
10 Dec 14#8
You could do 2 x £500 etc.
:wink:
norville555
10 Dec 141#9
might as well stay with Santander 123 account and earn 3% .
karlie88 to norville555
10 Dec 144#11
You're comparing apples (switch incentives) with pears (high interest rate current accounts).
I have the Santander 123 account as my main account. DDs for bills etc all come from this account. Never switched from that.
DemonIT to norville555
23 Jan 16#1349
Not sure how you work that out?
2.4%, I assume AER, with a little compound would earn you < £25 in your pocket on the year with the £1,000 you would use instead use to switch these deals about.
Average payout is about £120 on these deals, so do 1 of the 11 above and you're better off (or do both if you've got the cash and double up).
Even if you have several £,000's laying about in your current account doing these deals will still earn you more on the £1,000 that they require.
BMOLE
10 Dec 141#10
Most people arent going to read a 2000 word essay but will read the first few comments of a post so thought it was worth highlighting again.
Heat for the free money and the effort but definitely not for everyone.
HappyShopper
10 Dec 148#12
I'm sorry, but no amount of financial incentive will induce me to potentially adversely affect my credit score.
karlie88 to HappyShopper
10 Dec 14#13
Valid point. Hence a detailed paragraph explaining this.
mocmocamoc to HappyShopper
10 Dec 14#30
Not only that, life is a long time and it's likely you may need one of these banks again in the future.
Also the hassle free switching is a pain, they'll transfer the direct debits but not your wages, surprisingly your HR department doesn't just accept a random letter demanding they change your bank details.
OK it should work smoothly, but it usually doesn't.
A lot of messing about with consequences for a few quid.
Be careful with standing orders, they copy them but don't remove the old ones, so there is a good chance you'll pay twice.
MaximusRo to HappyShopper
13 Dec 14#184
It might do so for a short while, after that it might actually help your credit score.
bozo007 to HappyShopper
22 Dec 14#196
Unless you have an important loan requirement coming up, I don't see why these offers shouldn't be used. A great credit score is to be utilised exactly for stuff like this and not glorified. Any reduction in it is temporary anyway.
dannyboy92 to HappyShopper
16 Feb 15#293
Not even £1b?
Master G
10 Dec 1466#14
Leave the first direct one until last. You won't want to leave them ..... even for an extra £100. The level of service they provide is worth much more than that,
HappyShopper
10 Dec 1428#15
IMHO, that 'detailed paragraph' should be at the very start of this 'deal' and marked as a warning.
There are many people, particularly at this time of year, who will be drawn to the 'free money' without fully understanding the potential implications of the affect it could have on their credit score.
frible
10 Dec 144#16
We have switched accounts twice, both times it was a complete mess, banks blaming each other, nobody would admit what had happened, hours on the phone constantly repeating the same stuff over and over.
Just saying its not always hassle free, even if they assure you it is.
Agree with comment about First Direct tho, always been very on the ball.
maribecx
10 Dec 14#17
I just got my mortgage and don't need to borrow/lend for a while now (due to remortgage in 2 yrs) so I should be alright to do this, I'm sure in 2 years I can get my cred score back up again?? Or is that how it works...?
Gaminggirl
10 Dec 147#18
No such thing as a universal score. Credit agencies don't know your salary, etc, etc. It is nonsense. Banks have internal scoring procedures which vary. So you may score high for one bank and not another.
What will effect you, is not the nonsense score you get from your file. It will be the data. So multiple searches in 12 months. Makes lenders nervous. As will the average age of your accounts rapidly decreasing, no stability. Then the amount of accounts you have, can again make lenders nervous
What does it mean? I'd be careful if you need to switch mortgages or credit cards anytime soon. Also when current banks/cards check your file every 6 months or so. They may remove/decrease existing facilities based on credit file "data".
MarcusD
10 Dec 143#19
I have switched to First Direct whilst using a free months trial with Experian as I wanted to see if it impacted on my score or not and my credit score went down from 999 to 981 as a result of the searches taking place, so like previous people have mentioned this may impact your credit score and in my case it most definitely did!
Gaminggirl to MarcusD
10 Dec 146#20
The score is a guide. It's a guide because they don't have your salary, work details, etc, etc. Big things on how a lender scores you. I wouldn't be so worried about your "score" but the data as detailed in my post above yours.
Hope that helps.
MarcusD
10 Dec 141#21
Thanks for that :smiley: And yes completely agree with your post as well :smiley:
rambobambo
10 Dec 14#22
Does any one know if you can earn both from yorkshire and clydesale if you trasfer two separate accounts..thanks
karlie88 to rambobambo
10 Dec 14#25
Early days.Their switch incentives only launched 2 weeks ago.
I'm trying it out...
fade2black3
10 Dec 145#23
Very, very tempted by this although I am incredibly lazy...
karlie88
10 Dec 144#24
IMHO people should read the whole post and do some basic research before embarking on this.
davidlowe0
10 Dec 14#26
Good effort. :smiley:
wordsworth
10 Dec 141#27
Thanks for the deal and the great effort in putting it together
Drooler
10 Dec 142#28
Agreed 100%!
spottydog
10 Dec 14#29
HOT just for the effort!
Inactive
10 Dec 14#31
Well it is good to know that they seem to be far better than HSBC, their parent company, who could not organise a piddle up in a brewery.:disappointed:
It took over 30 minutes earlier today, just to activate a new Debit Card over the phone, just because they had a " glitch " on their online banking.
Oh and the new card has " contactless " built in, that I did not ask for, or want.
No choice, take it or go elsewhere.
Am I a new customer, nope been there longer than HSBC, since the good old Midland Bank ( RIP ).
:disappointed:
junkshez
10 Dec 14#32
I need to get on this! thanks.
ashfp
10 Dec 141#33
I did this about 4 months ago.
Went from Halifax (generic current account) > 1st direct > co-op > back to halifax (current plus account).
I wasn't sure if it would affect my credit score (can't get on noddle to check as it appears to be down), but I already have my mortgage+credit card sorted. The switching was very easy (all DD's and payment details switched over fine), and I can't have spent more than 3 hours in total doing various things.. not a bad return per hour.
neneromanovagirl
10 Dec 14#34
Barclaycard allows you to pay money into your bank account, would that count towards the £1000 pay in?
SkyBlu75
10 Dec 14#35
What about the active direct debits?
Tymondo
10 Dec 14#36
I think this is an excellent post as long as people are aware that if you are going to try and obtain credit in the near future lenders get nervous about someone who has recently opened a new account and when you are opening 5 this may raise suspicions.
Also it is likely to have an adverse effect on your credit rating as they will likely leave hard footprints on your credit file.
matthewmarsh
10 Dec 142#37
for people with the money theres an article about this on MoneySavingExpert where you not only get the bonuses but keep the maximum balance receiving the best interest rate on multiple current account. It involves Direct Debits and cycling a grand between the accounts each month.
Only really for people who are holding onto more than £20k in a "savings" account with rubbish interest and that is definitely not me!
karlie88
10 Dec 144#38
Your post contains quite a lot of inaccurate information.
You can always re-apply to any of these banks, you're just not be eligible for their switch incentive.
As mentioned in the OP, there is no need to use your actual main current account where your salary is paid in etc.
£700 is hardly a few quid.
The old standing orders will be removed because they close your old current account.
ashfp
10 Dec 14#39
Why would you need these banks in the future? They send you printed copies of your transactions from the last year or so (I exported mine to digital format as far back as possible also for personal backup).
Mine couldn't have gone smoother to be honest (switched 3 times). All direct debits, standing orders, and other payee details moved over and they must have sent my employer a letter/email as they automatically changed my account details too. I earned roughly £400 for about 3 hours work, not really "a few quid". They close the old account so you can't "pay twice".
czechoslovakia
10 Dec 143#40
I dislike banks just as much as anyone else, but feel this idea is taking the mick.
And the banks will cotton on to you soon enough, and perhaps start declining to open new accounts for you. After all, the banks do share a lot of information between themselves.
I`m sure some people will get away with it, but the banks will never lose. Watch them change the conditions, pull the offers, or slap a few extra % on everyone`s loan rates. Churning Credit Cards is nothing new, and most providers block it these days.
As someone who pays an awful lot for business banking, I find this idea rather sad.
Messing the banks around to earn a few quid just to spend on stuff you don't really need found on HUKD, and ruining your credit score in the process? MEGACOLD
Yuzo
10 Dec 14#41
I can vouch for this, so far me and the wife have both done First Direct, Halifax and currently doing a Yorkshire Bank switch (although Yorkshire Bank seem to be taking ages setting up our accounts). FD and Halifax payed up no problems. Still waiting for my Halifax quidco payment.
We now use First Direct as our main accounts due to excellent customer service.
ashfp
10 Dec 141#42
Also, it may be worth noting that I did not bother with the M&S one because at the time (4 months ago, not sure about now), their terms and conditions stated that you couldn't have used the "switch service" before.. so I just didn't bother (didn't want the £100 M&S vouchers enough to bother).
Apparently, they have strong recruitment criteria, Less than 1 in 100 get through, And its based on personality rather than experience so they don't get people from other banks with bad habits already ingrained, They must train them very well though as i've always found whoever i talk to very knowledgeable.
I'm sure i once read that a customer called them to say she had got on a train from London to Scotland without her purse and couldn't pay for her ticket. The member of staff transferred money from the customer's account into her own and then met the train at Leeds. Just can't imagine any other bank even thinking of that never mind actually doing it.
benjammin316
10 Dec 14#44
Not worth the hassle for a few quid.
Yuzo to benjammin316
10 Dec 147#49
£550+ a few quid?
£1000+ if you do it with a partner.
You must be loaded if this is a mere few quid :smiley:
jwiow
10 Dec 14#45
How long does the record stay on your credit score? I thought it only really affects it for 6 months?
karlie88
10 Dec 14#47
I think that means the switch service with M&S.
M&S was the 3rd account that I switched and I received the incentive.
Inactive
10 Dec 14#48
Thanks for that, I am seriously considering a move to First Direct, should be straightforward.:confused:
karlie88
10 Dec 148#50
We've all switched banks in our family. Ive been spreading the word.
I don't think you understand how the business world works.. this is not a "scam", there is nothing "illegal" about this. The banks have laid out their terms and conditions and nothing here is breaking that (although please not my earlier comment regarding the M&S T&Cs). As stated by the OP, this could potentially affect your credit rating (due to the number of credit searches, not because it's doing anything wrong).
Think of it this way, it's like trying out different banks to find out which you think is best for you (or in simpler terms, it's like getting a free sample of aftershave - you might try several before you find one you like). Why not get paid at the same time?
You are correct with regards to "banks never lose" though.
ashfp
10 Dec 14#52
Ah ok, I might check my credit rating and then switch then (as I've not done M&S, Clydesdale or Yorkshire yet). Thanks
Drooler
10 Dec 142#53
And the refer a friend thing with First Direct is decent too. Ive referred 2 family members. Decent as the person still gets the 100 and the referrer gets 50.
The switch was mega easy to FD, I would never look back now.
usetheforceluke
10 Dec 14#54
I vote hot just for the hard work the op put in :smiley:
NUMBER8GAMESTER
10 Dec 14#55
I have got to get bank switching.
voodoo85
10 Dec 142#56
have already done most of these and everything went very smoothly - have not noticed any adverse effect on my credit score either, was not aware of Yorkshire Bank so heat from me
Pokkai
10 Dec 14#57
Great post, I've already rinsed M&S & Halifax, just waiting for Smile to cough up, then it's on to this Clydesdale offer. Easy money, especially with Christmas coming.
Banks can pay us for once.
roxysilver22
10 Dec 14#58
Think this is great :smiley:
m1112
10 Dec 14#59
a thingy to remember is that banks will do credit check every time you open an account
so if you open 5 accounts within a week it will not look good on your credit score
dalmore12
10 Dec 142#60
This is typical of the UK.
People can't see further than the end of their nose. Which leads them to excessive use of credit cards (see deals on here), buying on credit (loans shops do not exist anywhere else in the EU) or deals like this, which may lead to debt.
I'm not saying it's anybody's fault, but it's deeply rooted in UK culture, which I think is a real shame, especially for vulnerable people.
Vatman95 to dalmore12
6 May 15#644
RogerN
10 Dec 141#61
You can "do" Halifax twice as their T&C state, "If you’ve received a £100 Halifax switching offer since January 2012 you can’t get this offer."
In other words, if you opened a Halifax account before that date you can switch to another bank, earn a bonus there, then switch back to Halifax and get it again! Just worked for myself and wife = £200 free.
robertoegg to RogerN
10 Dec 14#64
I did not know that! Sweet.... I think FDs is a lifer!
paddym
10 Dec 14#62
there are minimum time frames you need to stay with the banks to make sure you keep incentive. halifax = 6months
halifax employee
robertoegg
10 Dec 141#63
love all the comments from the naysayers - who by default are on here getting excited about Dulux paint being on 2 4 1 and the like. As others have stated, £500+ for some simple financial juggling is a great deal.
I've done FD (they don't switch you again which is a shame cos I'd like to get paid to go back!), I did Co-op, I did Halifax and currently get their £5/month. I'm looking at the Santander for house account and am using the nationwide as a house account presently to get breakdown, travel (+skiing), phone insurance, appliance warranty extension for a £10/month for 2 people. I've also got Metro for free Euro withdrawals and a Cahoot cos there's an OD on it I can use in emergencies if needed.
Same for credit cards, I've parked a big purchase for 28months 0%, got my free worldwide one from Halifax, got my reward one for everyday. If you play the rules, you can get yourself some nice benefits.
As long as everything else is straight on your credit file, then it shouldn't take you long to recover from their searches imo
lutek1000
10 Dec 14#65
czechoslovakia does not exist
blairboy121
10 Dec 141#66
I've been through the credit rating system for the last year with a lot of companies and applications and have pushed my score up to 975/999 with Experian despite loans and credit cards. I am certain that they all use a system based on FICO like Experian, and this is the primary tool for a lending decision. Noddle is free but updates monthly based on the delayed info from creditors. Some info can take a month or more, others can take effect in days. After that, affordability comes into it which is based on what you say/prove you earn. Applications affect you for several months, not years, and soft checks don't impact your credit rating at all, it's the actual loan or credit card that is the resident factor.
iand123
10 Dec 14#67
Great post, well done
thetarget
10 Dec 14#68
Metro bank seems to have a fast set up of a current account and can even issue debit cards quickly- same day I think I read on their website. So would this be the quickest method to get a new a/c up and running to do the switch? How long do other banks take to get a current account up and running?
TSB seem to offer a cash current account which is a more basic current account. Am I correct these cash current accounts which other banks also offer won't have the credit checks as they are very basic accounts so won't impact on credit ratings?
How long does it usually take to receive a debit card from a newly set up current account? OP suggests waiting for this to arrive. Any particular reason for waiting?
Thanks.
karlie88 to thetarget
10 Dec 14#71
When switching, you're usually required to give your debit card details.
adam8888
10 Dec 142#69
Have fun screwing up your credit rating by doing this. Then when you want some lending, and the banks say "not today thank you", it'll obviously be their fault all over again?
I'll pass thanks - no vote.
mocmocamoc to adam8888
10 Dec 14#73
Comment
Exactly, also all the banks own each other so when you apply for a mortgage they'll remember that you pratted them out, cost them a load of money, etc.
But it is £500
thetarget
10 Dec 14#70
Is it possible to have multiple current acounts with the same bank such as set up:
Basic TSB account for a switch
and also a
TSB Classic Plus account which gives 3.91% net interest on balances up to £2000 per year which is a rather good savings rate.
karlie88 to thetarget
10 Dec 141#72
Yes, that can be done.
DeanSteven to thetarget
20 Mar 16#1471
Plus their linked 5% savings account (£250 pm pay in allowed) and 5% cashback on contactless payments per month (up to £100 total spend so maximum £5 per month cashback)
Kenneth131
10 Dec 141#74
I worked for HSBC and first direct are on the bottom floor of the contact centre.
most of the processes are the same as HSBC now but their systems allow them to do a lot more and because they don't have branches ( you can use an HSBC one in reality) the staff are trained to do everything.
HSBC training was one of the best iv ever had and all the staff are great. they were just limited by the system HSBC brought in.
first direct still use the old one and its much quicker.
both are great but I prefer FD as there's no automated service.
amz003
10 Dec 14#75
Do you need to close your old account? Is it mandatory?
thetarget to amz003
10 Dec 14#76
If you use your existing account for a switch deal then it will be closed down as part of the process.
You'll need to set up another current account for a switch to one of these deal accounts if you do not want to lose your existing account.
stphnstevey
10 Dec 14#77
Good for newbies, but been doing this for while now
DaveRay
10 Dec 141#78
This is entirely legal and hardly costing the banks a lot of money - a hundred quid for the chance of having you as a long term customer is a calculated risk for them; after all, you have to choose one of them in the end! Thinking that they'll decline a loan because you closed a current account with them is ridiculous.
darkovo
10 Dec 14#79
I've done a few so far, been a few years so will do a few more :smiley:
FireGlow
10 Dec 14#80
Good effort on getting all the info together, heat added.
Like others though, would recommend putting the warning about Credit Scores close to the top (if not at)
Master G
10 Dec 141#81
30p off oranges you say? I'm on my way to Tesco!! :stuck_out_tongue:
thetarget to Master G
10 Dec 14#83
That deal expired earlier as it was discovered the oranges were actually tangerines :laughing:
karlie88
10 Dec 141#82
Man?
:laughing:
Master G
10 Dec 141#84
Damn that sirmaggie sending me on a wild goose chase. But then if i do get one, i can stuff it with the tangerines.
happydeals
10 Dec 14#85
Thanks
MadonnaProject
10 Dec 14#86
Hmmmm interesting.
GoGetter
10 Dec 14#87
Can you switch to First direct and receive bonus if you are with HSBC business
sowotsdis
10 Dec 14#88
really good idea
Moanygit
10 Dec 14#89
I have to agree with you,I went for the £100 and stayed for the brilliant service,very helpful staff good systems nothing is ever a problem for them.If only Orange could take a leaf out of their book!!
leehardacre
10 Dec 14#90
Nationwide also offer a 'refer a friend' option, giving the new customer and the referee £50 each.
Perhaps a good 'donor account' to begin with if doing this with a partner/friend etc.
thetarget to leehardacre
10 Dec 14#91
Two direct debit transfers are required for the refer a friend Nationwide £50 reward to get validated. Unless I am getting in a muddle with other T&Cs!!
naodai_mmx
10 Dec 14#92
Ty for effort. Mark for later reading
raysmith1971 to naodai_mmx
12 Sep 15#1020
how do you mark for later reading? I've always wanted to do that.
ozzie826
11 Dec 14#93
Every account you go to open you get credit searched and the more you get searched the lower your credit score goes down. So that's something to think about.
Chanchi32
11 Dec 141#94
ta Karlie - your awesome
Love the OP
I have been really lazy around gaming the bank account offers - but will definitely start this in the new year when have a bit more time
Ronaldeano
11 Dec 141#97
Can't disagree enough with this. Yes, their customer service is good but the actual service is poor and severly outdated. Their mobile app is one of the worst I've used and the fact you have to use your mobile to access online banking on your laptop/PC is beyond ridiculous.
Heat to the OP, who doesn't like free money?
sparkzilla
11 Dec 14#98
I am able at access First Direct without using the banking app, there are two choices to log on when you open the site and only one requires the app. Admittedly, you can't set up new payment but you can transfer and make payments to already set up accounts.
My girlfriend don't like the app so asked for the banking key rather then the mobile app. Its the same one used by HSBC where you have a credit card sized keypad to generate a one time password.
lumsdot
11 Dec 141#99
Banks, where current accounts pay double the interest of savings accounts.
mistermoneysaver
11 Dec 141#100
Been dfoing this for years now. A and L were the best ones to take advantage of.
quaddamag3
11 Dec 14#101
If your personal details between the banks match perfectly, including spelling and middle names, then it will work perfectly.
Shicky
11 Dec 14#102
With these switches is there generally a period you must actually perform the switch after you have your application accepted? I cannot find this information for the Halifax Reward account. M&S bank were very clear though, it must be completed in 6months of a successful application
MungoSplodge
11 Dec 142#103
Ive decided to play the banks at their own game, all it took was 15 odd years of education and i got a job in one, im robbing them blind every single month and the best thing is they even put the money in my account!
asc91 to MungoSplodge
11 Dec 14#110
?
MAD_Sniper
11 Dec 14#104
Good effort. I already do something similar but not on this scale. Heat
threesixty360
11 Dec 14#105
Heat for the effort!
scotandz
11 Dec 14#106
Dont do this if you value your credit score
benmain84
11 Dec 14#108
cheers for providing details about noodle. I have never heard of them till today. Just done a search and i am 5/5 and all my details are correct. Already used the free offers from the other companys and so good to know i can get the information i need for free.
asc91
11 Dec 14#109
Can you do Halifax AND Clysdale or just one?
knack to asc91
11 Dec 14#111
Yes just go from one to another.
Ste_Vo_
11 Dec 14#112
We'll done for the effort!! Iv only ever just had one bank account with any west n what not. But currently I'm in the middle of buying my first house,
As far as I'm aware I have a great credit score as I haven't ever missed any payments for anything, and
Never in my overdraft.
Question is, if I give this a go over a couple of months, could my mortgage application be affected?
asc91
11 Dec 14#113
Ooops I meant Yorkshire Bank. Just curious as they are essentially the same company are they not? Their websites are certainly identical in every manner.
oxocubeman
11 Dec 141#114
If you are doing any of these try and find a window where you have no payments, especially credit card payments, due to be taken. I swopped to Santander and they were great but the day it finalised my credit card was not paid and the hassle I had to get penalty repaid was painful because with a lot of the swops your old account is cancelled, no account, no help or info from your old bank or building society. My credit score bombed due to the perceived failure to pay 2 cycles and the new bank refused me a credit card because of the Experian report. The old bank will not help you in any way I have found simply because you are not a customer. Massive respect to OP for taking the time and effort to do this for us, the spirit of hotukdeals lies within.
knack to oxocubeman
11 Dec 14#118
Was this prior to introduction of the Current Account Switch Service in September 2013? If not you were entitled to a refund of the charges under its guarantee:
"If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure."
The only problem I perceive with this is that it would not resolve the fact the credit reference agencies have recorded missed payments.
knack
11 Dec 14#115
I was confused a bit confused why you were asking that!
Yes it is essentially the same bank. Yorkshire is just a trading name of Clydesdale which itself is owned by National Australia Bank.
The OP said they are investigate the possibility of benefiting from the switch incentive at both.
piachu
11 Dec 14#116
Great if you don't mind ruining your credit score for some time.
Also not sure what to think of your idea of "playing banks in their own game" either. What game is that?
Cold for me.
Martiangerbil
11 Dec 14#117
Wow brilliant idea !!. Beating the banks at their own game. I would like to see everyone in the UK do it quite frankly as the banks themselves make vast fortunes simply by switching money around.
Regarding credit scores. I am an old fashioned sort and hence deal in cash whenever I can for the simple reason that I want to keep banks OUT of my life as much as possible. Luckily I have reached a position in life where I have no mortgage and I haven't used a credit card for years. For those reasons I couldn't care less if my credit score was zero.
So for people like me it seems almost too good to be true. I will start asap !!
richkaos
11 Dec 14#119
Granted they pick up the phone almost instantly which is good in this day and age BUT they still suffer from the "yes i will do that sir" and never do it syndrome. Also ove r the last four years they managed twice to mess up transfering me from one FD mortgage product to another, how is it possible to mess that up.....
shaggy
11 Dec 14#120
I agree. I've been with FD nearly 10 years and I'm very happy with them. Howwver, really want to try out getting all these switcheroo banks incentives but dont want to mess up the DD's in my FD account as literally everything goes through my FD bank :disappointed:
indianajon
11 Dec 141#121
Totally agree, I'm convinced that 80% of the so called 'poor' food bank users who the lefties bang on about could manage OK and eat well on the money they have if they were only educated to cancel their Sky subscription and make do with Freeview, cancel their smartphone contract and make do with PAYG, cut down on booze and cigarettes, prepare food at home instead of taking the kids to Greggs or mcDonalds for their tea and just generally spend their money more wisely. Rant over :smiley:
monster144
11 Dec 14#122
Nearly a month after my switch to Yorkshire Bank which involved a very long phone call, I am still waiting for the promised forms that I need to sign. This in spite of chasing them twice and being told "Sorry, they will be sent by return of post". If it wasn't for the £150 incentive I would have given up by now. Anyone else had better luck with them?
Also re earlier question, is a switch to both Yorkshire AND Clydesdale possible?
karlie88
11 Dec 14#123
Welcome to HUKD.
shaggy
11 Dec 14#124
Can anyone please link to the MSE thread? PM me if necessary :smiley:
karlie88 to shaggy
11 Dec 14#125
Which thread?
meshosa
11 Dec 14#126
thank you
shaggy
11 Dec 14#127
I'm sure someone mentioned earlier that all this bank switching info is on a thread on MSE.
mrdibby
11 Dec 141#128
Probably mentioned in the thread already but you'll have less damage done to your credit rating if you don't opt in for an arranged overdraft.
An application often means a credit search on your report, an overdraft means a new credit account.
t3rm3y
11 Dec 14#129
just a quick question (may have been asked/answered in the previous pages) can i open fee free accounts with those 5 mentioned banks giving incentives? i struggle every month with money at the moment, or if need to transfer money in, can it be in and back out to my main current account that same day?
karlie88 to t3rm3y
11 Dec 141#133
Yes, they can all be fee free.
Yes, you can transfer the money in and out; back to your main account via a Faster Payment.
Will defo try this, been doing it with credit cards for a while getting the cashback via Quidco or TCB then cancelling the card
drago773
11 Dec 14#134
Is Noddle an ok credit scoring service I wanna check mine for the first time don't really care if it hasn't been updated in a few months. Heard people were getting charged after reading reviews.
cm1044rex
11 Dec 14#136
Thanks for the info.:smiley:
jdr116
11 Dec 141#137
Notice that there's no mention that several of them require you to have ACTIVE Direct debits coming out of the account too, before you are eligible for any bonus!!.....its not quite as straightforward as the OP makes it out to be and you DO risk your credit rating being affected by doing this ( I work in the finance industry so I know this is true)
karlie88 to jdr116
11 Dec 14#140
What on earth are you talking about?
'Several accounts' DO NOT require active Direct Debits; only the Co-Op requires it out of the 5 banks. This is mentioned in the OP.
Plenty of £1 DDs can be setup either via Radio Times subscription offers, £1 magazine subs, £1 Tesco Bank DDs or even DDs for charity.
thehottest
11 Dec 14#138
You fool - they do not credit check your file every 6 months or so this would be illegal, you will have to consent every time they want to check you file
m1chaels
11 Dec 14#139
Nationwide you can get up to £80 quidco plus £50 if referred by someone who already has an account. I have done this sucessfully for several HUKD folks (disclaimer, I also get £50).
I have done most of these switches, many of them can only be done once (eg FD once ever, Halifax can not be repeated if you have had £100 since 2012 etc), others you may be able to repeat having closed the account to switch elsewhere. The jusy is out on whether you can get 150 from both Yorkshire and Clydesdale. I tend to try and make sure I don't do more than 4 credit searches pa for any purpose so like each one to net at least £100 profit, scaling this back if it is close to remortgage time.
*Sloman*
11 Dec 14#141
With First Direct do i have to keep £1000 in credit every month after 6 months not to be charged £10?
karlie88 to *Sloman*
11 Dec 142#143
Just open an Everyday Saver and put £1 in it. That way you won't get charged the £10 fee.
mistermoneysaver to *Sloman*
11 Dec 14#145
You need to pay £1000 in every month. Once its cleared, move it on to the next one and so on and so on. After 6 months open a new account with another bank and get £100 for leaving FD. Im off to the Clydesdale next.
mistermoneysaver
11 Dec 14#142
I have done FD twice now, however we did move house so not alot to be gained there lol
playaz
11 Dec 14#146
I don't rate First Direct.... yes there telephone service is great, but their online services are really lacking and way behind EVERY other bank. Plus.... if you don't have a £1000+ every month in credit you are charged £10 PER MONTH!!! I know... it has happened to me four times... £40 down the drain....
If you like a bank you will like to call a lot.. go First Direct, if you like to use online banking like me go elsewhere.
karlie88 to playaz
11 Dec 14#148
See above. Open an Everyday e-Saver.
urinthematrix
11 Dec 14#147
Excellent work, well done OP
Dude1971
11 Dec 14#149
We did this with First Direct, as a joint account, got £200 - not sure we should have...
mistermoneysaver
11 Dec 14#150
FD blurb ---- We're so certain that you'll enjoy our service better than anyone else's, if you're not happy banking with first direct after six months, and within twelve months, we'll help you move banks and give you £100 for your trouble.
You must have paid at least £1,000 a month into your bank account for six months and have not tried us before. Someone forgot to pay in £1000 every month ??
playaz to mistermoneysaver
11 Dec 14#163
When they change their T&C's most people do not even read these in the post... hence why I didn't know the changes... (I have been with FD for a few years without a single charge.. then bam... got loads without realising..)
Like I said before.. their telephone stuff is great but their website is like so far behind every other bank it is embarrassing. I use Santander, Barclaycard along with sites like YourWealth and Money Dashboard and can tell you that First Direct badly needs to get some guys to revamp their website and add some functionality. They might have been one of the first proper online banks, but they haven't done anything since then and First Direct are badly lagging behind.... they know this hence why their telephone system is great.
Don't get me wrong... if their online banking service was the same as their telephone banking they would be the best bank in my opinion... but it isn't and telephone banking (like telephones) are a dying tech... I recommend First Direct to older people who don't like to bank via a PC or an app.
(P.S their mobile app is a bit pants too... but I won't go there...)
P.P.S I am still a customer.. but will be leaving them soon :-)
Rant done.... now where is my PS4 money Paypal!!!!
bluegnu
11 Dec 14#151
This seems like a really good idea so what is that stops me doing these things?!
alcurtis93
11 Dec 14#152
I did this several months ago and my credit rating did drop to 3/5 on noddle but with maybe 3 months I'm back up to 4/5 as I've now stayed with Halifax
Youngy
11 Dec 14#153
Great detailed info, thanks for sharing OP
Darzen
11 Dec 14#154
Cold
benasipro
11 Dec 14#155
Nice find.
seanmorris100
11 Dec 14#156
So i need to switch all my DD to one of the above accounts and i qualify? Seems more hassle than its worth...
Shicky to seanmorris100
11 Dec 14#158
This is handled automatically as part of the switch. Unless you mean you need to swap them from an entirely separate account, in which case you will need to do this.
seanmorris100
11 Dec 14#159
I know but then ill need a new card, new pin, new login for online, wait a week or 2 for the transfer and then the small print will screw me over for the £100 anyways...
GoGetter
11 Dec 141#160
Heat added, This is great stuff;. Kudos to Karlie88 that she took the pains of posting all the details, warnings fine print and all the links.
How can I save this deal? I am not just ready for all this hassle untill the new year. There used to be an option save deal or Email deal I can't see neither?
karlie88 to GoGetter
11 Dec 14#161
You can subscribe to this thread. Or now that you've commented you should see it on the right hand side of the homepage.
oxocubeman
11 Dec 14#162
The current account switch was in operation, it was only 2 months ago and the refund should come from my credit card which is also tied in with my ex bank. I agree the DD GUARANTEE will apply but its just the hassle which may be avoided by simply looking for the dormant window of activity you may have.Its also strange that if you get a new credit card Experian will seemingly downgrade you until you use it and keep up a payment record ?
BMOLE
11 Dec 14#164
No, but it's calculated using the same info that credit rating agencies use so a drop in that will reflect a drop in credit score
mad569797
11 Dec 14#165
i have done this with halifax and just recently did the m&s switch 1 month ago, do i have to keep the m&s account longer before i can use it to switch again?
Shicky to mad569797
11 Dec 141#167
No you basically just need to keep it until you receive your reward. I think they say they'll send it out after one month
nickc74
11 Dec 14#166
If not already mentioned you need to check if you have a mortgage rate linked to a requirement to hold a funded current account with the same bank (some insist on the mortgage payment coming out that bank only e.g. Co op) if you switch you may automatically revert to a SVR rate which could potentially wipe out any saving particularly if it is a fixed rate.
Otherwise great post for the effort and beating the banks at their own game.
mad569797
11 Dec 14#168
i have received the reward already, just have not spent it yet. thanks for the info
ypfashi
11 Dec 14#169
Good Effort! OP
knack
11 Dec 141#170
The point is that the score any credit reference agency comes up with is pretty meaningless. This is because there is no such thing as a universal credit score.
Each lender looks at the content of the report (provided by one or more of Callcredit (who own Noddle), Experian and Equifax) and decides if they want to lend to you.
I presume they have their systems set up to automatically score you on the various aspects contained in a reference file eg. available credit, utilised credit, whether you are set to make minimum payments, on the electoral roll etc. and then decide if they want to lend.
The key point is the scoring system will vary from lender to lender so while you may be accepted by one provider no problem another might decline.
lockwoodisbored
11 Dec 14#171
Bookmarked
Gaminggirl
11 Dec 14#172
You're the fool. You give permission when signing up for credit/accounts. You give them permission to seek information from credit reference agencies as and when they see fit. Illegal, just lol.
They usually get a monthly feed from the agencies with your activity and if there is something they don't like or its credit limit increase time, they'll run a soft search.
Which is why sometimes people may find their credit card limits reduced dramatically. Banks get wind of their extra facilities elsewhere and want to manage their liabilities and reduce their exposure. Or they get panicked if they don't think you can service the amount of accounts/credit you apply for. Or feel you're credit hungry/desperate.
You really need to read up on what you agree to.
neilgreig
12 Dec 14#173
Great post OP and voted hot!, I have just started the journey. Both my wife and myself have been accepted with the first bank, so it should be double bubble all the way for us.
thehottest
12 Dec 14#174
Nope, they don't run a credit check on you periodically, they may run other checks, but most certainty not a credit check. Read up on your facts you fool
Gaminggirl
12 Dec 14#175
Are you deliberately playing dumb? People you have an account with in all but essence get a free credit check every month. Via the update feed. Let's satisfy your point a little bit. I called it a feed is that better? Which is why sometimes people will get a letter along the lines of..."We have taken the decision to reduce your credit limit in line with information we have". Blah blah blah.
Ofc banks will sometimes run soft admin searches. These aren't hard searches. Does this make you happy? You really should pay attention to what permissions you give when signing up for stuff.
So I hope I've clarified it by going into specifics and not show you to be too much of a fool.
My original point you jumped on stands. Too many searches, new accounts, a drop in account length, etc, etc. Could make existing or potential lenders nervous. Which in turn could see dropped credit limits etc, potentially. Regardless of "score".
thehottest
12 Dec 14#176
So basically i was right, companies do not run credit checks periodically.
Have a good day
robertoegg
12 Dec 14#177
Then they are bloody idiots
Gaminggirl
12 Dec 14#178
No you weren't. They get all the data a credit check would show every single month from a feed without even doing a soft search. Permission is not needed for either as you've already given it. As per your original claims and illegal? Hence why multiple applications can affect existing lines of credit. As can a sudden run of bad credit as data starts filtering through. Understand now?
Anyone don't this needs to understand how data can not only effect potential lending, but current lending.
K1LLER HORNET
12 Dec 14#179
Excellent work OP.
Got a spare TSB current account free. Time to put it to use :smile:
Is there a preferred order to do these in?
MaximusRo
13 Dec 14#180
Can you explain a bit more,why would that matter?
karlie88
13 Dec 14#182
Yorkshire first as their offer is likely to be withdrawn in the next month or so. No particular order after.
MaximusRo
13 Dec 141#183
If you have a poor credit score (like me) you might get rejected when applying for new bank accounts.
However, this might help you
- when applying for a new account, always select no overdraft option
- First Direct let me pass
- Lloyds allowed me to open a Classic account (but rejected me for a Current account)
- M&S rejected me
- Lloyds rejected me for the Current account
Didn't try any others, as I want to talk to Experian first to try to understand why I have such a low credit score although I have quite a good income and a steady job.
DCFC79
13 Dec 14#185
So the account you use to switch does it have to have any direct debits set up in the account ?
Great post OP, have some heat.
For the yorkshire bank does it matter if the account isnt my main account
karlie88 to DCFC79
13 Dec 141#188
4 out of the 5 banks don't need any direct debits for the switch incentives.
It does not have to be your main account.
MaximusRo
13 Dec 14#186
I agree, and I would add to the list the tattoos as well. The sky subscription is usually for the footy, as they are all usually big fans of football (rarely heard any uneducated person to be interested in tennis... or to get the sky subscription to get the Discovery channel... ).
MicroBanned
13 Dec 14#187
Can anybody help on the direct debit front? If I do set up a donor account how do I get about getting 2 direct debits on them?
I heard that I could possibly set up a DD through Paypal but that would only be one right?
karlie88 to MicroBanned
13 Dec 141#189
Yes you can with PayPal.
Otherwise Tesco Bank allow transfers via DDs; failing that a £1 magazine sub or a charity etc.
funlovingcriminal
17 Dec 14#190
Came to this late so can't tell easily if this has been mentioned, but rather than spending time switching, it might be worth considering using all five accounts at the same time. (Or some combination). I recently discovered this document 'five account system' which was written by Stuart Goldsmith, which I will be using this thread to implement. It seems like a great way to manage your finances generally. I've tried to put a link in here but not sure if it will work, you should be able to find it by googling Stuart Goldsmith Five Account System easily enough if not.
Shicky to funlovingcriminal
18 Dec 141#195
Why not switch to gain the incentives on one account over time? Then open another 4 random accounts, it would seem very silly to turn your nose up at nearly a grand
t3rm3y
17 Dec 14#191
Is the yorkshire account (the one the link takes you too, and first one im am trying) only set up via branch or phone call? no online application? are the others like this too?
karlie88 to t3rm3y
17 Dec 141#192
Yorkshire is phone and branch only for applying.
Others can be done online.
urinthematrix
17 Dec 14#193
Thanks OP
Youngy
18 Dec 14#194
Great info thanks for sharing
bozo007
22 Dec 14#197
Address verification is a lot easier, else you have to go into a branch with a recent proof of address document.
JC2MULTIPLAYER000
30 Dec 14#198
don't these things usually have T&Cs that require you to deposit a certain amount etc?
karlie88 to JC2MULTIPLAYER000
30 Dec 141#199
Yep. But not all banks require a deposit.
Also, deposits can be withdrawn within a matter of a second (for banks that need them).
hotmik
3 Jan 151#200
Just like to say thanks for all the effort karlie88 :smiley:
hotmik
3 Jan 15#201
Going to do this soon Karlie, are all offers still on by the way, thank you?
karlie88 to hotmik
3 Jan 151#202
Morning HM,
Yep, they're all still on.
Go for Yorkshire or Clydesdale bank first though as their offer is due to finish in Feb.
zuiglio
3 Jan 15#203
hiya, could I do both Yorkshire and Clydesdale ? or I just need to choose one of them?
if so,which one to go for?
thanks!!
karlie88
3 Jan 152#204
Still in experiment stage.
:wink:
karlie88
7 Jan 151#205
First Direct have increased their switching incentive to £125.
I have updated the OP and link to reflect this.
Duvessa
7 Jan 15#206
Thanks just done first direct - now realise I should have done Yorkshire first dam maybe I have another spare account lieing around.
Shicky
8 Jan 15#207
Any results from attempting both Yorkshire and Clydesdale yet? I looked at Clydesdale and I think their incentive is ending 28th February, so better be quick!
MaximusRo to Shicky
11 Jan 15#213
Yorkshire ends on the 28th Feb as well, I think they are the same group ?
curiousbank
8 Jan 15#208
I'm not clear if you are saying you can open one and then when you get the incentive that becomes the donor account for the next one i.e. open yorkshire account > get incentive > open halifax account by switching from yorkshire > get halifax incentive > open first direct by switching from halifax .....
If so, are you SURE they can't ask for the incentive back? I understood you have to keep the account open for certain amount of time. To be honest, I would expect some form of time span for the accounts to remain open otherwise the banks are just giving incentives to accounts open for a few days ... I don't think they are that generous.
karlie88 to curiousbank
8 Jan 15#209
No bank/switch incentive, that I'm aware of, has a clause in their T&Cs to say account needs to remain open for a minimum amount of time.
:wink:
This may, of corse, change in the future.
gringo24
8 Jan 15#210
When I spoke to Halifax they said that there is a Switching agreement and that stays in place for 13 months. Therefore, the incentive is part of the Switching agreement and they could ask for it back if closed within the Switching agreement 13 month period. She implied that they have the right to ask for it back but may not. I got the impression she was saying that if the account is there for a while they may waive it but if it was obvious it was opened and closed within days they would then come looking for the incentive.
karlie88
8 Jan 15#211
Halifax adviser was wrong.
The 13 month period refers to payments to the old account and the fact they are forwarded to your new account.
As always, refer to the bank's T&Cs for accurate information.
Currently, there is no stipulation in Halifax's T&Cs re: account switch and reclaiming the incentive.
Shicky
11 Jan 152#212
Found another bank to add to your list karlie88, its a Northern Irish bank but a quick look suggests you don't need to be Northern Irish to apply or anything, I didn't dig deep though. Looks like the incentive starts from tomorrow (£125)
Hmm, after looking at their site, I doubt they would accept people outside Northern Ireland, and they want to talk to you on the phone.
monster144 to Shicky
12 Jan 15#220
Anyone tried this yet please?
Seems to involve a phone call and I am wondering if they will need a genuine reason why you want to open an Irish account.
Can confirm that you can open their account if resident in England, Wales or Scotland.
:smiley:
Shicky
12 Jan 15#223
I contacted them for a different matter and they said to open a current account you needed to go to a branch and present ID. Perhaps the advisor just gave poor information though or in any case you can do it in other banks under AIB
karlie88
12 Jan 15#224
First adviser told me the same thing.
Second adviser said it's ok for non NI residents in the UK to apply...but should I need prove identity (if failed over the phone), then I would need to go in branch.
Failed the identity check myself, but other family members managed it ok.
nixjoyce1
13 Jan 151#225
If you switch to Co-op via topcasback you get an extra £40. Mine tracked immediateky though it wont pay out for about 12 weeks!!
Shicky
13 Jan 15#226
has anyone got their m&s gift card and moved on to another bank? I'm going to drop it as soon as I get the reward but I'm curious if they could screw you by invalidating the gift card for example
karlie88 to Shicky
14 Jan 15#228
As soon as I got the gift card I moved on to the next bank.
I check my gift card balance every month or so and its all there.
If they did wipe the balance off then that would stealing, no?
brett95
14 Jan 15#227
Never done this before and I'm wanting to try a few banks out to see how they compare to my own. (Lloyds Bank) probably not going to switch from them as I love the branch that I go to in my opinion it's got some of the most friendliest and helpful staff I've actually seen in a bank and I've been in a fair few. Anyway so I was wondering if say I wanted to try out the Yorkshire bank, what would be the best current account to open to transfer over to them.
Not really looking to have another overdraft as I have a massive one with Llyods, so something that's easy to open and without an overdraft is what I really want as my donor account so I can switch to Yorkshire get the incentive try em out for a while then maybe I'll finish off at first direct as so many people recommend them.
Any advice on the starting account would be much appreciated. :smiley:
karlie88 to brett95
14 Jan 15#229
I'm guessing you have access to Lloyds online banking?
If so, open a Lloyds classic account with them. Takes you 5 Minster apply online and it should be available for you to see on your online banking within seconds.
When closing that donor account, it will have NO effect on your Club Lloyds current account.
karlie88
14 Jan 15#230
Will update the first page over the weekend re: First Bank and Co op/TCB.
rdbradshaw
14 Jan 15#231
I'm sure usually when you switch and if you want your cash incentive you have to move over at least 2 DD or SO ? But there won't be any of those in a donor account so with nothing to move over apart from a balance they won't pay out surly ?
karlie88 to rdbradshaw
14 Jan 15#232
Currently, only Co-Op Bank needs you to have DDs on the account. So that leaves 5 out of the 6 banks which do not require DDs for the switch incentive.
brett95
14 Jan 15#233
Thanks, so if I do that when would I be able to start the switch to Yorkshire bank?
karlie88
14 Jan 15#234
Open the YB account and Lloyds donor account at the same time.
By the time the YB account is open, you should've received your Lloyds debit card and you fill out the paperwork from YB for the switch (you'll need to complete your Lloyds debit card details).
brett95 to karlie88
14 Jan 15#235
Ah ok thanks, so then if I do that fill out the switch all I have to do is whack a £1000 quid in the Yorkshire bank (can I take that straight out again?) and then wait for them to credit my account with £150 and then repeat with first direct? Also is the opening of the account for Yorkshire bank done online? Thank you so much, your so helpful. :wink:
karlie88
14 Jan 15#236
Yes that's correct.
Take the £1000 out within a second if you wish...
You open the YB account over the phone. Can be done in branch too.
brett95
14 Jan 15#237
Just seen about opening the account, thanks. Going to look into doing this very soon now I know what it involves. Thanks :wink:
brett95
14 Jan 15#238
Turns out Lloyds won't allow me a second current account for whatever reason, just tried to apply but it said I can't. :disappointed:
karlie88
14 Jan 15#239
Which account did you apply for? Club Lloyds or their basic account?
MaximusRo
14 Jan 15#240
You don't seem very sure on this one, as you didn't put it in the deal description.
It does seem a bit funny to call a NI bank from the UK I guess. Aren't they based on Euro?
karlie88
14 Jan 15#241
On tablet tonight so will update over weekend, as mentioned above.
brett95
14 Jan 15#242
I just logged in, clicked current accounts and then it instantly tells me I can't open another one. Tried clicking through a few links but it won't let me add another for some reason.
Then log in at the end of the application after having submitted it.
neilgreig
15 Jan 15#244
Northern Ireland is part of the UK and therefore does not use the Euro but deals in Strerling
brett95
15 Jan 15#245
Did try that but they wanted me to go into the branch etc and Im not prepared to do all that. I applied for a NatWest account which went through just waiting for the slip to sign that is coming in the post, once thats done will pop into my local Yorkshire bank and talk to them about opening an account with the offer. A lovely £150 for me. :smile:
Dont suppose you or anyone else knows how long it takes from paying in the £1000 to getting the £150, they say within 60 days anyone know how long it took them to get paid?
P.S. I'm considering doing the Halifax one as well, seems a decent offer I thought I saw something about once the transfer is complete it takes 3 days for them to pay you the £100 is it that simple or is ther some other terms?
Shicky
16 Jan 15#246
I didn't check but Halifax is probably 30 days? You might want to hang on to that one as well as it pays £5 a month and if you go through quidco you can get an extra £40 cashback
brett95
16 Jan 15#247
Having studied the Halifax deal in more detail they promise to pay you £100 by day 10 of the switch (3 days after the switch is complete) and the £40 Quidco ends 13/02/15. :smiley:
salmanzak
16 Jan 15#248
does anyone know if halifax give cashback to previous customer. I closed my account in 2012 and want to know if I can be eligible for the £100 cashback?
brett95 to salmanzak
16 Jan 15#249
Well if you go buy this clause "You are not eligible for this offer if you have received £100 for switching to a Halifax bank account at any point since January 2012." Then as long as you haven't recieved £100 for switching to them after January 2012 you can claim the offer. :smiley:
sammyelrefee
18 Jan 151#250
anyone else have difficulty opening Yorkshire bank account?
I have found them totally useless. The application is approved but the account isn't set up. Been waiting about a month now. They're useles on the phone too. Pointless questions. I've never had to call a bank and tell them what bank I've applied too. Bloody stupid. Closing this account straight away as soon as I'm paid. Anyone else had problems with them?
neilgreig
18 Jan 15#251
Had no problems at all. Both my wife and myself opened an account with Yorkshire Bank just before Christmas with the change over to go through on 9th January and everything went through without skipping a beat.
karlie88
18 Jan 15#252
Thanks to all the new information.
I have added First Trust Bank to the OP and their £125 offer. Anyone in the UK is eligible, but their branches are only based in NI. If you fail their ID check then you have to go in branch to sort it out.
I have also added TCB and Co-Op Bank for the £40 cashback offer.
I have also added a note of thanks at the bottom of the OP to everyone who contributes.
Don't think there's anything else to update.
Oh...I can also confirm you can apply for both a Clydesdale and YB account AND get £150 for both.
You can also apply for more than one account with either Clydesdale or YB AND get another switch incentive.
:wink:
MaximusRo to karlie88
19 Jan 15#253
Wow, that's really something, are you sure? I thought it's in the terms and conditions that you don't qualify if you did this with the other (so either Yorkshire or CLydesdale).
Sweet if confirmed! :smiley:
Shicky
22 Jan 15#254
Hi guys,
I've just completed the m&s switch. I've checked the terms and conditions but I don't see any additional conditions like having a balance of £1000 or anything. Can anyone confirm this is the case, no direct debits or amount needs transferred in?
monster144
24 Jan 15#255
".I can also confirm you can apply for both a Clydesdale and YB account AND get £150 for both".
"You can also apply for more than one account with either Clydesdale or YB AND get another switch incentive".
Can anyone confirm that the incentive REALLY would be paid again please. Presumably you would need a good "excuse" for opening multiple accounts. Anyone actually tried it??
karlie88 to monster144
27 Jan 151#259
Yep, confirmed.
There's a thread over on MSE which confirms multiple accounts/switch incentives being paid.
Just say you need a 2nd/3rd/4th account etc. for wages, another for bills expenses, another for emergency funds etc.
Rumour has it that YB/CB and the Aussie group that own them are just trying to gain tens of thousands of customers before selling it off...
gratisaja
24 Jan 15#256
first direct costs £10 a month after the first 6months if you decide to stop with them
Shicky to gratisaja
25 Jan 15#257
that isn't true, I believe there's only a charge if you don't have £1000? coming into the account each month. I don't know the exact figure but I just had an account with them for a year and wasn't charged a penny
gratisaja
25 Jan 15#258
Ah yeah, just read it again and it isn't charged if you pay a £1000 each month into it
karlie88
27 Jan 152#260
You can also bypass the £10 monthly fee by opening an Everyday e-Saver and putting £1 in it; that counts as one of their 'eligible products'.
rdbradshaw
29 Jan 15#261
Hi again karlie, you know when you said don't do to many applications in a short time , well I got my donor account on the 14th so will it be ok to apply for my 1st cashback incentive back account or should I wait another 2 weeks ? Cheers for your help
karlie88 to rdbradshaw
30 Jan 15#263
I'm afraid only you can answer that question...
It really depends on your financial circumstances and what your current credit score is. Do you have any mortgage applications in the next year? Loan applications? Credit cards?
danib
30 Jan 15#262
Can someone help me, I want to open a new bank acc without a switch. what I mean is I know I can open one anyway but doing so I want to earn some cashback. I do NOT have any donor accounts that I can switch from.
So currently is there any banks that give you money if you open a new account with them ? already with hsbc,barclays,natwest. Thanks
karlie88 to danib
30 Jan 15#264
As far as I'm aware, to get the switch incentive/cash, you need to complete a full switch. Thus, your old account would have to be closed.
If there are any banks who allow partial switches with incentives then please let me know.
Shicky
1 Feb 15#265
Has anyone had issues with opening an extra account just to use for switches? Opened a new one but wondering if they look at the life of the account and reject on the basis its only been created recently, most likely for the purposes of getting incentives!
WillPS
4 Feb 15#266
Some food for thought - my "credit rating" on Noddle (which is indicative but little more) has been at 1/5 for several years due to a default from bloody Vodafone (still on file). In the last month, I've applied for (and obtained) 3 bank accounts; and my "credit rating" has *risen* to 2/5.
It's all drivel, but for those who are fretting about their "credit rating" chill out.
rdbradshaw
5 Feb 15#267
No Loans , no mortgage applications but have 1 credit card . I called today to switch to yorkshire bank but there service was down il try again Moro
dean_brfc
9 Feb 15#268
Hopefully anyone with HSBC or First Direct accounts will be having a look at this today.
I'm going to change to Co-op.
Shicky to dean_brfc
9 Feb 151#269
Go through topcashback mate, extra £40
Shicky
9 Feb 15#270
Did anyone do Yorkshire and Clydesdale around the same time? I've been approved for Yorkshire and was going to do Clydesdale with a different account. Is this possible or am I going to hit red flags?
monster144 to Shicky
9 Feb 152#271
I just did Yorkshire TWICE. Had to explain one account was for personal expenses and the other for household expenses. I was actually reminded to do another switch to get the switch incentive again.
Good luck if you try.
johnsmith232
11 Feb 15#272
Hi everyone,
I would appreciate if people share their experiences regarding which banks out of above have relaxed account opening criteria. I have recently done the yorkshire bank and want to move to the next one. I know first direct have a strict policy so may try cooperative. Any suggestions welcome :smiley:
Youngy
13 Feb 15#273
Will have to try this, just worried how it will affect credit file
karlie88
16 Feb 151#274
Just an update:
1. Halifax have a new offer of £125 rather than £100 (but no cashback).
2. Reports that First Trust Bank is not the easiest current account to open if you're a resident in England, Wales or Scotland (although it's open to anyone within the UK).
3. You can open multiple Yorkshire Bank or Clydesdale Bank current accounts and get multiple switch incentives - this has been confirmed and is working. The reason is that there is no clause in their T&Cs that state 'one incentive per person'. Some telephone advisors even actively encourage you to open more to get more switch incentives.
4. Strong rumour the YB and CB are extending their switch incentive offer until end of March.
As always, thanks to everyone.
Chanchi32 to karlie88
16 Feb 15#277
Ta for the updated post. I would add heat again if I could :smiley:
chuckieegg1
16 Feb 15#275
If it helps anyone, I am a housewife and have opened multiple accounts over the last few months with no problems.
I started out thinking most wouldn't give me the accounts, but I haven't been turned down yet, and opened/closed about 15 accounts (incl donor accounts).
My credit file isn't great, and I Just checked my Noddle credit file and the 'score' has not been affected.
JC2MULTIPLAYER000
16 Feb 15#276
This should be the hottest deal on this site! Amazing :smile:
WiggyDiggyPoo
16 Feb 15#278
My credit 'score' is mud (multiple defaults/late payments) from a rough time though all debt cleared now. YB took me no issues.
I was previously with Co-Op and would recommend either bank.
BMOLE
16 Feb 15#280
[/quote]I agree, I have a mortgage application going through as we speak, so I'm going to hold off for a while.[/quote]
Saying that, my credit score dipped for a short amount of time, but 3 months later I've been offered a £280k mortgage!
It obviously didn't put the lenders off that much.
mrimac94
16 Feb 15#281
Just to confirm.. For the accounts where you have to pay in say £1000 to get the offer. Can i deposit £1000 in 2 x £500 and then withdraw these straight away?
karlie88 to mrimac94
16 Feb 15#285
Yes.
Likewise 4 x £250 etc.
pdhroche to mrimac94
16 Feb 15#295
Yes! You can also put 10 x £100 and withdraw straight away. It's £1,000 per month. It needs to come from an account that isn't with the current bank.
adambugajewski
16 Feb 15#282
I confirm it does work and is worth the hassle
tloz6995
16 Feb 15#283
Can you guys help me out here? Im a student and currently have a 123 student account with Santander. I would like to know if I can switch to Halifax. So my understanding is this: I switch to halifax and I get the £100. To get the £5 per month scheme, would I need to deposit £750 into my account for two months and thats it? Also when switching, does all of the money go from one account to the other (e.g. the money I have in my santander account, when i switch, would all of it get transferred to the Halifax account)?
karlie88 to tloz6995
16 Feb 15#286
If you switch from Santander's Student Account then you will lose any interest free overdraft.
The balance is transferred over automatically as part of the switch. You're old account is also closed.
To get the £5 per month, you need to deposit £750 and have 2 x Direct Debits debited from your account per month.
kingchris
16 Feb 15#284
Any tips for extra sources of Direct Debits?
I created a Tesco Savings account which gave me one.
karlie88 to kingchris
16 Feb 151#287
1. PayPal.
2. Credit card.
3. Tesco Bank - Internet Saver.
4. Tesco Bank - Instant Access
5. Charity DDs
xicosm
16 Feb 15#288
great post!
it would be nice if people comment on what's the best (if there is one) "route" through banks to get less hassle / best value out of this
kingchris
16 Feb 15#289
Thanks for the thread. Just found one more
6. Post Office Savings
Ross81
16 Feb 15#290
By all means switch your bank account but if you plan to apply for any form of credit in the next 12 months don't repeatedly switch or open a pile of accounts as it'll harm your credit rating.
drunk1
16 Feb 15#291
I have banked with RBS since I was 16 and like my curent account with them.
I opened the Nationwide account last year with £80 Quidco (no switching required) and just got my cashback recently so switched to First Direct for the £125. Nationwide only switched last week but have deposited the £1000 required and £60 from the Nationwide popped on top. Opened up their e-Saver with £1 to doge the £10 monthly fee and set up a Regular Saver at 6% also.
Their iPad and iPhone apps are really good, their customer service is great too. Don't want to switch from them to be honest, they have been really good. Smart debit card too, kinda like private banking.
Don't want to leave RBS either and don't want to open up another donor account but struggling to resist more free money ha!
MaximusRo to drunk1
21 Feb 15#368
I was thinking about Nationwide, but put off by their huge monthly fee, did you had to pay it if you switched immediately?
DaRkHOTUK
16 Feb 15#292
I remember seeing this tread some months ago... how often can you do this to the banks?
no_regretz
16 Feb 15#294
Great post op - albeit there are some positives and negatives and you have tried to iron these out from your original post and responded to all to keep the deal/thread active and current.
Thank you -
Have pondered over this for a while and will be taking a step ... Will look back on this and be like ... What was all the fuss about lol
adwils
16 Feb 15#296
Once an account is switched, what would be the recommended length of time before moving onto next account?
No problem with funding the accounts or setting up DD. Have no financial transactions going through that would affect my credit rating. Just want to switch and ditch.
Anyone tried Yorkshire Bank via telephone service?. What questions do they ask?
adwils
16 Feb 15#297
Make him an offer he can't refuse!
bridet400_0
16 Feb 15#298
bridet400_0
16 Feb 15#299
Thanks great work. Well Done and for being so considered in sharing this
DUNOEboutTENG
16 Feb 15#300
Who needs a good credit rating with £1,000,000,000?!
Robthedude
16 Feb 15#302
What if you dont have direct debits going out of your dummy bank account? how do you get around the necessity to switch 2 DD's?
Thanks
Slash to Robthedude
16 Feb 15#303
If that's their T&C, there is no way around it. Maybe you can just set up 2 direct debits payments on credit card that you don't use? Not sure if those direct debits have to withdraw money monthly from the bank account or not.
karlie88 to Robthedude
16 Feb 151#304
Only Co-Op Bank requires 2 x DDs for the switch incentive.
The other 5 banks don't require this.
As mentioned a few comments before yours, you can use PayPal, a credit card, Tesco Bank, donate to a charity, Post Office account etc to create DDs.
Add to that a mobile phone contract, phone/broadband/TV package, gas/electric bill, council tax bill....
CheapLife
16 Feb 15#305
Thanks didn't know First Trust existed. voted hot.
scottchristie
16 Feb 15#306
MasterG is correct leave First Direct to last as you won't want to leave them.
No IVR! No waiting in queues.
Excellent bank.
brown_ambassador
16 Feb 15#307
A great thread and concept. I was lucky enough to get emailed from Tesco an offer - 5000 points for opening a current account. They forgot to say "must switch" so after complaining, I got my points! Now to start the great switching game...
This reminds me of the days before the building society demutalised (though I didn't get in on that - know someone who took a week off work to drive round the country opening accounts!!)
pazza2000
16 Feb 15#308
Halifax insist that two DDs need to be switched, and I think First Direct also. What makes you say it is only the Co-Op bank that need DDs switched across for the switch incentive??
karlie88
16 Feb 15#309
Halifax don't require DDs for the £125 switch incentive, but you do need 2 x DDs for the ongoing £5 monthly reward - different things though.
First Direct don't need any DDs.
So it's still only Co-Op Bank who require you to have DDs to gain the switch incentives; the other 5 don't.
Slash
16 Feb 15#310
Tesco Bank regular saver would be direct debits? Other banks' regular savers would just set up a standing order.
dalmore12
16 Feb 15#311
the clue is in the fact that banks want you to switch. If you need 1k then you need money. If you need money then you might need a good credit record in the future. A 5/5 record will get you more than 1k extra when you need it. Hence more uneducated people switching banks than educated people.
Nanajane
16 Feb 15#312
Hi... I have being doing this sort of thing for a number of years ago - when I was a student and I used to pay my grant cheque into different banks for the incentives. I now have several bank accounts, keeping check of the money going round can be difficult if you are a bit short of readies
I did have one bank - and I can't remember which one but could have been Halifax or Nationwide - who said they could not do the switch because there were no direct debits in the original account. Having enought dd to cover the accounts can also be a problem but don't forget you can set up dd to pay off your c. credits cards or donate a set amount to charity.
Good luck
Jane
Rom to Nanajane
26 Feb 15#412
I have several bank accounts too with different banks, that's legitimate and they have some history to them. I think having many new accounts with the same bank without any legitimate use being demonstrated would be flagged if data mining software is used.
jamiesmith85
16 Feb 15#313
Thanks didn't know about noodle or donner account idea
smah to jamiesmith85
16 Feb 15#316
Can you please advise how and where ( possibly a link) to open donor account.Thanks
Tequila
16 Feb 15#314
I switched Santander to Halifax and had no DD set no problems and got £100 after a week.
2 DD is only mandatory for Halifax Reward where they pay you £5 reward every month if you pay in £700 every month.
smah
16 Feb 15#315
Can anyone kindly advise how and where to open a donor account please.Much appreciated.
Slash
16 Feb 15#317
Its just opening a free bank account you have no intention of using. And then after you receive your bank card from them, deposit £10 or whatever and setup 2 DD (if needed). Once its all set, you apply to switch to any of those banks listed and keep switching until you get all the incentives.
smah
16 Feb 15#318
Thanks for the response Slash,But i could not find anywhere the Donor account.I might be missing something,I am not yet that good at this trade.Please advise.Much appreciated
Slash
16 Feb 15#319
I was too quick with the link. That one was for savings and not relevant to this account switching bonuses. Opening bank accounts is easy if you have good credit ratings. Opening too many in a short period will cause your credit ratings to drop.
evostick47
16 Feb 15#320
Just go online to any bank, preferably not one of the above, and open an account. Simple.
evostick47
16 Feb 151#321
If you're struggling with opening a single bank account this deal might not be for you.....
happydeals
16 Feb 15#322
Thanks
Dealmaker
17 Feb 15#323
You don't gave to close you're existing account?
Wrong. Well it is if you use the switching service, it automatically closed it down.
I moved from santander to first direct, and as expected once transfer date was complete account was closed.
On another note. First direct have been ace. Very polite and UK call centre.
Mathew007
17 Feb 15#324
This looks like a good deal. So all I have to do is create an extra account with my current bank (TSB thinks its classic), then switch to another, get the incentive, switch again and repeat? Seems to good to be true! What order would you recommend me doing them in? Thanks.
Mathew007
17 Feb 15#325
Also I plan on opening a plus account to get interest paid. Is it possible to have 2 main accounts and 1 donor account?
juzagirl
17 Feb 15#326
I have banked with Natwest since I was a kid.. And I'm happy with them. But tempted to try at least one of these "switching" offers. I have a Yorkshire Building Society account that I don't use anymore (but has money in it), could I use that as a dummy account to switch to one of the 6?
spicy_gal
17 Feb 15#327
Thanks Op, im bookmarking this to see how much money i can make from this. How much have people managed to make so far?
driven786ngc
17 Feb 15#328
Which bank route would be best to go to first and so forth?
and since you can do Yorkshire/Clydesdale multiple times, can you go from Donor > Clydesdale > Halifax > Yorkshire > Co-Op?
y_am_I_buying_this
17 Feb 15#329
this will not be good for any credit rating and also if you try to get any genuine credit i.e mortgage then this will have a dramatic affect. is it really worth it for a £1000. remeber all stuff stays on your file for 6 years so getting a mortgage anytime within that period this will make a difference.
driven786ngc
17 Feb 15#330
I wasnt planning to go through all of them, maybe just a couple and even then not straight away either so i doubt it will have any effect as I dont have many cards.
Free £200-300 over a couple of months cant be bad
Reebok Ron
17 Feb 15#331
How do you open a donor bank account without the bank requiring it to go through the switch service which obviously requires you to already have a bank account? It seems the online acount appliations all asume you already have an account to switch from. Do you get the option not to use the switch service?
ajavaid92 to Reebok Ron
18 Feb 152#332
I have applied with several banks online and haven't had any issues. There is an option available in most cases where you can select to switch your existing account over, but you don't have to choose it. :smiley:
Open an account with Barclays. They give you your sort code and account number immediately after applying! :smiley:
Reebok Ron
18 Feb 15#333
Thanks for that. I actually ended up applying for TSB's cash account. It took five minutes to apply online and it gave me the sort code and account number immediately. I'll try Barclays next! :wink:
I've already opened one Yorkshire Bank account and I've made an appointment to open another, so that'll be two lots of £150 coming my way soon. I'll probably apply for a Clydesdale account once the second Yorkshire Bank one is in the bag. :smile:
The manager confirmed that the offer is being extended to at least March so there should be plenty of time.
Thanks to the OP for the post.
monster144
18 Feb 15#334
I have opened TWO Yorkshire Bank accounts. The first has already had the £150 and I am waiting for the £150 on the second.
I would like to apply for Clydesdale now but I an nervous that they will know I already have 2 accounts with Yorkshire.
Other than wanting the switch incentive what possible reason can I give for wanting 2 more current accounts? Do they ask a lot of difficult questions about why you want multiple accounts? Can someone who has done this please advise.
karlie88 to monster144
18 Feb 152#335
1. Current account for bills.
2. Salary payment.
3. Emergency fund.
4. Holiday fund.
5. Savings for a car.
6. Failing that, be honest and say you would like another switch incentive. My advisor was a right laugh and let me open 3 knowing it was for the switch incentive.
All YB/CB are trying to do is gain as many customers as possible so that the Aussies can sell the bank to someone else.
Heat added going to switch to my donor account to clydesdale!!!
Slash
18 Feb 15#337
When you applied for 3 accounts, did they do a full credit check on you for the 2 last accounts that you opened?
Phataphobic
18 Feb 15#338
For the £40 cashback from TCB for co-op, does anyone know if you have to switch as the terms of that are a bit fuzzy? It states in the terms to 'transfer to it' as the main bank account. I'm not sure whether this means I have to switch to it or whether I have to transfer some money to it? Or whether I don't have to do anything.
karlie88 to Phataphobic
18 Feb 151#340
It means use Co-Op's switching service to close your old account.
Afterwards, make sure you transfer the correct amount of money into the account (and promptly withdraw it if you want).
karlie88
18 Feb 152#339
I don't know what your definition of a 'full credit check' is, but I did get 3 separate searches appearing on my file from YB. My score stayed the same.
It does help a lot if you decline any overdraft when it comes to opening a current account. Every single account I've opened; I've declined, and I believe that's why my credit rating hasn't been affected.
breezey3184
18 Feb 15#341
Can someone tell me which is the easiest account to switch too I've looked at the clydesdale and yorkshire as they are offering the most and it seems like the easiest option (pay in £1000) its just a PITA to phone up to do it all i can type faster than saying all my details to some numpty on the phone. Is the first direct e-saver defiantly in the deal can anyone confirm?
Phataphobic
18 Feb 15#342
Thanks. So I guess I need to set up the 2 DD's and transfer the £800 in.
Also, can I ask aswell, do you know if the Nationwides £80 cashback offer from TCB can be used in conjunction with their refer a friend scheme?
karlie88
19 Feb 15#343
Yes it can.
:wink:
Reebok Ron
19 Feb 15#344
Tried to get a Clydesdale callback to open an account but they never called back so I talked to an adviser and they said you can't have both a Clydesdale and a Yorkshire bank account, so that's that stuffed. :disappointed:
Has anyone else managed to get both?
karlie88
19 Feb 15#345
Yep.
Try a different telephone adviser.
:wink:
simile
19 Feb 15#346
Clydesdale bank have been such a ball ache.
I arranged a call back nearly a month ago for a specified time. They didn't call at that time but during the day while I'm at work. So I called them back to be put on hold to be told 'we will phone you back ASAP'. The call back was always the next day during work so I go through the I'm busy, I'll call back, they can't answer so they'll ring me back ASAP (which was always the next day!) rubbish. So I get a call, they said it is all set up and they will be sending me the paperwork to sign.
Now I just get a phone call from them saying yet cannot verify my details over the phone so I have to go a branch to show my ID. Oh your closest branch is 90 miles away in Central London...
Everything about them is a joke. And what kind of bank has an 0845 number in this day and age!
Reebok Ron to simile
19 Feb 15#348
You can use 0141 951 7320
Reebok Ron
19 Feb 15#347
It occurred to me after I'd talked to the adviser that when you fill in the online form for a callback from Clydesdale it actually asks whether you have a Yorkshire Bank account. So presumably if it was the case that you can't have both it would have rejected me at that point, which it didn't. I think the advisers are clueless.
Reebok Ron
19 Feb 151#349
I just got the callback from the Clydesdale. She confirmed that because I had a Yorkshire bank account I couldn't open a Clydesdale account! I asked if that was a recent thing and she said it wasn't, she said it was because they are the same bank.
She was happy to open another Yorkshire Bank account for me though.
gwapenut to Reebok Ron
19 Feb 15#350
Common sense FAIL! Well done anyway :smiley:
monster144 to Reebok Ron
19 Feb 15#351
I was lucky then! I have 2 Yorkshire already and adviser allowed me to open a Clydesdale yesterday morning.
Reebok Ron
19 Feb 15#352
Did you say you had a Yorkshire account when you filled in the callback form for Clydesdale? If not did you admit that you had a Yorkshire acount when you talked to the adviser?
Reebok Ron
19 Feb 15#353
Exactly...if they're the same bank, as she herself explained, why can I have a another Yorkshire account but not a Clydesdale! I've got a few more callbacks so let's see if I can get a sensible adviser.
manieer
19 Feb 15#354
I just switched my personal account and joint account to Halifax. Everything has gone through and completed now. But I only received £100 for my personal account switch and not for the joint account. Has anyone else managed to get their incentive for both single and joint accounts? Should I be contacting Halifax and chase the incentive for the joint account?
karlie88 to manieer
19 Feb 15#356
You can't get a switch incentive for joint accounts.
monster144
19 Feb 151#355
I did not do callback. Just called the number on the Clydesdale page.
I was completely honest with the adviser saying I already have 2 Yorkshire accounts open, but convenient for me to have another account to save for holidays and another £150 switch bonus would be nice.
Easier than when I opened the other 2 accounts as he pre-filled a lot of my previous details.
I have a good credit rating and did not ask for an overdraft. Maybe that helped?
Good luck!
manieer
19 Feb 15#357
Thanks for the info. I thought joint accounts qualified for the incentive as well.
karlie88
19 Feb 151#358
Apologies.
I have just gone through Halifax's T&Cs and joint accounts are eligible.
However, it does state it's one incentive per person, which is why you've not received it for the joint account.
manieer
20 Feb 15#359
Thanks you are correct. Spoke to Halifax switch team and said that they would only give incentive per person so as I already had one for single account don't qualify for joint account.
Thanks time to switch somewhere else now!
dave0307
20 Feb 15#360
I have just done a switch to Yorkshire Bank to get £150 - and got offered a credit card (no fee) with 20 months interest free on purchases. No brainer :stuck_out_tongue:
Pokkai
20 Feb 15#361
I've just rinsed all options bar First Trust & First Direct, no damage to my credit score, but almost £600 in free cash.
Quick question, I had a First Direct account about 10 years ago & closed it down, I noted part of the criteria is must not have had an account previously, has anyone else whose had an FD account before managed to switch and get the wedge?
I'll start the ball rolling with First Trust on Monday, but would be nice to close the deal with FD beyond that one.
Shicky to Pokkai
21 Feb 15#364
I haven't checked this particular deal but usually the incentive states you cannot have received an incentive since two years ago for example. I think you would be more than fine obviously, I would just sign up as normal. You probably have a different address now anyway?
Phataphobic
21 Feb 15#362
Does anyone know:
If my middle name was included with one bank but not the other, will this cause problems with the switch even if first name/surname are the same?
karlie88 to Phataphobic
21 Feb 151#363
No, it won't cause any problems.
As long as first and last name match, DOB, address etc. then it will be fine.
Phataphobic
21 Feb 15#365
Thanks!
Phataphobic
21 Feb 151#366
Also just to say M&S have now increased incentive to £125 if you apply through MSE.
MaximusRo
21 Feb 15#367
Agreeing means nothing if you don't have any proof or explanation to back it up
MaximusRo
21 Feb 15#369
Hi Karlie,
My £42 for opening a Co-op account are showing as confirmed in my TCB account.
But reading your answer, you seem to make a connection between the TCB cashback and a switch.
If I am not mistaken, there is none, you don't have to switch to Co-op to get the £42 cachback.
Am I wrong?
cryption
21 Feb 15#370
For anyone considering switching to co-op personally I hate it and ive only been with them a few weeks i switched 2 of my accounts to them. Unnecessarily complex and time wasting logins, you cant use the security question answers you want to use or that are accurate cause they wont let you use a word with less than 5 letters, the site is regularly down for maintinence in the evenings. Also one of my cards never arrived and eventhough ive now got it im still waiting for my pin to arrive to actually use it. They sent me a debit card for the account that hadnt even completed the switch on so unbeknown to me i went to use use my new debit card and it went overdrawn straight away and charged me £20, since they hadnt bothered to transfer over my closing balance from my old account. They didnt bother notifying me that it was overdrawn till 5 days later in a letter telling me to bring it up to balance within 48 hours of being overdrawn would waive the fee... but since it had already been 5 days to get the letter that was impossible. Hate the site layout too, very confusing to navigate. Statements show blank transactions with no information so difficult to work out where money is going in/out from. Having to manually figure out my own transactions it's so impractical and time consuming. Switching to somebody else immediately.
MaximusRo to cryption
22 Feb 15#376
Thanks, I am only switching to them to get the incentive. Halifax is the bank to bank with.
Why did you switch to account to them? I think you can only get the incentive once.
breezey3184
22 Feb 15#371
just phoned Clydesdale and the assistant told me the switching team were working through a backlog and were unable to take my call could i ring back or they would call me back. Lucky I'm not planning on staying doesn't look good does it!
Reebok Ron to breezey3184
22 Feb 15#372
I got a callback yesterday and she just ploughed straight into giving me an account despite the fact that two previous advisers had said I couldn't open one because I already had a Yorkshire Bank account. It seems to depend on which adviser you get as to whether you're deemed suitable or not.
The good news though is that you should have at least until end of March to set one up because I was told that they're extending the offer, though I notice the website still says 28th February.
karlie88 to breezey3184
22 Feb 15#375
Stick with it.
There are some hitting the 20-odd mark on MSE.
karlie88
22 Feb 151#373
Do you mean Nationwide's FlexPlus account with £10 monthly fee?
If so, then they have a FlexDirect account with no fee. Instead you get 5% on up to £2500.
Having said that, their FlexPlus account is very good for £10 per month. You get mobile phone insurance and travel insurance for you and other household members, car breakdown cover with home start, relay etc. You also get 3% interest on up to £2500; so it becomes a £6 monthly charge.
karlie88
22 Feb 15#374
The T&Cs are not very clear on the TCB site. It does mention that you need to 'transfer' your main account to them.
Nationwide, Santander, Halifax and Co-Op have all paid out the cashback via TCB/Quidco, even though I never used their respective switch services.
:wink:
I don't think they check properly.
MaximusRo
22 Feb 15#377
Yes, I was thinking of the £10/month fee for the FlexPlus.
Now, Quidco is only £50 for any of the accounts, still quite a good way of making £50 in just a few minutes I guess.
I should also make use of the friend referral scheme they offer.
EDIT: hmm, seems like they want you to switch to them!
"for an approved and opened new Nationwide FlexDirect account when you switch to Nationwide from a non-Nationwide current account using their full Current Account Switch Service"
Reebok Ron
22 Feb 15#378
20 accounts opened? :confused:
karlie88
23 Feb 15#379
Yep, guess it's possible.
Terms and conditions say one incentive for joint accounts. No mention of one incentive per person for sole accounts.
Reebok Ron
23 Feb 15#380
How on earth would a person justify opening 20 accounts though? The mind boggles.
Phataphobic
23 Feb 15#381
Is anyone else getting an error applying for Halifax? It has a 7000001 error and says something about technical issues. Tried again and then says that another application can't be made. Just wondering how long I'd need to wait before the first application comes off the system.
geofferino
24 Feb 15#382
Hi all. I've read through the comments but there's one thing I'm not completely clear on. To meet some of the incentive requirements, you need to have a certain amount paid into that account within a timeframe, but does it have to be all in your account at the same time? For instance, with the Halifax requirement of £750, could I put £250 into the account then transfer it back to my usual banking account & repeat this another 2 times?
karlie88 to geofferino
24 Feb 152#385
Yes.
It could be 750 payments of £1 or 1 payment of £750 and everything in between!
chuckieegg1
24 Feb 15#383
Re YB/CB, if they extend the offer to march, do we think they may change the t&c's so previous account holders cannot open more?
Just thinking about opening another donor.
karlie88 to chuckieegg1
24 Feb 15#386
They may do.
Won't know 'til they update their website.
kerton1707
24 Feb 15#384
Just tried switching three current accounts with Yorkshire at once and got sadly declined as the advisor basically said I can only have one main account. He then wouldn't even switch one of them as he said neither accounts were my main account. So how on earth did someone do it 20 times? Did I get a bad adviser or was I wrong to do three at once?
karlie88 to kerton1707
24 Feb 15#387
There's a certain way to do it.
It's not best to phone them and say 'I've got 3 accounts to switch'. You also probably got an anxious adviser.
Just open 1 YB account and start the switch.
Then phone them again and say you'd like to open their current account for reason x, if they ask 'have you got an account with us already?', just say 'yes' and explain it's for holiday/car/savings/retirement fund etc.
Eventually, you'll come across the right adviser who will allow 2/3 accounts to be opened.
kerton1707
24 Feb 15#388
Comment
Thanks for the reply karlie88. I've requested about 5 call backs from Yorkshire, but used the same info. Do u think they will call me again or will they just over look me as I have already tried to apply?
I tried cramming three in at once as I thought the offer will end this week. All or nothing attitude, but I will try it ur way. I just hope they extend the offer. Thanks again.
Phataphobic
24 Feb 15#389
You shouldn't request a callback but call them yourself as most of the time they don't actually call back even though they say they will.
My sister had no problems opening 3 accounts at once but I think it really is down to the advisor.
mac5229james
25 Feb 15#390
Thanks OP.
So I've opened my Barclays Donor account. Is there a minimum period of time to wait before switching to another account?
Its seems the most amount needed for incentives is £1000. Shouldn't be a problem as it's just moving money around.
With the DDs though, I'm not so sure how to go about it. Since we're using Donor accounts, we can't transfer over an actual DD from main account. So do you just find something random to buy that can be paid by DD, set it up on the Donor & continue it until the whole process is complete? I've noticed some one off payments can be paid by DD, would that count? I'd imagine it has to be active? I guess paying a few quid for something is worth it to get the incentive.
karlie88 to mac5229james
25 Feb 15#392
I'd start the switch when you've received your Barclays debit card.
As for the DDs; only co-op require them for the switch incentive to be paid. Halifax doesn't require it for the switch incentive, but it does require it for the ongoing £5 monthly reward.
Tesco Bank allow you to create DDs from your savings account; so the money always belongs to you. :wink:
karlie88
25 Feb 15#391
Don't bother with the callback option.
Try these numbers instead:
0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank.
chuckieegg1
25 Feb 15#393
I just tried (after trying to get through about 20 times), the first guy said I couldnt open a Clydesale if I'm already with YB.
Next woman, my reason was for a funeral fund. She tried to get me to open an instant saver instead. then said I hadn't been operating my accounts as I said I would.
I hung up as she was peeing me off lol.
Has anyone else had this, and are all the assistants cracking down on multiples?
karlie88
25 Feb 15#394
Was that the CB number you tried? Have you tried YB?
Yes, I feel it is becoming more difficult to get multiple accounts. They're likely wisening up to the whole situation.
They can probably see on their screens the accounts you already have. Those that opened the account, put £1000 in, then out within the same minute, have a zero balance, £150 credited, then out again etc. are far less likely to be able to open multiple accounts.
Treat it as a normal current account, have a decent credit balance, the odd debit card transaction etc....and you never know...
:wink:
chuckieegg1
25 Feb 15#395
It was the YB 0800 number.
Guess I'll just have to keep trying. I do have money in my 3 accounts sitting there, but the woman didn't seem to think it was enough. I just transferred a few 000 more.
Do you think they make a note on their system that they think you're not a 'proper' customer?
CalculusDX
25 Feb 15#396
Thanks TS cant thank you enough. I did halifax and just been approved for the M&S account. This has to be the best thread on the whole forum because it makes us money.
karlie88 to CalculusDX
25 Feb 15#399
Who's TS?
CalculusDX
25 Feb 15#397
TS can you give us some examples of cheap subscriptions, like magazines etc to set up as DDs for the co op account. Also is there any risk of getting charged twice as a result of the switching process, like one payment comes out of the donor account and one from the new account.
Thank you.
Slash to CalculusDX
25 Feb 15#398
Always that risk even when switching direct debit details. You just have to keep track of it and make sure they don't charge you twice.
sunspear to CalculusDX
25 Feb 15#402
You can set up two Tesco Internet Saver accounts in about 20 minutes. You get online banking access straight away. They can be fed £1 each per month by direct debit (and obviously you get to keep the money).
CalculusDX
25 Feb 15#400
Sorry, lingo from another forum.
Thread starter.
rdbradshaw
25 Feb 15#401
Also what does OP mean ?
rdbradshaw
25 Feb 15#403
As for the CB/YB switch incentives I have just switched to YB from my donor account and awaiting the £150 however I want to open a CB account for another £150 but surely you can't get another payout as your not using the switching service ?
CalculusDX
25 Feb 15#404
Thanks for this.
I will probably do yorkshire bank next and then set up the direct debits whilst with them so they can transfer to the co op
cincinnati
25 Feb 15#405
Tried using your advice, after 4 phonecalls trying to get through to Yorkshire Bank to setup an account they finally rang me back two days ago and asked me what I wanted the current account for, I said current account type things, I'll put £1000 and take money out as required, and she said that isn't good enough what do you want the account for, so I said maybe a couple of direct debits, she then said ring us back when you know what you want your account for.
Did I get a bad advisor, or are they getting strict now knowing we are playing them at their own game? What is the correct answer to the question as I was a bit flummoxed at such a stupid question (and didn't want to lie). She said she needed the answer to get her through that bit of the application (yet my answers weren't good enough?)
Phataphobic to cincinnati
25 Feb 15#406
I'd say it was your answer as if you said that to me I'd be thinking that you didn't actually need the account. Direct debits are not specific enough. When they ask for the reason, they mean is it going to be a salary, benefits, savings, spending money, emergency fund, bills etc.
Rom
25 Feb 15#407
I haven't applied for one of those banks but it doesn't sound like you guys are being firm enough.
What do you want the bank account for? Er, banking...?
What do you want the account for? I'm not sure that any of your business.
I think those would be the normal replies to those questions, your meekness is probably arousing suspicion.
chuckieegg1
25 Feb 15#408
Tried twice more today and was refused they said I had opened enough accounts(4) already.
They offered a savings account.
When I said putting money aside separate they said I could do it with my other accounts, same with bills.
They def keep all info on their systems as the bloke repeated my reason for opening previous accounts back to me, but I hadn't said that on this phone call, but had earlier.
Beginning to think I have no chance now and they are stopping multis.
Shicky
25 Feb 15#409
After posting off signed documents to YB/CB how long did it take it hear back from them? Do they let you know they got the documents in any way shape or form? Or is it that you receive account stuff in your mail a few weeks later?
Rom
25 Feb 15#410
I didn't realise you were trying to open many multiple accounts. That's an excellent way to come under the suspicion that you're involved in some kind of fraud.
Nanajane to Rom
25 Feb 15#411
Hi I didn't know this ... I have 8 separate bank accounts. When I started doing this many moons ago you did not have to close an account to open another one so I kept all the ones that paid any kind of interest eg Santander 3%, Halifax a fiver a month, more recently TSB and so on.
Jane
CalculusDX to Rom
26 Feb 15#415
They can suspect all they like. It's all legal and above board.
Reebok Ron
26 Feb 15#413
Does anyone have any suggestions for easy to open donor accounts other than the ones posted by the OP please (they are Barclays, TSB, Halifax and Natwest)?
karlie88
26 Feb 151#414
Royal Bank of Scotland, Lloyds, Bank of Scotland, Santander etc. Pretty much all mainstream banks.
kerton1707
26 Feb 15#416
karlie88
Don't bother with the callback option.
Try these numbers instead:
0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank.
I Waited for the second callback. Yorkshire bank rung this morning, got accepted to switch 3 accounts in one call. I tickled her with just the one account and then plunged straight in with the other two at the end of the call. Didn't take long, 10 minutes :wink:. The advisor was very helpful, if I could see her face to face I think I would have to kiss her. U too karlie88 for posting this awesome thread. x
Reebok Ron
27 Feb 151#417
I notice the Yorkshire Bank website no longer has the £150 Switch deal showing!
I hope they haven't dropped it early as I've got a meeting today to open another account.
lump
27 Feb 15#418
Has anyone else had their £40 cashback declined for opening a halifax account?
MaximusRo to lump
2 Mar 15#424
Maybe the offer was just for new customers and you already had an account with them in the past?
Reebok Ron
27 Feb 15#419
I managed to get another YB account but the adviser said the deal was being pulled early so it wouldn't be available tomorrow.
hotmik
27 Feb 152#420
Yorkshire bank £150 offer will be back 9th March 2015
karlie88 to hotmik
27 Feb 151#421
HM could I ask what source that info was from? Ta.
MaximusRo to hotmik
9 Mar 15#439
And... as expected, this info is not correct.
But it got 2 likes anyway :smiley:
mac5229james
1 Mar 15#422
Now that my Barclays donor account card has arrived, I thought I'd try transferring it to Halifax.
During the application, it didn't once ask for info on my existing account so I cancelled the application.
What have I done wrong?
Kraezae to mac5229james
1 Mar 15#423
The switch is done with them after the account is totally setup and approved.
mac5229james
2 Mar 15#425
Ah, ok thanks.
Is there a sensible order to do this in or does it not really matter?
vladivar25
2 Mar 15#426
Just wondering if for any folk who have switched to yorkshire how long it took for £150 to appear in account? I've credited the account with £1000 but when I asked yorkshire they said could take up to 60 days!
I do hope not they have been a nightmare and can't wait to switch from them
karlie88 to vladivar25
2 Mar 152#428
Takes approx. 30 days.
But yes, as per the T&Cs, they have up to 60 days providing you follow their instructions.
karlie88
2 Mar 15#427
Open the Halifax account.
As soon as you've got your account details (given at the end of the application), complete this online form:
the cooperative bank - states i need to move two direct debits - my donor account does not have any direct debits set up but I am ok to set up new direct debits once the account is opened to still qualify for the cashback??
Shicky to mizz781
2 Mar 15#431
yes you can add new ones without issue, if you want easy ones I believe a Tesco saver counts as one or you can setup some charity donations. I think you just have to set them up within a certain time frame (usually 30 days.) I'm not saying this is the case for your specific account, its just something I've seen in the past.
mac5229james
2 Mar 15#430
Thanks, looking forward to my first £125 to come through!
Lets just hope I didn't do anything wrong.
Massive thanks for Karlie88 - I've thought about these incentives before, but never wanted to move my account. Feel rather silly that I didn't think of the Donor account, but thank fully you did - I owe you a drink!
YoAlpha
2 Mar 15#432
I actually call **** on this one.
I know a guy who got fired from T-mobile some 7 years ago, because a caller asked for his personal number, and they talked on occasion.
That's nothing compared to meeting someone the same day! Jesus, common sense. For even bothering to repeat that (whether you believe it or not) is stupid.
Shicky
3 Mar 15#433
Agreed, transferring a customers money to your own would be highly illegal and the bank would have been fined to shreds by regulators if such a thing had happened. The person also would have went to prison I imagine.
mizz7861
3 Mar 15#434
I rang Co-operative to clarify - they stated I had to move to MOVE two direct debits from switching account - setting up new direct debits after an account was opened with Co-OP would not qualify.
Shicky to mizz7861
4 Mar 15#435
apologies for providing you incorrect information in that case. I created two for a previous switch (an old First Direct switch.) For this I created two DD's and it didn't impact my incentive. Clearly co-op bank is different or potentially all banks operate this way now.
Again apologies for the misinformation and thanks for the correction!
CalculusDX to mizz7861
4 Mar 15#436
Thanks, useful info cos im going from marks and spencer to coop.
What dds did you set up just out of interest?
geofferino
5 Mar 15#437
Just a quick question on Direct Debits. I set two up on my donor account yesterday. How long should I wait before I start an account switch?
t3rm3y
8 Mar 15#438
Is the below statement relevant to just the last bank mentioned (Halifax) or does it cover first direct and Co-Op also? as about to open the co op bank, but don't have 2 x DD's in the doner account and don't really want to set any up, plus i only have £1 in it...
Now, it’s important to note that these offers have some simple T&Cs that you must adhere to in order to get the incentives. For example, First Direct ask that you pay in £1000 before you get the incentive, Co-Op requires 2 x Direct Debits (DDs) to be transferred over plus £800 to be paid in and Halifax ask you to transfer 2 x active DDs and pay in £750 to get the £5/month; you DO NOT have to do this for the £100 switch incentive. M&S state that you must use their switching service to receive the incentive.
rdbradshaw
9 Mar 15#440
Even thou my switch date was 24th feb Iv not yet got my cash incentive from Yorkshire bank ? Any idea on what the avg time length is ? Cheers people
t3rm3y
10 Mar 151#441
its back for clydesdale and yorkshire.
but they have either amended the terms or these didnt mater last time:
Offer excludes Business Current Accounts and anyone who has already received or is about to receive £150 for switching to Clydesdale or Yorkshire Bank since 17/11/2014.
and you have to switch two existing DD's also..i might have to set an account up in my partners name
manieer
11 Mar 15#442
Someone from Yorkshire bank just rang me to say that I am only eligible for one payment of £150 and not for both of my switched accounts. I am aware they changed the terms recently but I was applying under the old switch incentive.
Anyone having similar problems.
M
Reebok Ron to manieer
12 Mar 15#449
I think everyone is going to have this problem as the conditions of the switch is that the bank account you switch from must be your MAIN bank account. I'd like to se how people get around that one!
neilgreig to manieer
20 Mar 15#475
Hi,
My switch date was completed on 9th January and the incentive was paid on the 11th February.
I did pay in £1000 on 13th January.
MaximusRo
11 Mar 15#443
I didn't manage to switch to Clydesdale so seems I missed that boat.
Gannet
11 Mar 15#444
I'm thinking of moving my 'proper' current account (perhabs to First Direct, reading all the great comments on here) and opening a new 'donor' current account - can I switch both (to different banks)?
hotmik
11 Mar 152#445
It is back on and now showing online, ta.
Blackmask
12 Mar 15#446
Questions on the Direct Debits - Can anyone please recommend two Direct Debits to be set up with the donor account?
I currently have no Direct Debits on my account. I live in a company property which pays all my utility bills. The company also gives me a phone so I do not have to pay any phone bills...
I do shop online (ebay - amazon etc.) and have oyster card, etc.
Many thanks.
manieer to Blackmask
12 Mar 15#447
Few options for you - if you use eBay and paypal you can setup direct debits on both of them separately. Thats your two dd but there are few other options like subscribe to cheap magazines (trial subscription) for a £1.
Good luck.
robertoegg to Blackmask
12 Mar 152#448
Give a couple of quid to some charities.... I DD to several. I feel like Robin Hood :smiley:
Gannet
12 Mar 15#450
Is there a limit to how many current accounts you have at any one time?
Reebok Ron to Gannet
12 Mar 15#452
If you read back there are claims that some people managed to set up 20 accounts. I find that hard to believe. But they ask what you are setting up the account for and they have all your details on their screen, so it comes down to how good a blagger you are. I set up three. Now the conditions are much tighter I don't see anyone getting the payout more than once.
Reebok Ron
12 Mar 15#451
Does that work if you're not actually buying anything on ebay or with Paypal or does there necessarily have to be an active purchase to 'activate' the DD?
manieer
12 Mar 15#453
Nope you don't have to use them its just for paying any eBay invoices or for any paypal transactions. There aren't any regular payments going out.
MaximusRo
13 Mar 15#454
I know about Paypal, but didn't know about eBay, that's really interesting info.
But how do you do that? ebay just seems to use paypal
manieer
13 Mar 151#455
You have to go into your account settings and unlink your paypal account first. Then you need to add your direct debit.
It can be found under this tab::
Payment methods for Seller Fees
Automatic payment method
Direct debit
Good luck.
shaggy
13 Mar 151#456
can't you set up a DD from your donor account to your main personal Current account?
MaximusRo
14 Mar 15#457
No. You can only setup a standing order that way
Gannet
16 Mar 15#458
Any recommended order in which to switch accounts?
karlie88
17 Mar 152#459
Hi everyone. I'll be doing another update within the next week.
Slash to karlie88
17 Mar 15#462
It'd be useful if you include the criteria for switching. ie. 2 DD or 2 ACTIVE DD and £500 deposit within 3 months in order to receive the switch incentive. MSE have some of those details listed already so alot of info can be pulled from them
Reebok Ron to karlie88
18 Mar 15#463
Good stuff. I'm still ploughing through the ones listed but I don't hold out any hope of getting more than 2 payouts from YB/Clydesdale on the old T&Cs (one from each).
Slash
17 Mar 15#460
I have an unused SAVINGS account at a bank where I have a main current account has all the important DD so I cannot close. Would I be able to switch only the SAVINGS account to any of the CURRENT bank accounts to get the incentives? I'm switching a savings account to a new current account so I would like to clarify if its possible or not.
Reebok Ron to Slash
18 Mar 15#464
As far as I'm aware you can only switch current accounts.
neilgreig
17 Mar 15#461
I have already had success with the Yorkshire Bank and have today applied to the Co-op bank for my next switch but one of the questions on the application form asks how long you have had the switching account....which has only been opened with Yorkshire for 4 months. Will the Co-op smell a rat?
manieer to neilgreig
19 Mar 151#470
Hi Neil, how long did you have to wait for receiving your incentive from Yorkshire bank? My switch has just gone through but still waiting for my incentive. Also did you have to pay in £1000 within the first month?
Cheers,
M
Reebok Ron
19 Mar 151#465
If anyone is looking for a cheap (and very useful) Direct Debit you can get broken/damaged pipe cover for 50p per month (just remember not to let it renew!)
My M&S is going through nicely. Account opened and just waiting for the Halifax switch on the 24th. Great call centre staff, almost seems a pity to leave them.
Shicky
19 Mar 15#468
Quick question, I did the YB/CB switches before the end of February under the previous switching offer, however my switch was officially complete on the 6th March. I'm assuming I will receive my incentive based on the past conditions or will I be held to the new ones and get screwed?
Slash
19 Mar 15#469
Just link your paypal account and it'll set up a direct debit
rdbradshaw
20 Mar 15#471
Well my switch was 24th feb and still waiting !
Shicky to rdbradshaw
20 Mar 15#478
can you let us know if you hear anything from them? As I mentioned above I'm in a similar problem area!
geofferino
20 Mar 15#472
How long does it take for this to register on your account as an active Direct Debit?
Slash
20 Mar 15#473
abit more than a week to setup as with all DD. you just transfer 1p to keep it active each month until you get your incentive and then you can stop. Best trick out there.
Reebok Ron
20 Mar 151#474
I don't understand how you'd do that can you explain a bit more please? I don't understand how you'd be able to set it to 1p - or any other amount for that matter - as it's the people taking the DD that set the amount.
neilgreig
20 Mar 151#476
Once you have set up the Paypal DD, then once a month just move 1p from your linked Bank account to your paypal account whilst logged in to your Paypal account.
Thus you are asking Paypal to request funds (1p) via the active DD from your bank.
Reebok Ron
20 Mar 15#477
Sneaky. I like it! :laughing:
t3rm3y
22 Mar 15#479
right, about to open my next account, was looking at first direct, but reading the terms says to get the extra £100 for leaving you need to have put £1000 in for 6 mths, is this confirmed? or can i leave them pretty soon after gettign the first £100? as i dont need the account, and wont put £10000 i nevery month a dont have £100 spare..
Slash to t3rm3y
23 Mar 15#480
Ya but you don't automatically get the £100 for leaving. You will probably have to talk to them and explain why you are leaving to qualify.
shishiragarwal
24 Mar 15#481
has any1 successfully opened account with first trust bank. thinking of opening for £125
ajavaid92 to shishiragarwal
24 Mar 15#484
Yep. Just switched over to First Trust. Switch was completed a few days ago and incentive has already been paid!
karlie88
24 Mar 152#482
Afternoon everyone.
So I've updated the 1st post with the following:
1. New T&Cs with Yorkshire and Clydesdale bank - before you could get multiple incentives per person; this is no longer the case. Only one per person now. They have also added DDs to their switching requirements.
2. I have also added a small summary of DDs/payments in required for each bank at the end of the post. Additionally, I've added the length of time it takes for the incentive to be paid.
If there's any omissions/mistakes then let me know.
Thanks.
ajavaid92 to karlie88
24 Mar 15#483
Seen this error for a while now, thought it'd been fixed by now. :stuck_out_tongue:
"earn up to £100.000+ MEGATHREAD"
£100.000 = £100
What you mean is £1000.00.
:smiley:
Shicky to karlie88
25 Mar 15#490
I signed under the old terms, the switch was performed when they changed the terms...not sure if I'll be impacted? Both banks are utterly awful!
karlie88
25 Mar 15#485
Do you mind me asking...are you a resident in NI? It's just that it's been reported that it's difficult to open a First Trust account if you live in England, Scotland or Wales.
karlie88
25 Mar 15#486
It's always been like that... I entered the correct amount but it was always displayed with 3 decimal places.
I've now edited to £800 to reflect the change in YB/CB T&Cs...no longer unlimited.
:disappointed:
mtomlin
25 Mar 15#487
Would anyone be interested in referring me to Nationwide for £50 each?
houseofdeals
25 Mar 15#488
I would be interested in referring you if that is okay.
Will send you a pm.
shishiragarwal
25 Mar 15#489
I had an issue this morning when they can't verify me online and want me to go to branch wich obviously not possible for me. so I asked them not to go further
Kraezae
26 Mar 15#491
Got my £150 from Clydesdale. Seems to take exactly a month from paying in the £1000 to get the incentive.
Happy days. Shall leave it a few weeks and switch accounts again. Extra spending money for holiday!
rdbradshaw to Kraezae
26 Mar 15#496
Not for me a moved on 24th April still waiting for my incentive , says takes up to 70 days
Kraezae
26 Mar 15#492
Meant to say thanks to the Op also. £275 up already! Never thought it would be so easy to gain free money online. Best freebie I had online was £30 for free on a Cashback site without a purchase.
This clearly tops it by a mile!!
mac5229james
26 Mar 15#493
Just applied for my third account (so second switch).
Chose First Direct. I'm not it notes it above, but they say there is a £10 a month charge but this is avoided when paying in £1000 a month, or keeping balance above £1000.
This shouldn't be a problem for any of us switchers anyway since we need to pay in the £1000 to get the incentive.
Completed their switch form, just waiting for the switch email & then I have to phone them to continue the switch.
Thanks again OP and thanks also to other contributers.
Reebok Ron
26 Mar 15#494
Are you sure karlie88?
I ask because their T&Cs (http://bank.marksandspencer.com/pdf/CACass125.pdf#page=8 ) say:
and then:
So it looks like you have to make the account your main account for the £125 payout! :confused:
Shicky
26 Mar 15#495
I completed it a few months ago without any DD on my account. From what you've quoted, its just a blurb, not exact requirements.
3010
26 Mar 15#497
I just tried and was turned down on the same grounds.
ajavaid92
26 Mar 151#498
Nope, I live in England. Didn't encounter any issues whatsoever when opening the account. :smiley:
MaximusRo
26 Mar 15#499
They probably got a bit smarter like all other banks and try to make it more difficult for us to switch.
Not surprising, I guess.
MaximusRo
26 Mar 15#500
Yorkshire: got mine in aprox 30 days.
karlie88
26 Mar 15#501
Strong rumour that the YB/CB offer will finish at the end of this month.
They'll have a couple week grace period for you to send in switch forms after etc.
You've been notified....
karlie88
26 Mar 15#502
Like with many 'deals'...it's only a matter of time until the rules are tightened up; especially when a few thousand people apply for the incentive then move bank a few days later.
Just got to get in there early and not hold off and think 'I'll do this after Easter' etc.
Reminds me of Tesco's overcharge policy several years ago...if you were charged more than the shelf label price, then you'd get a refund and get to keep the item. Once, Xbox consoles were priced at £179.98 but going through the till at £179.99. So people would get free Xbox consoles. Sadly, that policy no longer applies at Tesco.
Then there was Tesco's price promise where they would give you double the difference against Asda if your shop was more expensive at Tesco...so all you had to do was buy full priced items in Tesco that you knew were half price in ASDA (£10 in Tesco vs. £5 in ASDA) and you would essentially get the item for free. Again, after a few months that got scrapped.
Moral of the story with this? Get cracking with the switch incentives before they all disappear!
karlie88
26 Mar 15#503
The thing is, they haven't defined what 'main account' means. Is it an account where your salary gets paid into? Interest payments? Debit transactions for fuel? Supermarket spending? Do DDs have to be present on the account? If so, should they be active. All of the above? None of the above?
From what I read at the moment, no payments in are needed and no DDs are required. It's probably one of the best and easiest incentives out there.
:innocent:
Reebok Ron
26 Mar 15#504
They do though as in the terms and conditions I posted
So it has to be an active account with transactions and/or DDs and your salary/pension etc. being paid in on a regular basis to count as a "main current account". I wonder if they've recently tightened the conditions?
Edit: And they specifically state in the Terms & conditions:
So once you've switched your old account to them you have to make the new M&S account your main one by having your salary/pension paid in and paying bills etc. It seems quite clear from the T&Cs. So not a problem if you're switching your main account to them but if you're switching a donor account with no activity on it, you probably won't get the incentive unless you then start using the new account as your main account.
ypfashi
26 Mar 15#505
karlie88 Thank you for the update and all your effort :smiley:
geofferino
27 Mar 15#506
RE: moving to Halifax.
"Customers switching a Bank of Scotland bank account to Halifax are not eligible for the offer."
Does this include NatWest?
karlie88 to geofferino
27 Mar 15#508
As far as I'm aware, Natwest is ok.
But I'd email them to make sure (so you've got something in writing):
NatWest are part of the "Royal Bank of Scotland" not Halifax Bank of Scotland.
karlie88
27 Mar 15#507
RR it may mention that in their blurb but it's not the case. I've done it with no activity on my account, along with other family members and someone else also posted a comment recently.
We've all received our gift cards.
geofferino
27 Mar 15#510
Cheers for clarifying!
Slash
27 Mar 15#511
Yorkshire bank asks for A copy of a recent bank statement for your old account if you want to swtich. So that means the donor account must have been open for more than 1 month prior?! Is the bank statement from old account requirement the same for all new switch bank accounts with incentives?
rdbradshaw
28 Mar 15#512
Now 34 days since the switch to y'bank and still no £150 , is it worth contacting them about it or just leave it
mad569797 to rdbradshaw
28 Mar 15#513
Mine took around 40 days
karlie88 to rdbradshaw
28 Mar 151#514
Monday and you should get it. I wouldn't contact them until 60 days though.
rdbradshaw
28 Mar 15#515
Ok cheers il sit tight x
wildecat
29 Mar 15#516
NatWest are part of the RBS group but are a separate bank from RBS.
Halifax is simply a trading name for Bank of Scotland, it's not a separate bank.
Gannet
29 Mar 15#517
Not sure if already posted, but the M&S gift card offer will expire on Tuesday.
Shicky
30 Mar 15#518
Any word on what is happening after the 5th April with the Halifax switching offer? Does it end at that point or likely to boost/fall?
rdbradshaw
31 Mar 151#519
Paid incentive today , so I'm happy now so that was 35 days . 1st direct was quicker with 17 days for me
karlie88
31 Mar 151#520
One day off....not bad.
:smiley:
Reebok Ron
31 Mar 15#521
I looked in my Halifax account a couple of days after the switch and there was my £125. :smile:
Gannet
31 Mar 15#522
Same, it literally took two or three days. Glad I started with that account. Let's hope M&S is just as fast.
rdbradshaw
1 Apr 15#523
no longer tcb for co op account
Reebok Ron to rdbradshaw
1 Apr 15#526
Damn it! Stupid Yorkshire Bank taking so long to pay my incentive so I can switch from them I've missed it.
Shicky to rdbradshaw
9 Apr 15#537
Why do you think this? Still advertised on TCB?
kyrob
1 Apr 151#524
mocmocamoc - You obviously have not read the original post correctly, nor have you used your brain to look at the situation. There is no requirement to switch from your existing account (the one where your wages go) at all, thus meaning there is no hassle with constantly switching your bank details with your HR department. You create a donor account like stated and there is never a requirement to close your existing current account, and obviously with modern technology these days, online banking is very handy for switching money around!!
rdbradshaw
1 Apr 15#525
I remember the best one a while ago was £200 switching to co op bank , surprised it's not gone back up to that amount since.
rdbradshaw
1 Apr 15#527
Well I suppose it will comeback around sometime .
rdbradshaw
1 Apr 15#528
After going through the process for £125 cash incentive with Halifax , I got a email saying its £100 !?
Shicky
2 Apr 15#529
It's still being advertised as £125 until 5th April so get on to them ASAP
Reebok Ron
2 Apr 15#530
Just got my Yorkshire Bank £150. :smile: It took 35 days. I wonder if I'll get my other two - I doubt it because they weren't switched from a "main" account.
Has anyone else got an incentive payment by switching from an unused donor account yet?
Reebok Ron
2 Apr 15#531
Can anyone help me with the M&S switch please?
I applied online but they don't tell you there and then whether you've been accepted, they send out forms to fill in apparently - I didn't have to fill in anything about the donor account which I found strange, it's like I only applied for the current account and that's it.
Did everyone else do this or have I messed up somehow (can't see how I could as I applied through the MSE link to get the £125). Anyone?
glasgowgeezer to Reebok Ron
2 Apr 151#534
Don't worry the welcome pack will confirm the £125, and give you details to call to switch.
Reebok Ron
2 Apr 15#532
Their website for the switch definitely says £125 until 5th April. Are you sure your email isn't saying that you've already claimed £100 from a previous switch and therefore you're not eligible?
rdbradshaw
2 Apr 15#533
No , it's ok I spoke to the switching team and they said it will be £125 not £100 so that's fine as I not been with halifax before so I am eligible
Vegeta
4 Apr 15#535
Is the First Direct switch all done online like the Halifax switch or are telephone calls and paper forms involved?
MaximusRo to Vegeta
14 Apr 15#545
I would say all online, but I rememeber I did had to call them at the end to confirm something
Shicky
9 Apr 15#536
For anyone interested I got my YB incentive which I applied for before the rule change (direct debits needed) but wasn't complete until after the rule change. Seemed to be around 30days after the account was switched rather than dependent on when the £1000 was transferred
rdbradshaw
9 Apr 15#538
Well that was the case but obviously it's back on again
mac5229james
10 Apr 15#539
Just wondering about the accounts where you have to pay a minimum amount in to get the incentive.
So for example first direct requires £1000, assume that is the total balance needed? So some money will be moved with the transfer anyway (eg previous incentives already paid) so I could just pay the remaining amount?
Shicky to mac5229james
11 Apr 15#541
yes it's just total amount, in theory you could just transfer £200 in, then out, then repeat four more times with the same £200
neilgreig
10 Apr 15#540
Depends on the bank.
The Co-op does not count any transferred money received from closure as part of the min £800 deposit required.
mac5229james
13 Apr 15#542
Many thanks
RoboProd
13 Apr 15#543
Great thread, just set up a donor account for me and my Mrs.
Only thing I would say is a few terms and conditions haven't been displayed clearly, for example with the Halifax rewards account you need to pay in £750 p/m and have 2 DDs for the £5 reward (not sure about incentive) and for the £100 for leaving First Direct you need to leave after 6 months but before 12 months and have to pay in £1000 for 6 months.
MaximusRo to RoboProd
14 Apr 15#544
Halifax switching incentive doesn't require the £750/pm payment or 2DD.
You are corect about FirstDirect
geofferino
14 Apr 15#546
Does anybody know if having an active Halifax credit card will prevent me from getting the incentive on a new current account with them? I didn't redeem any cashback rewards when I opened the credit card if that makes a difference.
Shicky to geofferino
17 Apr 15#548
I'm fairly certain you should be okay, I'm currently doing it so should be able to update you in 4weeks or so
cazsilver
17 Apr 15#547
Hi, just a quick question, I switched to Halifax on the last day they were offering the £125 incentive, (now £100) The balance from my old account was received into my new halifax account Wed this week, how long does it take for them to pay the £125 into the account? Thanks
Shicky to cazsilver
17 Apr 15#549
it's supposed to be a month but it can vary slightly
rdbradshaw
17 Apr 15#550
Mine was quick , 3 days after switching
salmanzak
18 Apr 15#551
how long COOP bank take after the switch to pay the incentive? switch completed on 2nd April and already thinking about first direct
Shicky
18 Apr 15#552
Anyone aware of any new switching deals coming up or already active? Exhausted the current list :disappointed:
Milosgran
19 Apr 15#553
I switched from the Halifax to the Co-Op, and then realised I should get £40 cashback with Quidco for opening the Halifax account. It says tracked on quidco- but does any one know if I've blown my chance of getting the £40 by closing the Halifax account before I get the cashback?
shaggy
19 Apr 15#554
Been following this thread for a while and have been meaning to set up a donor account but been too lazy more than anything.
I have an account with first direct already which is my main account. Well I have 2 current accounts and 2 saving accounts with them already. So does that disqualify me from trying to get any cash out of them ?
rdbradshaw
19 Apr 15#555
So for the two DD are there any £1 monthly subscription things around and how long does it take to set up. Cheers for any help .
AlexPritchard to rdbradshaw
20 Apr 15#556
Just set up a couple of savings accounts that allow direct debits in, Tesco offer Internet/Instant Saver accounts that allow this.
leetron
20 Apr 151#557
Halifax switch back up to £125 from today :smiley:
cazsilver
21 Apr 15#558
Received my £125 3 days after switch completed! :innocent:
Civic EG6
21 Apr 15#559
I guess for the Yorkshire bank offer Ill need 3K minimum capital as it requires £1000 per month. Am I doing this right?
Milosgran to Civic EG6
23 Apr 15#573
Pay £1000 in - then straight out again, or £500 paid in then out again twice, no need to leave it in the account.
Still waiting for my yorkshire bank incentive. Switched on 12th March but no signs of incentive. Rang them and was told it will be paid within 76 days :-(
rdbradshaw to manieer
22 Apr 15#562
Mine was around 35 days , jus sit tight
rdbradshaw
22 Apr 15#563
Tesco bank offers 10,000 clubcard points for switching to their account
cazsilver to rdbradshaw
22 Apr 15#565
Really? Where does it state that? I can`t see on their website? as genuinely interested, would be worth £400 in days out!
gwapenut
22 Apr 15#564
Only to invitees. I got offered £100 instead, sadly.
manieer
22 Apr 15#566
Thanks - hopefully it will show up soon in my account. Will have to look into the next step.
the porter
22 Apr 15#567
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
rdbradshaw
22 Apr 15#568
It was in a email sent today, I got it I think because I have a tesco credit card so customer specific
cazsilver
22 Apr 15#569
Oh ok, shame, I would have been all over that! :smirk:
Tudor69
23 Apr 15#570
Any ideas how to set up two DD without losing the money?
Would setting up a PayPal Business Account together with 2 DD work?
Cheers!
Taz1529 to Tudor69
23 Apr 15#571
Tesco online saver and post office account
karlie88
23 Apr 153#572
Hi everyone.
Just to let you know I'll do an update sometime next week. Thanks for all the contributions so far.
:smiley:
monster144
23 Apr 15#574
I have had my incentive payment on my First Trust "Plus Current Account" and drawn my balance down to a few pence.
I was thinking of leaving it like that in case I need it for another switch. However, I see on the reverse of my latest paper statement "PRIVATE BANKING CURRENT ACCOUNT CUSTOMERS PAY A QUARTERLY FEE, DETAILS OF WHICH APPEAR ON THE FRONT OF YOUR STATEMENT". - but there are no further details printed anywhere. I don't recall anything about this when I opened the account. Has anyone had charges applied? Maybe I should close it completely. Any advice please?
Tudor69
24 Apr 15#575
Are we allowed to do this without a problem?
Technically, I could set up standing orders so each months I have the required amount paid in and out.
norbie
24 Apr 15#576
Hi all. What is the best account to create as a simple donor account?
Taz1529
24 Apr 15#577
Can you please add that the first trust bank require an income of 1200 in the account. Realistically I'd have £500 in a month, which I said, and they told me I'd have to go into branch to open a different type of account. I'm in Yorkshire, not N.I.
Shicky to Taz1529
24 Apr 15#583
Do it again and mention you'll be able to put in more than 1200 when asked? You could use only the 500 and transfer it in and out a number of times.
Read the Ts&Cs and you would have avoided this problem, the amount required is already there on the opening thread post.
TLDR: Quit complaining and don't be lazy in future.
dude786
24 Apr 15#578
Just trying this now, thanks for the effort put into this OP
t3rm3y
24 Apr 15#579
i checked my credit report after opening my 3rd account, and it was only just in the "fair" segment on experian (on the poor side. not sure if to do with the opening of accounts or because i dont do much with loans and credit previously.
I did note that after a couple of weeks the previous two accounts were noted as closed and my report was now in the good segment..
rdbradshaw
24 Apr 15#580
Hi , when you say post office account I'm guessing you mean their online saver , and from there does a dd form appear then how long for the dd to kick in ? Cheers
ohpants9
24 Apr 15#581
very interested in doing this- have an old current account with barclays i havent used for ages i did get a debit card with it though which ive never used. bit that bothers me is i dont want to close my main barclays current account or old barclays student account with £200 free overdraft just to switch the dormant account to halifax for £125 but i am worried that they are linked in some way so they may close all my barclays accounts not just the one i dont use?????
karlie88 to ohpants9
24 Apr 15#582
They will only close your dormant account - not your active accounts.
gwapenut
25 Apr 15#584
Wonder if anyone with the points offer can tell me ... have you previously had a cash offer from tesco bank?
I would prefer points, but am not sure whether to ignore the cash and hope for something better in the future. I may try ringing them up to see if they're able to change it to a points offer, but I very much doubt that would be possible.
karlie88 to gwapenut
25 Apr 15#585
Doubt they will - but always worth a try.
Would love to receive 10,000 Clubcard points. £400 worth of vouchers would be amazing.
:smiley:
rdbradshaw
25 Apr 151#586
That's what I have been offered but if I'm honest if rather have the £100 + cash , also I'm fairly sure when tesco bank accounts 1st started they did offer the 10,000 points to switch
karlie88
25 Apr 15#587
But you can sell £100 worth of CC vouchers on eBay for £300+.
:wink:
the porter
25 Apr 15#588
There was no offers from tesco when it first launched, this is the first time any offers have been given out just wish it was for everybody which hopefully it will be at some point
karlie88
25 Apr 151#589
It's not the first time. The offer started about 6 months ago. See here:
Tesco Bank are gradually opening the offer to more customers...what I'm not a fan of is the variety of offers. Some are getting £50 gift cards, £100 gift cards, £100 cash, 5,000 CC points or 10,000 points. Guess it's still in their trial phase.
the porter
25 Apr 15#590
Fair enough I stand corrected I didn't know that
karlie88 to the porter
25 Apr 15#591
Not a problem.
I got a HSBC switch incentive a few months ago for £100. Again this is a trial to see how popular it is...although they should really have the facts given First Direct's popularity with switch incentives. Post Office also offered a £100 One4All gift card a year ago - again that was a trial across the Midlands.
It's only a matter of time until more banks roll it out...hopefully Natwest, Virgin Money, Sainsbury's Finance, ASDA Money etc. will join in on the act.
:smiley:
geofferino
25 Apr 15#592
Currently swopping to the co-op for their incentive but had a bit of a holdup on the switch service & wont be fully moved over for another 2 weeks or so. New account is open in the mean time, so can I deposit the minimum required amount yet or should I wait until I've completed the switch?
chemeng to geofferino
27 Apr 15#593
Nooo, I'm pretty adamant on this one. You have to wait for the switch to take place. 100%
chemeng
27 Apr 15#594
Can you switch from HSBC to First Direct and get the incentive? Seeing that they belong to the same group?
mac5229james
28 Apr 15#595
About to apply for account 3 (4 including donor).
Was thinking First Trust, but seems telephone only and not in the mood to go through all that!
Why they can't do it online like some of the others!
Reebok Ron to mac5229james
29 Apr 15#596
I got turned down for First Trust because there was some problem on my equifax report. Annoyingly though they wouldn't tell me what exactly so I could try to fix it. Had no problems with the others though. The phone thing isn't all that bad they just start by asking for your address and name. If you get past the equifax check I'd think it'll be easy after that.
RoboProd
29 Apr 15#597
Just wanted to thank you again for this - I signed up for a natwest donor account for me and my girlfriend, switched them both to Halifax (she already had a credit card with them and I have a current account with BOS) - two days after switch completed there's £125 in each account.
Tried to sign up for First Trust but couldn't pass the ID check.
rdbradshaw
29 Apr 15#598
The cashback sites are being strange , when you search for co op bank for the £40 offer its not there , however if you search in google the words quidco , co op bank & cashback it comes up ? So has it expired or not? Either way something's not right
RoboProd
30 Apr 15#599
Applied for M&S account on Tuesday online - still no reply.
Spottybutterfly to RoboProd
1 May 15#600
They do take a while to send the info, I applied a couple of weeks ago, took them a week to send the stuff out.
norm1 to RoboProd
6 May 15#632
Impatient much?
If you do all the switch rewards you're looking at a year or so to space them out.
salmanzak
1 May 151#601
my switch to Coop bank completed on 2nd April, transferred 800 the next day but still waiting for my 100 reward......good news is my £40 topcashback has been confirmed.
Shicky to salmanzak
6 May 15#606
They must wait the full month, First Trust paid me the incentive before I even paid the required amount into the account! Had issues with quidco & halifax account so I'm hoping TCB with co-op is problem free
el081015
2 May 15#602
Hi, I've just switched to the Halifax to get the £125. How much of a time gap do you leave before you switch again? Thanks
Shicky to el081015
2 May 15#604
once you get your incentive, free to roam the wilds again..
wolfmother
2 May 15#603
Tag
el081015
2 May 15#605
Comment
Thanks
mac5229james
6 May 15#607
On MSEs banking guide, under the incentives section, it states:
On First Trusts website, it says the account can either be opened by visiting branch or calling them.
karlie88
6 May 153#608
Just done another update.
Checked all links are working. TCB and Co-Op still have their £40 offer as well as the switch incentive. Can't see any temporary £125 offers with FD or M&S Bank.
One main point to add is that some Tesco Bank customers are getting different offers to switch their current account to them - best offer is 10,000 clubcard points but other offers include 5,000 points, a £100 gift card or £50 gift card. Keep an eye out for emails/mail. Seems to be customers who already hold a credit card or savings account with them are getting the offer.
WillPS to karlie88
6 May 15#610
A Tesco Clubcard statement goes out soon - will check to see if I'm offered anything. I'm not an account holder unfortunately :disappointed: might be worth setting up a savings account just to see if that helps...
rdbradshaw
6 May 15#609
Thanks for the update and ongoing work into this very helpful thread
K1LLER HORNET
6 May 15#611
Must do this asap. Will help towards a deposit :smiley:
tek-monkey
6 May 15#612
Will look into some of this tonight, thanks.
Sophiasky
6 May 15#613
As regards setting up a donor account - a couple of years ago, I took my son to open up a Lloyds current account with a debit card. For some unknown reason, they also sent me a debit card as well in my name. I have never used the account but it is still open. You say, put £1 in it - I never opened my account with anything, so assume there is £0 in there. Will I have to actually deposit £1 for this to work, if I want to change to the Halifax offer? Thank you.
karlie88 to Sophiasky
6 May 15#614
A balance of £0 in your donor account should work fine.
I just think it makes the switch look more 'genuine' if you have a little credit in your account.
:wink:
Sophiasky
6 May 15#615
My main bank account is Santander, so perhaps I could send a payment to the other Lloyds account first, to make it look more genuine. Thank you.
balgill007
6 May 15#616
Interesting....
Sophiasky
6 May 15#617
Looking at the Halifax website now - does it matter if it is the Reward Current Account or normal Current Account that is opened? Not planning on transferring any direct debits to it I don't think.
karlie88 to Sophiasky
6 May 15#618
Doesn't matter on the account type.
Sophiasky
6 May 15#619
Thank you, just have to find the debit card now.
badgerrules
6 May 15#620
Thanks for the info op i just opened my 'donor' natwest account. Would there be any negatives to opening another in my wifes name?
Just so people are aware, although it's probably a bit too late for some people. For every new account you take out it could impact your credit rating and if you get an o/d facility it will lower your credit score. So be careful if your looking to obtain a mortgage etc it may be affected by doing this...
karlie88
6 May 15#624
It's either that or Co-Op - can't have both I'm afraid. See T&Cs:
Thought Co-Op is better due to £40 cashback via TCB.
:smiley:
drharishgarg
6 May 15#625
Terms and conditions
*This offer is not available to existing customers with a Co-operative Bank or smile current account who pay in on average £800 or more per month over the three months prior to 1 October 2014, or since the account was opened, if that is a shorter period.
†Any balance transferred from your old account as part of your switch does not count towards the minimum £800 funding requirement.
£100 will be paid into your account within 45 days from the date your switch is completed, if conditions of this offer are met. You will also receive information on how you can choose which of our designated charities you would like us to make a £25 donation to.
Offer can be withdrawn at any time.
You can only benefit from this offer once, and joint accounts will only qualify for one payment of £100
Applications to switch received after 3 February 2014 and before the offer ends will be entitled to receive the offer.
If a new account is opened online prior to the offer ending, an application to switch must be made via the telephone or in one of our branches, within 14 days of account opening.
drharishgarg
6 May 15#626
so technically you can claim this if you fulfil the first part of T & C
bosselectro
6 May 15#627
So just to check, if I have £1000 I can do all these deals by just moving money/DD from account to account as and when I open them? Could I get all the bonuses, close all the accounts and then just go back to my original account?
karlie88 to bosselectro
6 May 15#628
Yes.
In fact, there is no need to close your 'original' account, if that happens to be your main bank account then why not keep it open?
drharishgarg
6 May 15#629
Also you cannot open or switch account with First Trust as you have to live close to one of their branches (In NI) to verify your identity and submit the documents in branch.
karlie88 to drharishgarg
6 May 15#630
There have been a small number of people who have managed to open a First Trust account despite being a non-NI resident (despite what MSE's blurb says).
Some have mentioned opening it in this thread and others on the MSE thread.
grimboj2
6 May 15#631
Please consult a financial advisor before switching current account many times in succession There's a lot of "pub logic" in this thread that should all be taken with a pinch of salt.
karlie88 to grimboj2
6 May 1513#634
Great advice.
HUKDer: I would like to take advantage of multiple switch incentives from this thread on HUKD.
Financial adviser: Great! I would advise to spread your applications out to minimise the impact on your credit score. Too much pub logic out there.
HUKDer: Erm, but that's already been advised in the opening post. Anything else you can advise?
Financial adviser: Let me have a read of the opening post. *Reads for a couple of minutes*. Nope, no further advice sir/madam.
HUKDer: Erm...thank you for your time? I guess...
Financial adviser: No problem! That'll be £150 please. I also accept M&S gift cards.
:confused:
mcormack
6 May 15#633
There is no affect on your credit score.
monster144
6 May 151#635
Since Christmas I have successfully "done" Co-Op, First Trust, Halifax, Yorkshire x2, Clydesdale and M&S with absolutely NO impact on my credit score, but I made sure to never requested an overdraft facility.
Thanks again OP and good luck everyone.
rdbradshaw
6 May 15#636
Try the tesco one if you get an email about the offer :smirk:
monster144
6 May 15#637
"Try the tesco one if you get an email about the offer"
Thanks. I keep checking my inbox as I have their credit card and an old savings account...fingers crossed!
anewman
6 May 15#638
I have two current accounts with Halifax, one I want to close as I don't use it. I suppose I could use this as fodder for these offers?
royaltee
6 May 15#639
First trust denied in 2 minutes off the back of only name and address, done all the other banks no problem. I'd say they're not keen on English addresses as my credit is fine.
thejinx6
6 May 152#640
Super thread. Done this with Hfax only so far but will continue going through the list.
Just to contribute with my experience, one problem I encountered was when switching an old santander current account the switch failed twice with apparently no reason. Turned out the old Santander 'donor' account had been frozen due to inactivity as it was a really old unused account. A quick call later, 3rd switch worked a charm.
This really is free cash... and YES we get it - this may impact your credit score. This has been mentioned over and over including in the OP. If you don't want to try it because you don't want to monitor your credit file then don't but this is a REALLY good idea. It has not impacted my score in any way.
Maximum respect to the OP for continuing efforts despite so many people with poor or negative contributions. Now where is another lightning cream egg deal...
karlie88
6 May 15#641
Water off a duck's back.
:laughing:
Rich44
6 May 15#642
Hence as in opening post DON'T use your normal account, use a donor account keep your wages going in as normal & bacs money to the new account to make money in requirements.
To meet dd requirements take out a 3 issues for £3 magazine subscription or 2, easy
ELVIS_THE_PELVIS
6 May 15#643
how much is it worth
Vatman95
6 May 15#645
Do I detect an anti-British tone in your comment? I'm sure anyone with the brains to do this offer is not vulnerable. Getting one over on the banks is pure genius. Keep your patronising lecture to yourself Napoleon.
MisterLister
6 May 15#646
I'm 19 and I'm with TSB and have around £1000 in a savings account. What's the best bank to be with or move to? (Moneywise, but nothing to do with interest) Help would be really appreciated thanks!
MisterLister
6 May 15#647
I'm 19 and I'm with TSB and have around £1000 in a savings account. What's the best bank to be with/ move to money wise (but nothing to do with interest) help would be much appreciated thanks!
Fagol
6 May 15#648
That's nice and all but now the people who are on the fence like me are looking at two unverified arguments. One saying it does affect your credit score and one that say it doesn't. Why wouldn't it affect my credit score? Serious question.
Rom
6 May 15#649
The truth is no one really knows how credit scoring works entirely, different institutions use different methods and those methods are confidential for business reasons.
Anyone who states this does or doesn't effect your credit rating is talking out of their... hat.
benlondon
6 May 151#650
one thing, you say at the start that you have opened all of these accounts and can see that all of the credit searches have not had an impact on your credit worthiness because noddle says your score is good
this is totally incorrect, banks and other lenders do not use the likes of experian to search your credit worthiness, yes they share their data with noddle and experian etc BUT noddle etc just make their own assumptions based on that data as to how creditworthy you are, all the banks have their own criteria which they use which can and does paint a totally different picture
Newbold
6 May 15#651
Possibly........but I can tell you for sure that Experian (one of the 3 main credit reference agencies) says this:
Making numerous credit applications can suggest to lenders you are reliant on credit and are not able to live off your income.
Credit Applications: The greater the number of credit applications on your credit report, the greater the impact on your credit score
My 'score' with Experian was directly affected by three bank account applications in the previous 6 months. Not disastrously, because of other positive aspects, but affected nonetheless. Anyone with a slightly 'off' record would almost certainly find it made getting credit much more difficult.
Rom
6 May 15#652
Well, yeah that is perhaps the only well known and obvious I think so I didn't mention it and it could be mitigated by spreading the applications out.
jeffsmaw
6 May 15#653
Well, im going to give it a bash and many thanks for the info on free credit score too. :sunglasses:
zeeshy
6 May 15#654
no problem for this uk resident opening a first trust account :smiley: thanks
thisismark
7 May 15#655
Great post
pablomalin
7 May 151#656
I've just opened Nationwide FlexPlus to get their European breakdown cover for £10 a month. Cashback is £75.75 (TCB) and another £50 through 'Refer a friend' scheme. They also give 3.00% on balances up to £2,500.
louiearch9309
7 May 15#657
Can someone answer why he says not to take out an overdraft?
I did with Halifax. I don't plan to use it anyway. But why does he recommend not too?
mike2527
7 May 151#658
Overdraft might effect your credit score simply by applying for it.
awol
7 May 151#659
It's already been said many times, if you have a good credit rating then in real terms you are not going to be affected by an additional search.
Many searches (caused by multiple applications) and additional credit accounts (in this case an overdraft) are absolutely going to have a negative impact on your credit rating.
Simple solution is don't be greedy. If you have a good credit rating, apply for one now and another in a couple of months or something and leave it at that. Apply for them all in a day or in quick succession and of course it will do your credit rating no favours.
And because it annoys me, affect/effect: It might affect your credit score or have an effect on it.
satchef1
7 May 15#660
I take it there's nothing to stop me doing this, then in the future opening an account with one of these banks again? I don't mean claiming the switching bonus twice. I'm just wondering if First Direct (for example) would have issue with someone setting up an account with them, taking the switching and leaving bonuses, then deciding 12 months down the line to return to First Direct? I'll be looking to take out a mortgage maybe next year and I know they occasionally have great promotional rates for current account customers.
missy89
7 May 15#661
I successfully switched to Halifax and got my £125 incentive today, I've been reading up on the T's&C's for First Direct and it says the monthly fee is waived as long as you maintain an average monthly balance of £1000. To me that doesn't sound like I'll be able to transfer the £1000 in and back out, can anyone confirm I'd have to keep the grand in the account or whether I'm able to take it out again?
Thanks in advance :innocent:
ypfashi to missy89
7 May 15#662
I can confirm I put in £1000 in FD account and it goes back out again. :smile:
missy89
7 May 151#663
Excellent :smile: thanks ypfashi
zippypants
7 May 15#664
Smile are always wanting me to open more current accounts.
Hmm.... I thought Ill open another current with smile, then apply to one these other accounts what pay you money for
switching... I use the smile account I have just opened to switch .... easy money.
MonkeyG0D
7 May 15#665
I left halifax for first direct, I got £100 to join halifax initially, then £100 to join first direct, then I left first direct and went back to halifax and got £100 to leave first direct and £100 to rejoin halifax. I'm staying put now as I need to preserve my credit score
rdbradshaw
9 May 15#666
A question about tcb and co op bank . It takes around 3 months to receive the cash back of £40 from tcb after the switch but if I left to another bank within the 3 months I'm guessing the £40 cash back will get held back . Has any body had this problem or do they still payout
Shicky to rdbradshaw
9 May 15#667
I'm afraid I cannot say for certain but I would be pretty sure you shouldn't need to stay in the account. As long as you open the account through TCB and there's an audit trail, you should be fine.
rdbradshaw
9 May 15#668
Ok cheers , only reason is because my offer from tesco for the mega points expires on 30th June so I can make to them by the date .
Shicky
9 May 151#669
If you want to be extra cautious you could probably organise the switch with Tesco, but just complete the switch further down the line when you know the cashback will come through. Most deals I've seen usually state you need to sign and agree to the switch to lock in the incentive, rather than needing to totally complete the switch by 30th June for example.
*For clarity, I mean agree to the switch and sign the papers but organise the switch date for end of August for example, when you know the cashback will have come through
However, make sure you check out the T&Cs as I'm not talking from a position of knowing your exact case.
badgerrules
10 May 15#670
How long after receiving my donor bank card and pin until I can do my first switch?
Shicky to badgerrules
12 May 15#671
You can do it as soon as you have your account details and debit card number.
UST
12 May 15#672
Does anyone have any tips on how to set up 'dummy' direct debits? In other words, is there any way I can meet the DD requirements without having to switch my real DDs for my utilities etc?
xicosm to UST
12 May 15#673
you can do it with paypal and also ebay if you setup a seller account
rdbradshaw
14 May 15#674
Karlie I have attempted to go through tcb for the £40 cashback from co op and was successful , however I had to call them to arrange a switch, I'm guessing my cashback will be declined, it seems different to other bank switches as you can switch online but with co op its instore or over the phone.
ziezou
16 May 15#675
Same bank as co-op.
mac5229james
19 May 15#676
Hi everyone. I'm currently setting up some DDs on my first direct so that I can then open & transfer to Co-Op.
My first DD is paypal & I was going to open a Tesco Saver & pay into it by DD for the send.
The paypal account is linked & I've successfully made a transfer, but in my online backing, although paypal is shown under the active DDs, last paid & amount are blank. I'm worried this may not count as an active DD.
Has anyone done the same?
Thanks
shishiragarwal to mac5229james
19 May 15#677
as long as you don't cancel a direct debit its payment frequency doesn't matter. so it will count as active direct debit. u can also create a DD from eBay wen u sign up for a seller account
neilgreig to mac5229james
19 May 15#678
Even though you have done the transfer via Paypal, it can take a few days to hit your bank account.
I set up a Paypal DD with the Co-op and transferred £1, but it took 5 days to hit my account.
mac5229james
20 May 15#679
Thanks, the paypal payment was instant & shows on my statement.
Its that under the existing direct debit lists, it doesn't show anything for last paid.
Fury
22 May 15#680
I'm really tempted by this but stuck on setting up the DD's.
Had a few questions...
1- Do they have to be existing DD's on the "donor" account or can be set up when you switch?
2- Can they be standing orders (instead of DD's) set up to your main account?
3- If standing orders not allowed, how can you set up dummy DD's, please note not including ebay/paypal?
Any advise greatly appreciated, thanks:)
Milosgran to Fury
23 May 151#681
I set up a charity DD- you can do Oxfam for £1.00 a month, GOSH for £1.00, McMillan for £2.00, and you feel just a bit like Robin Hood.......
Civic EG6
28 May 15#682
This is gonna sound bad but what is the lowest amount you can set the direct debit at for a charity?
MR1123 to Civic EG6
28 May 15#683
I can't stop lauging. But it benefits them.
norbie
31 May 151#684
For 2 quick and easy Direct Debits:
1 - Add the bank account to your PayPal account (you don't ever have to use it and you actually gain 1p for doing so!). You can have multiple bank accounts linked to your PayPal so this doesn't have to disrupt your regular account.
The Tesco one works well, but there's a downside to the PayPal one. Once you've confirmed a bank account (which you have to do for it to work) payments will default to that account every time you make a purchase. If you want the transaction to go to a credit card for cashback (and Amex are paying me 1.25%) you'll need to remember to change the payment method via a drop-down every time.
norbie
31 May 15#686
It doesn't do that for me as I already have a bank account added that I use. You can add more secondary bank accounts without it changing the default one. But yes if you don't already have a bank account added it'll make the first one you add the default payment method.
zebulunn
1 Jun 15#687
The halifax offer for £125 is over now, now just £100 for switching.
Spottybutterfly to zebulunn
1 Jun 15#688
Damn I was going to open a account, might wait and see if it comes back. Or see if there is a TCB offer.
cazsilver
1 Jun 15#689
Normally goes down to a £100 for a week or so, then goes back upto £125! :wink:
wolfmother
2 Jun 15#690
Donor accounts opened for me and wife, switched to halifax a week or so ago and can confirm we have £250 between us.
Free money.
Now, which bank to hit next..... I'm thinking of going through them in order of payment processing so maybe M+S next for the £200 in vouchers.
Cheers OP.
ioscorpio
3 Jun 15#691
For DDs, I'm going to set up a Tesco savings account, I have a Paypal account linked to Ebay, so could use that.
badgerrules
3 Jun 15#692
Just managed switch number 3 and it is to first direct from halifax but wow first direct are soooo much more involved with their security than halifax or natwest were! not a bad thing if your going to have it as your main account though.
missy89 to badgerrules
3 Jun 15#694
I switched to First Direct from Halifax too a couple of weeks ago and I thought the same thing! We've gone from one extreme to the other
pazza2000
3 Jun 15#693
I have switched to Halifax and wondering who to move to next having now received the Cash incentive. I've already switched to FD, M&S and Clydesdale/Yorkshire so I guess I can't go back to either of these? I also don't have any DD's or SO on the Halifax account to 'switch over' as part of a requirement (I keep these untouched in a long standing current acc). Any recommendations?
rdbradshaw
5 Jun 15#695
With first trust bank how long as it taken you to get the £125 incentive , because if it's more than a month that means I would need to pay in £2400 as is states pay in monthly £1200 . Also I think someone mentioned on here about hidden fees during or after you have switched from these guys .
Shicky to rdbradshaw
6 Jun 15#698
was the quickest one for me, about a week after the switch complete, before I even transferred the required money
ioscorpio
5 Jun 15#696
Other people have had problems with First Trust Bank by failing the ID check if they do not live in NI.
rdbradshaw to ioscorpio
5 Jun 15#697
Ok thanks for that
rdbradshaw
6 Jun 15#699
Cheers matey I will try them soon :sunglasses:
salmanzak
7 Jun 15#700
Hi,
just switched to first direct and want to know how long do they take to give you £100 switching bonus. Also, whats the best reason to leave them in order to get the leaving £100.
Thanks,
geofferino
8 Jun 15#701
Can anybody advise how long the incentive takes to be paid into a Halifax account?
karlie88 to geofferino
8 Jun 15#705
Between 1 and 5 days after the switch completion date - usually on day 2 or 3 though.
MR1123
8 Jun 15#702
i need to open a donor account, anybody have a good idea which bank i should open one with as i dont want to choose a bank that offers £100 for switch to them because i intend to take part later. thanks
karlie88 to MR1123
8 Jun 15#704
Pretty much any bank without a switch incentive is good for a donor account.
ioscorpio
8 Jun 15#703
I have just opened one with Nat West and another with Barclays in order to use as donor accounts for switching bonuses on offer . I have already switched my main account to Yorkshire Bank and am awaiting the £150 bonus.
geofferino
8 Jun 15#706
Sorry, just had a total brain fart! I meant the Co-Op. It's been about 2 weeks since I paid in the necessary amount.
rdbradshaw
9 Jun 152#707
Hi karlie you can now add tsb to the list for their £100 incentive deal when you pay in £500 . This is via mysupermarket.com.
New offer and I thought I might be lucky, but unfortunately at end of application it said not eligible as I have a TSB account from before.
rdbradshaw
9 Jun 15#714
No problem , glad to help , sure someone will use their switch
dinosteveus
9 Jun 15#715
I just noticed that you cannot switch a joint account to TSB. Is that the same with all bank deals?
karlie88
9 Jun 151#716
I was unable to apply for the TSB switch myself because I already have an account with them. However...
...it's been suggested on MSE that you could, potentially, switch your current account away from them (to any bank) and then switch back to them to get the £100 and 5% credit interest.
pazza2000
9 Jun 15#717
What's the effect on your credit report (history) if I switch over an account which in itself had just been opened and switched over from in the past 6 weeks?
Shicky
9 Jun 15#718
Where does it mention this? I'm in the same boat and thought I'd be okay, the only mention I saw was:
You can only benefit from this offer once
It mentions nothing about new customers only anywhere?
rdbradshaw
9 Jun 15#719
In my case tsb was the starter bank with me for the donor account back in February , so I wonder if i can switch to them for the incentive ?
karlie88
9 Jun 15#720
Yep, you will be able to (from what I can see).
TheOak
9 Jun 154#721
Couldn't disagree more - thought their online banking was amoungst the worst of all the banks. I actually left them too early to get the £100!
brendinho
9 Jun 15#722
wow!! great! cheers!!
rob83
9 Jun 15#723
Everybody said that First Direct is the best, but when I joined them all I kept getting was phone calls and letters from them. I would rather do everything online and live chat than have to talk to someone. Maybe the older generation prefer talking to someone on the phone.
Newbold
9 Jun 151#724
Odd you should say that. Account settings perhaps? In nearly 25 years of banking with FD I've probably had no more than a couple of calls from them. That's a sharp contrast with some other banks!
akz18
9 Jun 15#725
Does the donor bank account have to have the appropriate amount such as £800 for co-op?
karlie88 to akz18
9 Jun 15#727
No it doesn't. The money can be transferred in after the switch.
Most have had this problem - although some non-NI HUKDers have managed to open a First Trust account over the phone.
theshadowman
9 Jun 15#726
Just tried to open a First Trust account.
You can only open a First Trust account in a branch - not worth popping over to NI for £125.
mac5229james
9 Jun 15#728
Does it matter if I have a Lloyds account already & try for the TSB incentive?
karlie88 to mac5229james
9 Jun 15#729
No - Lloyds and TSB are different banks.
mike_6480
9 Jun 15#730
For those accounts where you have to pay a certain amount in to obtain the incentive, do you have to leave the money in for a certain period or can you effectively transfer it back out almost instantly?
karlie88 to mike_6480
9 Jun 151#731
Instantly.
ifa
9 Jun 15#732
Nice and A LOT easier than YBS switch (how painful was that)
murkymango
9 Jun 15#733
Sorry if this has been asked already...
Can the 2x DDs be for credit payments? or do they have to be for utility bills etc?
So....If I have £1000 in Santander already I can just switch to first direct and I have meet the terms? you don't have to pay the money in after the account is open?
Thanks.
karlie88 to murkymango
9 Jun 15#735
You don't have to have DDs when switching to First Direct. But if you have them there anyway then it shouldn't have an impact on the switch incentive payment.
mike_6480
9 Jun 15#734
What do people generally do where you have to have say 2 active DDs?
Most of mine are for utilities and not sure if I'd want to transfer these as I'd then need to ensure I remember to pay in the amount to the account before bill is due
karlie88 to mike_6480
9 Jun 15#736
PayPal (manual payments required - not automatic), DD to charity, £1 Radio Times trials, £1 for 3/6/9 issues of Glamour/Cosmo/Auto Express etc., Tesco Bank Internet Saver....
Mathew007
9 Jun 15#737
If i upgrade my TSB classic accunt to a plus will i get the incentive?
ukripper
9 Jun 15#738
Is the site about saving money or chasing
simonfear5
9 Jun 15#739
I have been with fd since the start and have noticed a drop in initial phone response
overall for past xx years I would have said 10 out of 10 but last 6-12 months my opinion is the call center response time and transfer response time has dropped sharply
I am becoming increasingly dissatisfied with fd
DarrylJohn to simonfear5
9 Jun 15#740
Yeah,I've just applied for nationwide via account switch. Which will hopefully close my first direct account down.
rob83
9 Jun 15#741
It was when I was doing the switching process. Usually did it online with Halifax and the rest but with First Direct all has to be done on the phone
Fr3sh_M3at
10 Jun 15#742
strange, both Barclay's and NatWest online applications are unavailable right now.
Sidlet
10 Jun 15#743
Looks very interesting. Well done
bishaldhakal
10 Jun 15#744
so in a simple word
-open a account with any bank . set up dds of 2
-full fill the requirements of the t&c and switch ! ??
i assume donor account mean just as normal account?
hero9989
10 Jun 15#745
Probably already been answered by one of the 700+ posts but I'll ask anyway...
In the OP it says it doesn't affect the credit score. Are we 100% sure on this? I'll be looking to apply for a Mortgage in the next couple of years most likely. I currently have a rating of 'excellent'. Don't want to hurt this over a few hundred £ unless people are sure!
Thanks in advance.
karlie88 to hero9989
10 Jun 151#746
I didn't say it doesn't - more a case of 'may'. It really is dependent on you, as an individual, and how well/poor you manage your finances, along with previous debt, current credit cards, CIFAS markers etc.
I guess it depends on how much you value the mortgage/owning a house in the near future. Would 2 or 3 switches have an impact on your score over the next 2 years? Probably not. Would 8? It's likely.
Also, what if you apply for a mortgage with First Direct, but they notice a current account switch away from them and decline the application? Unlikely to happen, but you never know...
If it was me, I'd leave it for now; especially if you have an excellent rating. But if you need/value the £1000 more - then go for it.
princeprecious
10 Jun 15#747
well i am a bit of surprised and would appreciate if someone can advise.
this post triggers me to make noddle account just out of curiosity as i never had any intentions to use this switching deals etc but though lets check how good i am on credit history while thinking i must be fairly good if not excellent as i never done anything bad to my payments and accounts side keeping everything as best as i can.
now to my surprise i am 3/5 on noddle yet every account have all the green marks everywhere in details sections so i can't really figure that out how they awarded me 3/5
of course this pushing me to think, with no logic though, that if i check my experience report that would be significantly different/better, may be or may be not but this noddle, i don't know honestly.
pazza2000 to princeprecious
10 Jun 15#748
Some believe opening and closing these accounts have little to no effect your credit profile history ('rating'). I do on the other hand. I think it's best to leave a gap in between current account applications.
pazza2000
10 Jun 15#749
Is there any other DD's like PayPal that can be set up where by a payment and/or cancellation are not required as is the case with the charities, magazine subscriptions DDs?
princeprecious
10 Jun 15#750
I never open or close accounts for long time, no other issues at all.
I don't know how I am awarded 3/5?
I believe noddle is trying to sell their account extras such a Noddle Improve etc after giving you this free basic view with low rating for no reason, I can't believe I am 3/5 yet I know myself best than anyone else.
galego
10 Jun 15#751
One thing I'm not clear on with this TSB deal:
does the account you switch from need to have 2 Direct Debits set up already? Or do you set up 2 new direct debits in the TSB account?
Civilised Maniac
10 Jun 15#752
subs
linzal
10 Jun 15#753
I have my current account with Natwest have done for years.
Am I doing this right:
1. Open a donor account. Barclays for example. Deposit £1.
2. Potentially transfer two DDs (as going forward I made nerd those to swtich.
3. Then start switching....?
linzal
10 Jun 15#754
I agree. I have been a 3/5 for some time now. Doesn't budge. This is considering I startes tracking it in September last year and since then, I have bought a house, and added two 0% finance deals... nothing has changed!
ioscorpio
11 Jun 15#755
I checked myscore on Noodle and it is 5/5 and I have just switched from Nationwide to Yorkshire and opened donor accounts with Nat West and Barclays.
Fr3sh_M3at I opened an account last week with Barclays, but had to go into the branch with my ID, but the woman said that it should have accepted me online as I had been a previous customer as I had an ISA a few years ago. She did not even look at my ID, but she did ask a lot of questions. I received my debit card yesterday.
Fr3sh_M3at to ioscorpio
11 Jun 15#756
online application went through fine last night. accepted in minutes. just waiting for card etc then I start.
metalanthrax
12 Jun 15#757
Just switched my existing account to Halifax, all been confirmed through the post this morning. How long does the 100 take? also I can't see anywhere with the Halifax deal about direct debits or anything like that. Just simply to switch accounts. is that correct
chemeng
12 Jun 15#758
Yes, actually Halifax has been the most hassle-free switch for me. The switch is all it takes for them to credit the incentive. No DD, no inward payment.
In my case the switch was completed on May 4th, I got the incentive next day.
I can say I like the 'Halifax' experience the most so far, from applying to getting started. Easy application, INSTANT result, you can instantly go on with the switch. Quick dispatch of Debit card / PIN. Contactless Debit Card by default (at least for the Reward Account). £6.25 monthly reward (net after taxes £5) Intuitive way to register new payees (verification with the Mobile app). No (hardware) secure key nonsense (all banks SHOULD have mobile app producing codes, not these cheap secure keys/card readers).
I don't quite like the web banking site layout-wise (I consider Co-Op the best), but doesn't lack functionality. Mobile app has its ups amd downs. Requires non-rooted device. (HSBC, RBS, Co-Op all worked w/ root access w/o cloak)
Is there any bank that their mobile banking app allows for paying in/scanning cheques?
karlie88
12 Jun 15#759
Can you really pay in a cheque via their app? If so, that would be great.
Tried to Google it I can't seem to find anything...is it a future plan?
chemeng
12 Jun 15#760
Nope, it was a genuine question karlie, not a rhetorical question to outline Halifax superiority.
I know it's doable, but I have yet to find a UK bank with that functionality.
karlie88
12 Jun 15#761
:laughing:
I don't know of one either. Just read a Daily Mail and Telegraph article on it...near future it seems...
I post my cheques as it's difficult to get to a bank at times.
metalanthrax
12 Jun 15#762
Cheers guys, I have to say it's my first time switching banks in nearly ten years. It was amazingly simple and straight forward. Halifax authorised my account and over draft immediately. just waiting on the end date for some free pocket money. Will most likely stay with halifax now, I'm happy with a 100 pounds in my pocket =)
Chanchi32
13 Jun 151#763
The Save Together offer from HSBC is pretty decent - especially if you already have a HSBC Advance account - open a loyalty ISA and deposit £25 a month and get £10 interest a month back - max £120 over 12 months
OK so I get the first part is open a dummy account or whatever you want to call it I understand u can send money from that account and the first cashback bank would have this closed and everything transferred but what about the direct debits, wouldn't you need to have them set up in dummy account aswell to get the cash back on the ones that require it if so how do you go about doing it this from your proper account.consufed about this it's not explained properly the money going in can come from anywhere is that correct the 1200 or 800 or whatever they require or does this need to come from a certain place or transferred by bank or would cash do as well
wolfmother
13 Jun 15#765
Has anyone successfully switched and been paid the incentive with only 2 brand new charity DDs for a quid each, seems like it is within the rules but seems too good to be true?
geofferino
15 Jun 15#766
First one down! Co-op incentive paid in today, next stop TSB.
Slash to geofferino
15 Jun 15#767
How long did the coop incentive take to pay out? Its been a month since the switch and I haven't got anything...
salmanzak
15 Jun 15#768
/quoteHow long did the coop incentive take to pay out? Its been a month since the switch and I haven't got anything.../quote
I got mine after 28 days
OTBC
16 Jun 15#769
OK, so I've set up a direct debit with Tesco Internet Saver - do I have to wait for this to show on my Halifax online banking under 'Direct Debits' before I open an account with anyone else and perform the switch? Want to open the TSB one for their £100!
ioscorpio
16 Jun 15#770
It may not show on your online banking until you have had a payment taken out, that's what it says on my Nat West donor account. I have set up 2 DD and authorised the switch, so fingers crossed it all goes well.
geofferino
16 Jun 15#771
A little over a month in all, I'd say it's about 35 days since the account was opened, about 30 since I deposited the minimum amount.
Spottybutterfly
19 Jun 15#772
How long does it take to get a Halifax card, I'm worried it's been nicked. I got my internet banking password but that's all.
jeffsmaw to Spottybutterfly
20 Jun 151#773
I got internet stuff first then pin then card. Then letter saying switch done £100 in account. Happy days. Off to marks and spencer now!
chemeng to Spottybutterfly
21 Jun 152#774
Promptly, I recall that I applied for the new Halifax account and shortly after applied for the switch. I got the Internet Banking docs / Debit Card / PIN before the switch had completed, so less than 7 days.
The card comes in an envelope within an envelope for safety. It doesn't resemble the standard Debit card envelope.
Spottybutterfly
21 Jun 15#775
My card arrived yesterday. thanks for the replies. Now I'm just trying to figure out how to set up a recurring direct debit of 1p a month via pay pal. I plan on keeping the halifax account for the £5 a month.
Edit: Can anyone direct me how to do this, I cant find how to sett up a 1p direct debit in to my pay pal account.
Shicky to Spottybutterfly
21 Jun 15#776
Try searching this thread, its been repeated a huge number of times.
Newbold
21 Jun 15#777
Good God, I thought the Yorkshire switching phone call was bad - but the Co-op's even worse. Wouldn't have thought it possible, but it was - and took 25 minutes to complete what was a very simple switch indeed.
Given that I'm sure I'm not the only one to judge a bank by the efficiency of the switch, why can't they streamline this? Still.....free money is free money. :wink:
Civic EG6
22 Jun 15#778
What kind of stuff do they ask you when requesting a switch over. Will they ask how long the donor account has been opened for etc?
VanDutch
23 Jun 15#779
Liking the look of Clydsdale/Yorkshire Bank... £150 incentive and then 2.00% AER on up to £3000.. Though that's only £5 a month.
rdbradshaw
23 Jun 15#780
Has anybody switched from co op and not got their tcb £40 because they switched before the £40 was confirmed ?
RoboProd to rdbradshaw
24 Jun 15#782
Should still pay out.
I switched my electricity and gas to npower last year, only stayed with them two weeks before I switched again but they still paid out the cashback.
The cashback is for joining - not for staying.
neilgreig
23 Jun 151#781
My switch from the co-op to M&S is due to complete in 6 days but TCB still showing as not confirmed, I suspect it will not be honoured....but it was only ever going to be a bonus on top of the £100
cmncomp
24 Jun 15#783
With only a few days to go donor account opened, direct debit to paypal and cancer research sorted. Bring it on TSB!
brohood
24 Jun 15#784
I switched to co-op set up the direct debits and paid in the money but took it out again, will they care?
dinglebert
25 Jun 15#785
Started. Opened with Barclays, no issues, immediate transfer to Halifax. Easy to do and £100 put in the next day. Off to M&S now.
norbie
26 Jun 151#786
Is anyone else doing more than 1 account at a time?
I started 2 donor accounts, and am doing switches on both sets. I started in May and currently look something like this:
TSB -> Halifax -> Co-op -> TSB (back again now they are doing cashback!)
Natwest -> Clydesdale Bank (awaiting cashback)
On my to-do list is M&S, First Direct and anything else that comes along. Having two on the go makes the overall process quicker :-)
The amount of unused debit cards I have stacking up is hilarious :smile:
cmncomp to norbie
26 Jun 15#787
hope you are going to recycle all that plastic :smiley:
Supalynz
28 Jun 15#788
Been busy and forgot about Tsb anyone know if I can open the account today and still be applicable for the offer?
ivy88
28 Jun 15#789
Hi, i am wondering the same also. Does anyone know? Thanks
MR1123
28 Jun 151#790
It needs to have 2xdd already set up.
OTBC
28 Jun 15#791
Do you reckon for TSB you need to keep the £500 in the account for a certain amount of time, or can I pay it in and then straight back out again?
Milosgran to OTBC
29 Jun 15#802
No you don't the requirement is that £500 is paid in every month. I have £500 shuffling from Santander, into TSB1-then next day from TSB1 to TSB2- and back to Santander. I'm fairly certain you could organise for it all to happen on the same day but was worried about what would happen if they did it in the wrong order.
brohood
28 Jun 15#792
what about the co-op? I had one already set up but had to set up another
MR1123
28 Jun 151#793
Yes this applies to co-op one. Have not gone for tsb so cannot say but they are all similar. if your starting new might as well set these up first.
don't go for TSB now because account needs to be opened on 28th June and they don't give you instant decision online. I applied for one on Tuesday and was asked to go to branch for id verification and they told me that account will take 7 days to be fully opened so I have decided to leave this one.
brohood
29 Jun 15#796
I've received my mnoney from the Co-Op it is worth hanging around for tcb, does anyone know how long they take?
rdbradshaw to brohood
29 Jun 15#799
I think it says around 3 to 4 months for the £40 but some are saying they got their cash back declined after switching from co op and some other saying there £40 still confirmed .
Slash
29 Jun 15#797
I've switched to coop since May 1st and still haven't received the incentive...
brohood to Slash
29 Jun 15#798
well i switched on the 27th may so they've taken nearly exactly a month. Have you done everything they want you to do?
Slash
29 Jun 15#800
yup i deposited the £800 the same day my old bank switched everything to coop. and i have 2 direct debit setup already
karlie88
29 Jun 15#801
Were the 2 x DDs set up on your old account before the switch? And are the DDs still 'active'?
The co-op open your new bank account with them before the switch is completed in which case it may not have counted. Perhaps it might be worth contacting them because it should have been paid by now.
Slash
30 Jun 15#805
2 dd were setup before the switch. 1 of them switched successfully and the other failed. So I set up that failed DD again and I have 2 active dd in my account now?
karlie88
30 Jun 15#806
The failed DD switch is where the likely problem is. If it's been more than 45 days, I'd contact them. As it wasn't your fault, I expect you'll still get the switch incentive.
rdbradshaw
30 Jun 15#807
I'm going through same thing right now , they are investigating and if they come to the conclusion that it was their fault they will honour the incentive. I will let you know the outcome later today.:disappointed:
Slash
30 Jun 15#808
Just contacted them and their live chat said the £800 cannot be deposited on the same day of switch completion date but must be done in 31 days. And because I deposited the £800 after I saw the switch completion on that same day, that's why they didn't pay out. LOL Their CS seem to be giving random BS excuses to avoid giving the incentive...
And then when I called their CS, they said the paypal which I setup to this account's direct debit does not count as a DD and that's why they didn't pay out. Does anyone know if that's true? A paypal's direct debit does is not taken as a direct debit?
karlie88 to Slash
30 Jun 15#809
What a load of nonsense. A Direct Debit is a Direct Debit. No argument there.
If you're switch completion day was today, and you paid £800 in on the same day, then I'd say that's ok too.
I'd be emailing them a complaint.
Graphixa to Slash
30 Jun 15#810
I certainly hope PayPal direct debit is seen as a direct debit, as I have just switched to Co-op yesterday and I am just about to pay my £800 in, then remove it the next day. My other direct debit is a Tesco Internet saver account.
Graphixa
30 Jun 15#811
Karlie, I saw someone mention earlier in the thread that they opened 2 donor accounts to speed up the process of getting incentives. Do you think this is a risky strategy?
Slash
30 Jun 15#812
Not paying out if the customer deposit a few hours after the switch was complete and saying the same day deposit doesn't count as within 31 days after the switch is the most absolutely ridiculous thing anyone can make up. LOL
I thought paypal DD is a DD and that's why I set that up. Anyone else got their incentive with paypal dd as one of their DD? Trying to figure out if they are fobbing me around or what...
Graphixa
30 Jun 15#813
Certainly seems like they are fobbing you off.
karlie88
30 Jun 15#814
Depends on your circumstances. If you're happy for it to have more of an impact on your credit score then go for it.
They are. I'd be sending an email to their CEO. Lots of people did that on MSE.
geofferino
30 Jun 15#815
For the guys that are struggling with Co-op, one of my Direct Debits was PayPal & I still got the payout. They're absolutely trying to fob you off.
norbie
30 Jun 151#816
I just got my £100 from Co-op today, just over a month after opening the account (35 days ish). My 2 DDs were PayPal and Tesco Internet Saver so it's definitely valid. On to TSB now!
chemeng to norbie
30 Jun 15#817
***TSB switch incentive - LIMITED TIME: To receive £100, open a Classic Plus account by 28 June
I hope you are not too late.
norbie
30 Jun 15#818
I opened it before the deadline, but obviously couldn't start the switch until the Co-op cashback was received. Ready to roll now :-)
chemeng
30 Jun 151#819
Oh, I see you have them proper lined up :smile:
cocobobo
30 Jun 15#820
Tried looking into the first trust one online but it says you have to go into a branch to do the switch - does anyone know if you can do this online or over the phone Instead as I'm not based in NI? Thanks
Shicky to cocobobo
1 Jul 15#822
Search the thread, it has been answered several times.
You need to be recommended by an existing Nationwide account holder, make the switch with 2 DD's and you both receive £100 within 20 days the following month after the successful switch :smiley:
Shicky
1 Jul 15#823
Nice find!
Graphixa
1 Jul 152#824
Interestingly though they state in their FAQ:
"We reserve the right to claim back the £100 from both parties if the recommended customer closes their account within 3 months of our crediting their account with £100. We will do this by debiting the £100 from both yours and their account."
Looks like it precludes a quick move onto the the next bank and incentive.
yes but they've increased the number of dd to three
missy89
1 Jul 15#826
Good spot, I didn't notice that! It was my friend that designed the incentive and he *did* say he made it to put off 'game players'. Still, it's okay if you've exhausted the list and don't mind staying put for a while :smiley:
Slash
2 Jul 15#828
did your "friend" tell you if they actually take back the £100 from both accounts if the new customers don't stay past 3 months? And if they do, is it actually legal?
missy89
2 Jul 15#829
What's with the quotation marks? Are you insinuating that since he's included this tiny (albeit easy to get over) bump in the road to free money, that he can't possibly be a 'friend' of any sorts? Is he public enemy number one?
Slash
2 Jul 15#830
LOL if you can use *...I can use " all I want :P So back to the important questions that your friend would know, they wrote that clause to deter people from switching but do they actually do take back the £100 from both accounts if the new customers don't stay past 3 months? And if they do that, is it actually legal?
karlie88
2 Jul 151#831
If you moved/switched away from Nationwide within 3 months of the £100 being paid, then it would be legal for them to claim it back. Reason would be that it's mentioned in the T&Cs and you would have agreed/ticked the box to adhere to the T&Cs.
However, if you moved away from Nationwide 3 months and 1 day after the £100 was credited to your account - then they would have no right to reclaim the money.
Nanajane
2 Jul 15#832
Hi I have a nationwide flex direct ... that is the same as a current accout isn't it? I know the flex direct is one of the accounts they can switch to
Thanks Jane
missy89 to Nanajane
2 Jul 15#833
Yes, Nanajane :smiley: there's a flexplus account that also counts.
cocobobo
2 Jul 15#834
try just moving two e.g standing orders (or however many minum you need for the offers) or DDs that never change amount to a new a/c set up quickly online eg hbos then one set up use that account to switch from so it wont mess up your main a/c
cocobobo
2 Jul 15#835
sorry if i've misse dit in the comments but its not on the main page. hsbs have an offer now £120 for opening a new a/c (min montlhy pay in £1750) and also £120 for opening a new cash isa and saving £25/m for a year or 1 x £300. full ts & cs here
Has anyone done this yet and if so do you know if the 1750 can be made up from tsfs in? I can make most with wages but not all so would need to do a tsf in for the rest. e.f I know First Direct used to need your pay in to coeem from wages
A little concerned that TSB have upped the required DDs to 3. I already have my account open & my switch is due to be completed on the 7th but the donor account only has 2 DDs on it. Anybody got any advice on this one?
anthony69 to geofferino
2 Jul 15#837
If it said 2 when you switched then its 2
rdbradshaw
3 Jul 15#838
Just let you know I got my £40 payout tcb today so that's only 7 weeks , much quicker than they made ok and it went straight from pending to payable .
geofferino
3 Jul 151#839
Just had the same happen via TCB, progressed straight to payable & is now on the way to my bank account.
Kraezae
3 Jul 15#840
Any suggestions for cheap or no cost direct debits. Just need one more!
You could donate to a charity although it can take two weeks to register as a direct debit.
MR1123
3 Jul 15#842
If your adding a new DD it takes average 14 days to be active on your account. Think I missed the co op deal becuase the DD payments will be taken after the 30 days. Damn
Kraezae
3 Jul 152#843
That link comes back to this post?
neilgreig
3 Jul 154#844
Whoosh!
I think that may have been the idea :wink:
my cancer research direct debit was active in barclays within 3 days
rambobambo
4 Jul 15#848
good deal
Nanajane
5 Jul 15#849
Re DD... whenever I try to set one up my bank, Nat West, says I can only set up standing orders, that DD have to be set up by the company... does no-one else have this problem or is there a way to get round it??
Thanks Jane
MR1123 to Nanajane
5 Jul 15#850
They are right.
ajavaid92
7 Jul 15#851
Karlie, you need to update the OP. Time has been extended for the TSB deal, and now it's 3 DD's, not 2...
Civic EG6
7 Jul 15#852
Can the Yorkshire bank switch be done online or does it need to be on the phone?
badgerrules
8 Jul 15#853
Do you have to make a payment with your bank account with paypal for it to appear as a direct debit?
geofferino to badgerrules
8 Jul 15#857
I reckon so. I paid £1 in & then took it out again just to be safe.
mac5229james
8 Jul 15#854
Hi All,
Did anyone find Co-Op to be slow paying the incentive?
My account switched to them 10/06/15, sufficient funds have been transferred in & two active DDs were also transferred (although only 1 of the DDs has paid out after the switch).
I'm eager to move onto to my next account!
rdbradshaw to mac5229james
8 Jul 15#855
I'm still waiting after 43 days , however I got my £40 tcb 2 week ago
Slash to mac5229james
8 Jul 15#856
Not looking good then...One of my DD did not get transferred correctly and I never got the incentive. I queried that its not my fault they failed to transfer the DD that was correctly setup in my old bank account and which I had enough to money to cover any DD. They made up excuses such as a my other DD that went through is not a DD, and that my transfer of £800 was a few hours too early which are all bs excuses to fob me around. In the end, I didn't bother contacting their higher up to investigate their incompetence and choose to just never use their bank or buy their products in the future. At least I got the TCB £40....
UST
8 Jul 15#858
Does the TSB switch offer work for existing account holders?
dinglebert
8 Jul 15#859
Thats Marks and Spencer set up and running and phoned to begin the transfer. No issues.
rdbradshaw
9 Jul 15#860
Bad news . . . It appears the first trust offer has finished as the page on their website no longer exists . But good news for some as the tcb for co op bank is upped from £40 to £50 until Sunday
brohood to rdbradshaw
10 Jul 151#863
O well they rejected me anyway. They said if I could come into branch it might work, somehow the trip to NI wasn't quite worth it.
MRC
10 Jul 15#861
Has anyone had anything from TSB yet?
Switched nearly a month ago now but signed up soon as it started.
geofferino to MRC
10 Jul 15#862
The Ts & Cs I got in an Email after opening the account says the following:
Have your 30 days passed yet?
murkymango
13 Jul 15#864
Has anyone setup the radio times £1 for 12 issues DD? if so how long did it take for the £1 to be debited from your bank?
I can see the instruction online, but no money has been taken yet and I am due my 2nd issue soon..:confused:
msaaim89 to murkymango
13 Jul 151#865
If you have online banking, you could check to see if they are active. Alternatively ring your bank and ask if they can check which direct debits you have active.
geofferino
14 Jul 15#866
Has anybody received the TSB incentive yet? Just wondering if it took the full 30 days to pay out as outlined in the Ts&Cs.
MRC to geofferino
19 Jul 15#868
Over 30 days now and no £100. I'll have to phone them in the week but doesn't look good.
karlie88
17 Jul 154#867
Just letting you all know that I'll be doing another update sometime next week. Ta.
Did either of you still waiting on the £100 receive an Email entitled "Important information about your new TSB account" that included a .pdf with the Ts & Cs of the £100 switch offer? Might be worth checking. I plan to use this as my evidence should I need to chase them up after the 30 days are over.
Glad to hear it! Are you both counting from switch date or deposit date?
rdbradshaw
22 Jul 15#875
Finally got my £100 from co op after a patient 56 days !!
karlie88
22 Jul 15#876
Hi everyone. I've done the following updates:
- TSB have extended their switch incentive offer up to the end of this month. Same terms apart from 3 x active DDs required now.
- New HSBC switch incentive of £120 for opening their Advance account. No DDs required but 2 x £1750 payments in are required. Also an extra £120 for opening their ISA.
- First Trust Bank offer now finished.
- Quidco offering a better cashback rate for Co-Op (£50 vs. TCB's £40 rate).
- I have updated all links in the post for new/old offers.
- Also Noddle now offer your actual credit score for free - rather than a score out of 5. A nice bonus of their free service.
Thanks to everyone for your input again.
mac75
22 Jul 152#877
NO referrals because Hot UK deal won't be able to earn through their own - referral.
NUMBER8GAMESTER
22 Jul 15#878
Money, money, money...
leebyron
22 Jul 15#879
Might be a stupid question, but what special level of service do First Direct offer that will benefit me above any other bank and £100 extra in my pocket?
I've recently moved to them for the cashback and have never had any issue with my main bank (Natwest) that would want me to go elsewhere. It's actually the opposite so far in finding the First Direct mobile banking lacking compared to Natwest with it's Apple Touch ID and easier ways of managing money and making payments..
Genuinely interested what is so good about First Direct for a normal customer to want to stay.
Newbold
22 Jul 15#881
Been with them almost since they first set up, some 25 years ago. Pretty much faultless in all that time, with a call centre that beats any other banking call centre should you ever need it. Any little problem, and they'll resolve it - quickly and simply.
I've banked with pretty much every bank in the UK - First Direct is on an entirely different level of service. A bit like comparing the Waitrose experience with the EE or WH Smith experience.
2muchmonth
22 Jul 15#882
I just got TSB debit and ints cotactless don't like the idea of that though. anyone know how to diable this?
HUKDUSER94
22 Jul 15#883
I've heard that so often, but how good could a bank be? I might give them a shot some day.
a_user
22 Jul 15#884
I wouldn't put too much faith in Noddle as a credit reference agency, they linked loads of inaccurate data to my credit report and refused to remove it. I had to get the financial ombudsman involved in the end and Noddle ended up paying me compensation.
stringsonfire
22 Jul 15#885
This can't be good for your credit rating
aramaj36
22 Jul 15#886
In the meantime totally destroy your credit rating ..
Short Term - Yes
Long Term - No, Thank you
norbie to aramaj36
22 Jul 15#892
Yawn!
Ross81
22 Jul 15#887
Nothing in the original post stating that the repeated credit searches in a short space of time that this activity means, may impact your credit rating with some lenders.
karlie88 to Ross81
22 Jul 15#889
Should've gone to Specsavers.
HPTL8
22 Jul 15#888
how do i create a 'donor' account?
I am on barclays.
Am I meant to login? or just click apply now and fill out the form?
rdbradshaw
22 Jul 15#893
Well as for the apple pay its only another 5 days wait so not a big deal and everytime I have contacted first direct over the phone I have never heard a ringing tone because they always answer so fast and no automated process just humans to talk to and for that alone is worth to some people more than £100 in the bank.
FearOne
22 Jul 151#894
If only joe public could see how the banks have been screwing humamanity over and over for century's.
r40
23 Jul 15#895
ta op and others. also the tsb one requires paperless and online banking
Blueandy99
23 Jul 15#896
just opened a donor account with Barclays ready to start the process so thanks OP.
I was thinking of moving my banking anyway so this gave me the push I needed.
I'll take my regulat banking to FD and start switching with Halifax happy days
HPTL8 to Blueandy99
23 Jul 15#901
Can you tell me how to open a donor account?
i am on barclays too.
rdbradshaw
23 Jul 15#897
I'm just setting up the 3rd DD for the tsb £100 switch but it says 1st payment won't go out until 5th August and is that to late as the offer expires end of July ?
EGB3
23 Jul 15#898
with First direct it says I have to pay £10 if I don't pat in £1000 per month. it also says I can't leave and get the extra £100 until 12 months have past. Can I just leave as soon as I get the £100 paid in or do I have to stay?
missy89 to EGB3
23 Jul 15#899
The fee is waived for the first 6 months of the account opening. You can indeed leave after the switching incentive has been paid, but like the Ts&Cs state, you won't receive the second incentive for leaving unless you've had your account for the necessary amount of time.
Spod
23 Jul 15#900
If you are worried about your credit score just change once every 4 to 6 months and check your score before and after you change each time. It's several quick changes in succession which are most likely to adversely affect your score. You should still end up with a free £200-£300 a year for the next few years.
Apologies if somebody else has already said similar - I can't be bothered to wade through all 45 pages of comments ... :confused:
Newbold
23 Jul 151#902
Judging by all your previous posts asking the same question, and your apparent inability to use a search engine or a banking website, I really don't think this type of deal is for you. Or maybe even a bank account at all.
jammycakes
23 Jul 15#903
Yawn...yawn
Has anyone really got that much time on their hands?!!!!!
dinglebert to jammycakes
24 Jul 153#907
This take at most 3 hours "work" over a 9 month period. For about £200 an hour I'm happy to do it.
Blueandy99
24 Jul 151#904
I was not with barclays, now I am, I would think you would struggle to open a second current account with the same bank
Firefly1234
24 Jul 151#905
TSB have said in not on the list of people that opened the account through MoneySupermarket or MoneySavingExpert, and due to this I'm not eligible for the offer. I am 100% sure I did. They gave me £50 compensation as I said I wanted to raise a complaint. The woman on the phone was lovely but I am very annoyed to be honest. Just beware.
ikskwizituk to Firefly1234
28 Jul 15#913
TSB are trying this on me too. Escalated to a complaint via a manager... Bad move on there part!
OTBC to Firefly1234
3 Aug 151#921
They've said exactly the same to me as well - "sorry, you're not on the list of eligible people who went through MoneySupermarket"....absolutely terrible service from them, I expected better!
Tinny134
24 Jul 151#906
Apologies if I've missed this being mentioned; regarding the HSBC offer the additional £120 is £10 per month based on £25 being payed into the saver per month. According to the terms and conditions this £10 per month is only payed as long as the saver AND the current account are both open - i.e. you would have to pay in £1750 per month and keep the current account open for 12 months in order to receive the full £240 (you would earn £140 if the save and current account were both open and active for 100 days).
Jacktheripper69
26 Jul 15#908
I had a first direct back in the 90's that I closed back then, would I be excluded from the new joiner offer?
krazyasif786
26 Jul 15#909
In terms of the payments that banks require per month. Simply a standing order from one account to their account ... is that sufficient or are they needing wages?
mac5229james
28 Jul 15#910
Has anyone done the HSBC one & was it slow?
Not sure whether to try - I got really impatient waiting for Co-op to pay & thats only 45 days where as HSBC is 100 days!
Can't do the Lloyds/TSB offer as already have an account with them.
missy89 to mac5229james
28 Jul 15#911
I can't comment on the hsbc one as I'm already with them, but there's also the Nationwide £100 switch offer if you get recommended by an existing nationwide account holder before the 31st July. No minimum needed, but 2x DDs required :smiley: the £100 is paid by the 20th of the following month after the switch is completed
rdbradshaw
28 Jul 151#912
It's also worth mentioning that going through tcb you can earn £75 when purchasing a flex account with nationwide .
ikskwizituk
28 Jul 15#914
Anyone who switched to TSB needs to beware of this !
ftbf444 to ikskwizituk
28 Jul 15#918
Has anyone actually successfully received the TSB incentive? How many days did it take?
Civic EG6
28 Jul 15#915
How long did it take for the £100 M&S gift card to arrive for you guys? My switch date was the 9th but havent received anything yet.
Slash to Civic EG6
28 Jul 15#917
they said 30 days. And they need the most work with all the phone calls and spending a long time on the phone for the switch. they even need you to cancel any direct debit you have from your old bank as well. lol
they kept asking you to add a savings account and even asks you what you are planning to spend the £100 gift card on at m&s lol
breezey3184 to Civic EG6
3 Aug 15#922
Took 31 days after the switch for mine and my other halves to come through :-)
rdbradshaw
28 Jul 15#916
As for the tsb offer it runs out on Friday but my DD doesn't start up until the 5th August so can I still go through with the online application and il be ok or not ? Cheers
andywedge
28 Jul 15#919
Referrals are not allowed on HUKD
rdbradshaw
30 Jul 15#920
According to MSE the tsb offer will start again on Monday .
twentytwenty
3 Aug 15#923
If I set up new DD for oxfam and ebay, and no money has been taken yet, will it still count as being an active DD? Or does a payment has to go out before it is considered active? Love to try for co op!
Slash to twentytwenty
4 Aug 152#924
The money has to be taken out from your account to qualify as active DD.
DO NOT TRY CO-OP. They'll mess you about and refuse to pay out. I wrote about them a few pages back on how they screwed me out of paying out.
Kraezae
4 Aug 151#925
Quidco is now £60 for the co-op bank at the moment :smile:
twentytwenty
5 Aug 15#926
[b]Thanks Slash - the Quidco £60 for co-op is very attractive! I have opened my donor account and set up 3 direct debits (paypal, radio times trial, donation). I checked with the bank and they confirmed that they have received the direct debit instructions but no payment has been taken yet. Will these be considered active direct debits or do I still have to wait a month until it shows up and money is taken? I assume payment will be taken after the switch in the new co-op account. Will I be okay?
Slash to twentytwenty
5 Aug 15#928
its active when money is taken. If no money is taken, then its inactive.
btw, Co-op screwed me and said the paypal direct debit that had money taken from was not considered a direct debit and hence I didn't qualify for the incentive. Skip co-op...
mad569797
5 Aug 15#927
How long do I need to keep my first direct account before I can switch again?
Quicklite
5 Aug 15#929
For Co-Op - do you have to make the switch within 7 or 14 days to be eligible for the bonus?
chemeng
7 Aug 151#930
First TSB success story. Switched on 07/07, incentive paid on 06/08.
ioscorpio
9 Aug 15#931
I recently received £100 from TSB and have just received £150 from Yorkshire, I am awaiting on Nationwide and yesterday applied for a Co-op account.
breezey3184
9 Aug 15#932
Good work lads
wolfmother
9 Aug 15#933
HSBC looks interesting. £120 is decent investment for 100 days inconvenience, has anyone gone for it? How is the application process in comparison to other banks? shame I already have an ISA as the extra £120 is very attractive.
So far my track record is TSB donor account to Halifax, from ther to Cooperative Bank. Nationwide is ruled out as I bank with them as my main bank, I'm considering Yorkshire next too but the application is over the phone which is off putting.
Maybe gt the £100 in vouchers from M + S next, decisions decisions......:stuck_out_tongue:
Slash to wolfmother
10 Aug 15#936
You'll have to talk alot on the phone with M&S when you request a switch. They'll ask many questions and read out every line in their T&C which you need to confirm again and again and again that you are happy for them to go through. After your agree with the switch, you'll have to call them AGAIN and they'll read out some more T&C and you'll have to confirm again and again that you are happy to go ahead. They even tell you to cancel any DD you have with your old bank before the switch lol.
breezey3184
9 Aug 15#934
Just started hsbc too bud will post my findings ! I'll be going for the £240 deal with the share together account just means you have to give up £25 a month for a year but I'm cool with that ! I've come from M&S just got my card so started the switch the same day haha
Shicky to breezey3184
10 Aug 15#935
I'm in the same boat, must admit the start has been questionable with all sorts of random documents coming in the mail but imagine if we've managed it with other banks we will be just fine. Worth the hassle in my book
breezey3184
10 Aug 15#937
I've not heard a thing as of yet been over a week !
OTBC
12 Aug 15#938
Not really sure who to switch to next! It's a choice of M&S or Nationwide I think, but the Nationwide offer says they can reclaim the £100 if you leave within 3 months, which is a bit of a worry for me! Don't want to go to the effort of switching just for them to take their money back! Anyone had any experience of this?
missy89 to OTBC
12 Aug 15#939
Let's just say, I know for fact they don't exactly enforce it :innocent:
Shicky to OTBC
12 Aug 15#943
If you got FlexDirect it's an account worth keeping due to the interest rates
Fury
12 Aug 15#940
Have managed to open an M&S current account and now need to switch from barclays donor account. It seems that we now require 2 active DD's. Can anyone confirm if that is the case? Thanks
Fury
12 Aug 15#941
Or is it the case that the 2 DD's are only required for the "£10 dine in for 2 voucher"?
Confused...:neutral_face:
paypeanuts to Fury
16 Aug 15#952
I spoke to the M&S switching team yesterday (twas a loooong phone call) and I asked about this. They said that because I'd opened the account when the T&C's stated no DD's were required (i.e. before the £10 dine in for two voucher was added to the switch incentive) I will get my £100 voucher even though my donor account has no DD's set up on it.
Jiming
12 Aug 15#942
Random question.... the only available current account to switch I have at the moment is a CO-OP one. I've been paid the incentive but waiting on cashback. Has anyone got cashback from TCB for an account even though they don't have the account any more?. (My 2 month period to switch with HSBC is running out shortly)
rdbradshaw
13 Aug 15#944
The TSB offer is now live again , this time until 1st September to apply for the classic plus current account
MaximusRo to rdbradshaw
15 Aug 15#949
Can someone detail what offer is that or link to it?
stu1979
14 Aug 15#945
I applied online for a M&S account but they didn't ask for my bank account(donor) to switch from is that normal?
breezey3184 to stu1979
14 Aug 151#946
Yes, you have to phone up once you have received your debit card and ask to speak to the switching team who will start the process. Make a brew first as the conversations with M&S are quite lengthy!
breezey3184
14 Aug 15#947
Well me and the Mrs got declined for the hsbc switch due to internal credit scoring apparently! Anyone else have similar results ? Me thinks they've had too many applications
rdbradshaw
15 Aug 15#948
I have a dilemma , the offer for tsb ends on 1st sept only my 3rd DD is set up but not active until 5th sept because that's when the 1st payment goes out. So do I risk it and sign up on the 1st and hope the DD's are fine or hope that they once again extend the offer again in sept ?
Co op bank seems a bit strange. Applied online and told processing application. Heard nothing for over a week then today randomly my bank account card appears. :confused: I assume you have to call to process the switch the same as M and S
karlie88
16 Aug 151#953
There is a list of links in the 1st commet which I update on a monthly basis.
I got rejected by HSBC, by the way, no letter, I had to go and waste my time in branch.
I already have TSB accounts for the 5% APR, so cannot benefit of the TSB offer, but maybe some of my friends will if I tell them.
By the way Karlie, I maxed out the 2x TSB Classic Plus, where can I get similar interest for my money?
cmncomp
16 Aug 15#955
Should get my tsb bonus soon, fingers crossed.
dinglebert
17 Aug 15#956
Just discovered I used to have another first direct account so thats out. Off to HSBC now. M&S kindly gave me gift cards.
ioscorpio
18 Aug 151#957
MaximusRo You can get 5% for 12 months at Nationwide, if you use recommend a friend and switch your account, you both get £100 and you can also try via TCB for another £36.75 or Quidco £75, but TCB will match the cashback. http://www.nationwide.co.uk/products/current-accounts/landing-page/recommend-a-friend
I have just done it and am awaiting to see if I get both rewards.
Lloyds do a 4% interest and Bank of Scotland do a 3% interest and you don't have to switch accounts.
rdbradshaw
18 Aug 15#958
As I have a nationwide morgage I'm I still able to apply for there current account for the switch incentive or not ? Cheers
missy89 to rdbradshaw
18 Aug 15#959
I do believe so. It seems to be only employees that are not eligible
rdbradshaw
18 Aug 15#960
Ok cheers , however I believe you can't get the £100 on my own I have to join then refer a friend for the 2 parties to receive the money's ?
missy89
18 Aug 15#961
Yes, but if you join via someone's referral first you'll get the £100 on top of the (maximum of 10) referrals, so a possible £1100 payout in total :smiley:
rdbradshaw
18 Aug 15#962
Ok cheers for that .
missy89
18 Aug 15#963
Also I believe quidco are offering £75 for opening a Nationwide account :smiley:
ioscorpio
18 Aug 152#964
Quidco are offering £75 but TCB will match it.They did for me last week with the Co-op Bank as Quidco were offering £60 as opposed to TCB offering £40.
rdbradshaw
18 Aug 151#965
I may go for that 1 thanks missy
MaximusRo
18 Aug 15#966
Which Nationwide account gives 5%?
It's a bit complicated to get the incentive for recommending a friend, as they have to switch, which seems complicated for most of my friends.
karlie88
18 Aug 15#967
Nationwide FlexDirect account offers 5% interest on balances of up to £2.5k.
karlie88
18 Aug 152#968
@ MaxRo
If you're looking for high interest rate current accounts then do it in this order.
TSB - 5% on £2k
Nationwide - 5% on £2.5k
Lloyds - 4% on £5k
Tesco - 3% on £3k
Bank of Scotland - 3% on £5k
Santander - 3% on up to £20k
Don't forget FD, M&S bank and HSBC all offer 6% regular saver accounts.
MaximusRo
18 Aug 15#969
Are you sure? I have had £20 in my Nationwide FlexDirect acc for 2 months now and can't see any interest on it, should be something like 0.01 or something, right?
EDIT: yes, you are right, I didn't pay the £1000... damn... I wasted 2 months of interest...
"Access to 5% AER (4.89% gross p.a) interest on in-credit balances of up to £2,500 (fixed for the first 12 months). You must pay in £1,000 per month (excluding internal transfers) to get this rate. After 12 months the interest rate reverts to 1% gross pa./AER (variable) on balances up to £2,500. "
Shicky
18 Aug 15#970
Hi guys,
helping my gf do some switches and get decent accounts for interest. She's switching to both the TSB account and the Nationwide account. Can someone tell me if the direct debits need to pre-exist on the account prior to the switch? I think they're due to be added on the day of the switch currently and that seems risky to me if we can call and get the switch date pushed a few days.
Thank you!
missy89 to Shicky
18 Aug 15#971
They do need to be active before the switch takes place :smiley:
ioscorpio
20 Aug 15#972
I have just been paid my £100 by Nationwide for switching, now waiting to see if TCB pay out the £78.75
Kraezae
21 Aug 15#973
Got my £100 Gift card from M&S about 25 days after the switch completed :sunglasses:
Milosgran
22 Aug 15#974
I'm on my 5th bank now, and wonder if anyone else has found setting up online banking with Yorkshire bank to be the worst, convoluted torturous process in the history of the universe.If it weren't for the £150.00 I would have decided it's JUST not worth it- any one else hate them?
Slash
23 Aug 15#975
I'm currently with M&S and about to move the account to First Direct for their incentive next. However, I just found out M&S's parent bank is HSBC and so its First Direct! To top it off, I am already a HSBC customer. Will I have any problems getting the incentive if I want to switch from M&S to First Direct?
Shicky to Slash
24 Aug 15#976
nope.
norbie
25 Aug 152#977
7 weeks since my TSB switch completed and no sign of cashback so I had to phone them and they are processing it manually.
bogglesmith2 to norbie
4 Sep 15#985
I'm at the 30 day limit and nothing so far, think I may have to do this too if it doesn't appear in the next couple of days.
edit: Well, rang them up and also had to have it processed manually. Received the £100 today.
Shicky
25 Aug 15#978
anyone have issues getting a secureKey off HSBC? been quite a few days since I requested one and already wasted 15mins on hold for nothing
foubing to Shicky
25 Aug 151#979
You can get one from the local branch, that's how I got mine.
Shicky
26 Aug 15#980
cheeky, might just do that! Thank you
rdbradshaw
1 Sep 152#981
New offer with 1st direct , if you switch via moneysupermarket you get £150 , that's up £50 on the usual offer , not bad .
Slash to rdbradshaw
2 Sep 15#983
Tried finding their T&C but it doesn't say if moneysupermarket will send you the £150 by check or whether 1st direct will deposit £150 in your account or how long you have to wait for the money.
jbrad
2 Sep 152#982
Co-op bank currently £80 Quidco
Nationwide £75.75 at Topcashback
Bit stuck now. I can't do first direct as I have been with them before. HSBC have ignored me and my application to join. Nothing after 10 days. TSB is my main bank so can't join them. I have "done" M&S and Halifax. Only leaves Yorkshire and Co-op. Going to have to set some DD's up.
missy89 to dinglebert
6 Sep 15#988
You could do Nationwide?
ioscorpio
7 Sep 15#989
dinglebert - You can get £100 each for refer a friend for switching to Nationwide + TCB or Quidco You can also get TCB for Santander.
dinglebert to ioscorpio
11 Sep 15#995
After giving up with HSBC having heard nothing for 2 weeks and on phoning they had no knowledge of any application, oddly everything arrived this morning. So the HSBC switch is back on. What is annoying is that I had started the direct debit pathways for my next switch which are no not needed. One is OK as its into another savings account held elsewhere, the other will cost me money in 3 months so I will have to cancel it before I can do the switch from HSCB to whereever is next after that. (it was the £1 for 12 issues of Radio Times). I need another savings account direct debit other than Tesco bank.
Tobeman
9 Sep 15#990
HSBC have been as slow as molasses although there was a note online when I applied for the account explaining they had large volumes and that a telephone or branch application would've been quicker. Just received my telephone banking code yesterday after applying about 3 weeks ago and the longest period I had sat on any letter from them was about 2 days.
Telephone and internet banking all setup, just awaiting card and PIN etc. in the post still!
karlie88
11 Sep 154#991
UPDATED 11th SEPT
Hi everyone. Done a few updates:
1. TSB no longer offering a switch incentive. They have launched a '555 current account' instead offering 5% credit interest on up to £2k, 5% interest on their regular saver and 5% cashback on contactless purchases up to £100 per month.
2. Halifax have increased their switch incentive to £125 (normally £100).
3. First Direct have increased their switch incentive to £125 (normally £100).
4. HSBC have decreased their switch incentive to £100 (was £120).
5. Nationwide still offering £100 via their refer a friend scheme (was £50) - also £35 cashback via TCB/Quidco
6. Santander offering £35 cashback via Quidco/TCB for opening their 123 account - haven't included this in the OP as it's not guaranteed unlike the switch incentive bonuses.
As always thank you to everyone for their contributions and please let me know if there's any inaccurate information.
Any questions then fire away...
rdbradshaw
11 Sep 151#992
Great thanks for the update :smile: and congratulations on making it to 3000+ degrees
AlexBleubolt
11 Sep 15#993
First direct leaving money ????
I did this in May, with First Direct, I thought it was minimum of 3 months I need to keep the account active to get the £100 leaving money, but looking on there website it now says 6 months, when can I close the first direct to get the £100 leaving bonus ?
And how do I get it, just switch my First Direct to Clydesdale ?
dounavilla
11 Sep 15#994
Can I switch to HSBC FROM tsb even if I have a First Direct account ?
otterboxer
11 Sep 15#996
If your money is in a bank your not playing them at their own game they've got you. Buy gold and bury it.
mikeyrobbo
11 Sep 15#997
I love how you say its not time consuming. Doing all this is actually a air bit of effort. Opening accounts, setting up DDs, switching, it all takes time. Then there's the waiting to get the incentive bonus..which means you might not be able to just use the one donor account and keep switching it around so it means you might have to open multiple donor accounts.
It's not like you can just spend 1 hour in an afternoon and suddenly you've made £900.
dinglebert to mikeyrobbo
11 Sep 154#1001
Its not time consuming in that the length of time you need to spend doing any of this is small. Yes there is lots of waiting but its not as if I am sitting staring at a clock. Spend 20 minutes open a new account and sit back and wait. Extra hour at some point to open a couple of direct debits but those will last all switches. All in all I will probably spend 5 hours absolutely maximum doing any sort of "work" around account switching. I will make over £600 for that 5 hours work.
There is no need to have multiple donor accounts, just have one and let the switching begin. Not going to have an argument if its worth it or not. I'll just take the £600 instead.
kooldiamond
11 Sep 15#998
TOTALLY AGREE - my employer screwed up my 1st salary. it went into a different account, instead of sending it back to my employer, they transferred it straight into my account saving me waiting another 3 to 4 days. Been with them over 10 years and they always answer straight away. A1
Nallara
11 Sep 15#999
Gonna do this tonight!!!
muzikman2008
11 Sep 15#1000
hot if you can be arsed ;-)
ungnome
11 Sep 15#1002
This might have already been mentioned but be wary that with some that require a minimum monthly deposit it doesn't count you transferring the money from your previous account
SD253 to ungnome
11 Sep 15#1012
You transfer in the minimum amount via internet it takes place almost instantly. You transfer it back out the next day again it's instantly it is back in your account.
r40
11 Sep 15#1003
surely boils down to how much you want or need the cash!! I use it to supplement income and work part time. Not much hassle really for me.
SD253
11 Sep 15#1004
First Direct have a 6% regular saver account. 300 a month maximum for one year. At the end of the year you can start another one. Obviously no guarantee that they will always offer one. I am on my third one. No tax on savings if you earn less than £15,600 a year.
SD253
11 Sep 151#1005
It does effect your credit score as a credit check is done each time. This may effect your ability to get a credit card but not your ability to open bank accounts. Obviously the longer between changing/opening accounts the less effect it has. Although my credit score is down to 3/5 I have still been able to get the credit cards I wanted BUT not the amount of money I would expect.
janner66
11 Sep 15#1006
I am a bit confused about the direct debit transfers from the donor account. My main account is with Nationwide where my mortgage, salary and bills are used for. I have set up the donor account with TSB. If I want to take advantage of the Yorkshire bank offer that stipulates you need to pay £1000 a month and transfer two active DDs then do I pay a £1000 a month into the Yorkshire from Nationwide or pay a £1000 to TSB then to Yorkshire? Is the donor account just used for deals like M&S where you don't have to transfer money or DDs? With the DDs do I just transfer them from my main account with Nationwide to Yorkshire and make sure there is enough money in there to cover the DDs? If I transferred a £1000 on the first of each month and transferred 2 DDs that were due on the first of the month I could withdraw the remaining cash on the second of the month back to Nationwide. Is that how it works? Thanks.
paypeanuts to janner66
11 Sep 151#1015
The best advice I can give you is to give this deal a miss - with so many questions, it really ain't one for you.
biffy67
11 Sep 15#1007
How would this affect on your Credit Rating ???
ihaveaquestion
11 Sep 15#1008
I applied to First Direct an hour ago and to switch. The final screen stated that:
"You will receive your switch documents (listed below) by email."
"These documents will be sent in a password protected email, to the email address you provided as part of your 1st Account application. We will send you a password by text message by the next working day to allow you to access the documents."
Only the email still hasn't arrived. One about the accompanying ' e-Saver Account' did though (to avoid the £10 a month charge) so I know I provided the right details. Did it take a while to come through for you guys too?
SD253 to ihaveaquestion
11 Sep 15#1011
First direct did not require me to close down the other account I was moving from. I left it opened waited a month and rung up two companies and had them move the DD back to original account. There began the merry go round.
ihaveaquestion to ihaveaquestion
15 Sep 151#1050
Nobody answered but for the benefit of others signing up with FirstDirect, it can take 3 working days for the email and text to arrive. Also when signing up to the account, remember to sign up to the e-save account too, else you'll be charged £10 a month.
In addition, to get the £100 for leaving, you have to stay with them for six months now and deposit £1000 a month. To the best of my knowledge anyway.
iLoveDeals101
11 Sep 15#1009
Time to play the banks at their own game and **** up your credit score.
SD253 to iLoveDeals101
11 Sep 15#1010
There is always one. Ignore her.
dinglebert to iLoveDeals101
12 Sep 15#1023
Not true. I have opened a donor account and so far moved it to 2 other accounts and am in the process of moving to a 3rd. My latest credit score generated on the 10th September is from noodle 5/5 which has increased from 4/5 when I started all this.
ihaveaquestion
11 Sep 15#1013
While I understand there is no requirement to move, I stated during the process that I wanted to, submitted the information and am waiting for this email which may or may not ever arrive :smiley:. I need to sort this quickly though, as there's only a short window to claim the £125/£150 of course.
smulx
11 Sep 15#1014
So with the method described where a donor account is opened, how do you fulfill the condition of having two active direct debits for some of the offers?
maroon to smulx
11 Sep 15#1016
I've set up my pet insurance from the donor account. 2 cats and a dog, around £3 each direct debit.
Anybody else found cheap direct debits?
Dogeared
11 Sep 151#1017
Radio times usually has an offer on of 12 issues for £1 if you pay by direct debit. Check the buysubscriptions site.
Dogeared
11 Sep 15#1018
In the process of switching to M&S bank.Opened new account last week, switching from old bank this week. Seems very straightforward and £100 worth of vouchers and a £10 dine for 2 voucher will be heading my way next month for minimal effort from me. Think I'm going to stick with them as they don't require any minimum monthly deposit. Thanks very much to the OP for all their research and responses.
SD253
11 Sep 15#1019
Surely you have a two direct debits you can move? I moved my electric and water back to Santander. Which at that time was a dormant account. Every time I move/change accounts threy are the DD that move. The next bank then moves them. No work involved.
missy89
12 Sep 15#1021
Just click the 'Subscribe' button in the box under the original post :smiley:
mattyh333
12 Sep 15#1022
With little effort ? I spent 6 months trying to set this up with first direct And had to go through the financial ombudsman and they are apparently the best bank for customer service so absolute rubbish it takes 5 minutes ? You need proof of id for a start to take to the bank to show or send it off and wait. It's no different to finding a new better tarriff for your mobile or broadband , expect hassles
dinglebert to mattyh333
12 Sep 15#1024
Yes it does take about 15 minutes to set up an account. That of course is based on the fact that I have lived in the same house for umteen years, am on the local register and have worked for the same employer for 30 years. I have never needed proof of ID to provide to them.If you have spent 6 months trying to set up a current account you have been wasting your time.
SD253 to mattyh333
12 Sep 15#1028
Seriously? Why? No credit rating? Your problem stop trying to put other people off and sort your credit rating out.
mattyh333
12 Sep 15#1025
They won't just hand out money for nothing they'll want you to pay in so they can cream the interest banks aren't your friends. I've done it once but this post makes it sound like you should try and do this with all of them , maybe some people enjoy hassle but not me there's some things I won't bother doing again and switching banks and phone/internet are the ones! Would rather switch gas conpanies. You do sound like a model customer though , I've moved house more times than I've had girlfriends !
karlie88
12 Sep 15#1026
This deal isn't for you then...
Even if one or two banks want ID then I wouldn't mind attending a branch whilst I'm in town anyway. Unless you earn £100+ per hour?
Let me put it another way - if I posted a deal saying 'fill 2 online forms, phone a bank and *possibly* visit a branch for a total of 2 hours of your time and get a free PS4 or Xbox One console' - can you imagine how incredibly popular this deal would be?
Personally I'd rather the cash though.
dinglebert
12 Sep 15#1027
A couple want you to pay money in but you can take it straight back out again. For the first £200 I have made with this in total I have had to transfer £1 into an account and thats been it.
SD253
12 Sep 15#1029
They have never asked for info on my employer, even when I was working. Are you sure? Did they actually ask you?
SD253
12 Sep 15#1030
There are far to many whiners on this thread. Why post if your not interested?mattyh333
What interest? Cream of the interest what interest. Your money is in for day how much interest can make on that. Your pathetic.
mattyh333 to SD253
12 Sep 15#1032
It's called fraud ! Idiot ! Otherwise people would only use PayPal if they wanted easy banking ! Go open these accounts then I'd love to hear how you get on
mattyh333 to SD253
12 Sep 15#1033
I can only assume you work for a bank or hot UK deals or have some other incentive otherwise why else would you even care who tries to open an account?
mattyh333
12 Sep 15#1031
Eh? I have a nearly perfect credit score ? How is that putting people off ? If you have a painless experience then fine go for it ! But when you hit a glitch then don't come back and say I didn't tell you so! No such thing as free money and don't forget those direct debits !
neilgreig
12 Sep 15#1034
[/quote]I can only assume you work for a bank or hot UK deals or have some other incentive otherwise why else would you even care who tries to open an account?[/quote]
mattyh333,
Wow, you must lead a very sad life, putting so much effort into trolling a thread.
mattyh333
12 Sep 15#1035
I can only assume you work for a bank or hot UK deals or have some other incentive otherwise why else would you even care who tries to open an account?[/quote]
mattyh333,
Wow, you must lead a very sad life, putting so much effort into trolling a thread.
[/quote]
Not really? It's a comments section and people were replying to me? Should I lie and say banks can't be helpful enough and bend over backwards to give you free money?
maroon
12 Sep 15#1036
As I said, I've got my pet insurance direct debits!
I asked because not everyone needs pet insurance and might need a cheap direct debit that's not too important if something doesn't go to plan. Like the radio times sub someone mentioned.
To answer my own question, you could set up a lottery direct debit for £4/£5 a month.
SD253
12 Sep 15#1037
Why would I encourage people to change banks constantly and make money out of banks? There is no logic to that. Try to think before you type otherwise you look like an idiot.
As to working for hot UK deals if I did what difference would that make? Silly person
dinglebert
12 Sep 15#1038
Just open a tesco savings account. You can set up a direct debit from their to the source account. You are then sending a direct debit to yourself. Takes 10 minutes online to open the Tesco account. Direct debit showed up next day on the source account.
SD253
12 Sep 15#1039
You do know that you pay when you use Paypal? An extraordinary silly suggestion.
SD253
12 Sep 15#1040
I don't know where you live or even your email address. How could I come back to you and why would I?
I never took anything to the bank they did it without me supplying any info.
I can see no logical reason, if your telling the truth, for them to refuse you an account. As you went to the ombudsmen they would have told you. Well? What did they tell you?
And yes there is free money. I have lots of it, from the banks.
SD253
12 Sep 15#1041
So once then
mattyh333
13 Sep 15#1042
So now you don't want people to do this offer ? You were promoting it before so must be some incentive for you.Make your mind up. This is hassle people don't switch banks they stay with the same one for life (apart from you who apparently banks with everyone) for a reason. Don't you remember the brand new customers only advert which was tongue in cheek but basically true ! All banks charge ? PayPal is no different but if PayPal didn't charge then that would be a better way of banking if everyone just swapped money no need to withdraw cash as you don't really need it most places take cards
mattyh333
13 Sep 15#1043
Yep , which is still one more than you
rdbradshaw
14 Sep 153#1044
Co op is up to £84 cash back with topcashback for new standard current account !!
missy89 to rdbradshaw
14 Sep 15#1045
That was quick, mine tracked within minutes!
rdbradshaw
14 Sep 15#1046
I never purchased but was letting others know
Chanchi32
14 Sep 152#1047
Bad news on the 123 Santander bank account and credit card
Well...like I said, some of them you need to wait for. There may be a time you need to wait before they pay out, by that time, other offers may have elapsed....Jesus Christ....not difficult to grasp
Slash
15 Sep 15#1052
Also when signing up to the account, remember to sign up to the e-save account too, else you'll be charged £10 a month.[/quote]I did not see the e-save account criteria when I was reading their T&C, it just says you have to deposit £1000 a month to avoid the £10 monthly fee. As quoted from their website, "you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product. ". Is the e-save account the additional product they are referring to where if you open it, you won't need to keep any balance in your current account and there will be no £10 monthly banking fee?
missy89
15 Sep 151#1053
You won't need to worry about any of that, the Ts&Cs state the fee is waived for the first 6 months for new customers :smiley:
karlie88 to missy89
15 Sep 15#1054
Just remember though that to get the £100 for leaving FD you need to have paid in £1000/month for a total of 6 months.
If you have no intention of leaving, then of course that doesn't apply.
TylerDurdenUK
15 Sep 15#1055
Im looking to open the First Direct account but don't actually want to switch any payments / DD over. Just open the account, pay in the £1000. Can I still get the £125 doing it this way ?
I should have added that I just want to use the account as a holding account for a couple years, the opening bonus beats any interest I could earn elsewhere.
Slash to TylerDurdenUK
16 Sep 15#1057
yes, you'll get the £150 incentive (find the link in MSE, USE CHROME...the link doesn't work in firefox, trust me I only found out afterwards and lost out). But the charge £10 monthly fee unless you keep the £1000 in there and don't move it. See missy89's screenshot.
SD253 to TylerDurdenUK
16 Sep 15#1058
Use TSB I have an account with them which did not pay a fee when joining (no DDs needed) but gives you 5% interest on up to £2000. Pay in £500 a month take it out the next day. Note I pay it out of the account and then pay it back in again. Same thing.
Chanchi32
16 Sep 151#1056
There is a £150 incentive for FD visa MSE
ta
obennett01
16 Sep 152#1059
Just FYI, post office savings account does direct debit from a current account. I use post office savings and tesco savings as my 2 DDs
rdbradshaw to obennett01
16 Sep 15#1061
Snap
dinglebert to obennett01
16 Sep 15#1062
Well spotted. Had done Tesco and Radio Times but PO is better.
karlie88
16 Sep 154#1060
Just to clarify (and further info):
- to get the £150 switch incentive, you don't have to pay in and keep the £1000 in there. You can transfer the money back out within seconds. The money can also be transferred as several payments of £100, £200 etc. so you don't physically have to have £1000 to get the switch incentive - you could do 20 x £50 payments over a course of 20 days.
- you won't be charged a £10 monthly fee for the first 6 months of opening an account (so there is no need to pay £1000 in per month for all 6 months). But, if you want to get the £100 leaving incentive, then you do have to pay in £1000 per month for 6 months. Again, this can be done via 1000 x £1 payments, 1 x £1000 payment and everything in between.
- if you plan on keeping the FD 1st Account after 6 months, then a Regular Saver 6% does not count as an eligible product to make the 1st Account fee-free. The best thing to do is open an Everyday Saver and put 1p in it - that does count as an eligible product. That way, even if you don't have £1000 coming in per month you can be sure you're not going to be charged their £10 monthly fee.
ihaveaquestion
19 Sep 15#1064
I did not see the e-save account criteria when I was reading their T&C, it just says you have to deposit £1000 a month to avoid the £10 monthly fee. As quoted from their website, "you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product. ". Is the e-save account the additional product they are referring to where if you open it, you won't need to keep any balance in your current account and there will be no £10 monthly banking fee?[/quote]
I see. Well I guess it's handy just in case I forget to pay in £1000 for whatever reason (though obviously I don't plan to), or decide that I want to keep the FirstDirect account after 6 months but aren't able to pay £1000 a month in.
It brings about another question, I assume that the e-saver counts as a separate bank account? If so, could I switch this account and keep my main First Direct account should a decent offer from another bank come along?
Slash
19 Sep 15#1065
No. Banks only pay incentives on current account switch.
ihaveaquestion to Slash
19 Sep 15#1066
Okay thanks for letting me know :smiley:. Let's say in future I switched my First Direct current account to another bank. Would I then have to manually close this e-saver account to move away from First Direct totally?
kingjames
21 Sep 15#1067
Has anyone switched form First Direct to HSBC? are then any problems doing this caused by First Direct being owned by HSBC?
deesieweesie
23 Sep 15#1068
thanks
Shicky
24 Sep 15#1069
anyone received the HSBC incentive yet? Wondering if we really do have to wait three months? Already getting the extra £10 per month on the ISA
paypeanuts
24 Sep 152#1070
If you need to set up a DD you might want to give this a try:
£133 cashback for paying in £100 a month for 4 months by DD. You can withdraw your deposits as soon as you get your cashback.
I've just done this. So has the other half.
You're welcome.
Cosmonaut
24 Sep 151#1071
That looks interesting.
Cosmonaut
25 Sep 15#1072
I just logged in to check my topcashback account as I have been monitoring the cooperative bank switch cashback which was approaching the 12 week payout time but it has dropped from £52.50 to £0 and says declined. I am bloody furious as this is the third time I have been tucked up by TCB.
Has anyone got the coop cashback successfully?
missy89 to Cosmonaut
25 Sep 15#1073
Same as you, mine tracked at £80 and has now dropped to zero :man:
rdbradshaw to Cosmonaut
25 Sep 15#1074
At the time I was going for £40 cash back and that's what I got after 4 weeks
karlie88 to Cosmonaut
25 Sep 15#1075
Just put in a declined cashback claim - works for me in the small number of cases that I get declined cashback.
obennett01 to Cosmonaut
25 Sep 15#1076
Yes tracked at £80, now it's says zero
Newbold to Cosmonaut
25 Sep 15#1081
Same here on both applications (separate TCB accounts for self and wife) - not showing as declined (yet) but reduced to zero.
And this despite the original "You've received cashback in your TopCashback account!" email:
Hello,
Just a quick email to keep you up to date with your latest transactions:
The Co-operative Bank The Co-operative Bank xx Jun 2015 xx:09
I wonder who's cheating - is it TCB or the Co-op?
Graphixa to Cosmonaut
28 Sep 15#1092
Yes happened to me as well. Was bloody furious as well because the CO-OP (from now on known as COCK-UP) completely screwed up my switching incentive as well, which I had to chase. The only upside is that they gave me a £10 credit as a 'sorry' for all the hassle. I have now submitted a cash back claim with Topcashback, but heavens knows when that will get resolved.
It want to move onto my next plunder, but am worried it will mess up my chances with TCB. :disappointed:
Newbold to Cosmonaut
29 Sep 15#1097
Just as a follow-up to this, mine did the same - but it's now showing £52.50 again (as is the wife's). Both accounts have been open for 13 weeks now, though, so it should have gone to payable.
norbie
25 Sep 15#1077
Are your deposits invested in the market e.g. there is risk of losing money, or are they held as cash deposits only?
paypeanuts
25 Sep 15#1078
Clue is in the title - stocks and shares isa. I'm thinking the chances of my £400 investment falling by more than the £133 cashback are pretty slim.
norbie
25 Sep 15#1079
Yeah but it could just be a cash deposit on account rather than being invested straight away.
norbie
25 Sep 15#1080
I need to look in detail as there maybe dealing fees associated with buying and selling etc.
cmncomp
25 Sep 15#1082
don't forget 3% fee and 1.5% management, from the illustration it appears to suggest that the first year would be £6 for a £50 per month deposit?
i'm thinking it seems like a good bet to try for three months. when you withdraw your money after you receive the cashback you effectively prevent yourself from having another share isa for this financial year. although you can have a cash isa.
paypeanuts
25 Sep 151#1083
The T&C's mention the fees you quote but I wasn't sure how and when these were calculated. I just figured they were likely to be minimal after 4 months.
Crucially, there's no penalty fee for withdrawals or closing your ISA.
As for losing the right to have another share ISA, if I had the level of savings that make ISA's worthwhile I wouldn't be scraping around for deals like this! :laughing:
cmncomp
25 Sep 15#1084
ha ha, i know what you mean.
i had a quick play on excel and with the deposit account it equates to the fees being applied annually. with the monthly saver it works out roughly correct if the fees are applied monthly. for £100 per month for three months it seems like fees can't be more than a tenner. i'd prefer if the bank could confirm it but asking the question kind of gives the game away lol
dinglebert
26 Sep 15#1085
Fed up with HSBC. If I really needed to open a current account I would be fuming. It took them 4 weeks to send a letter requesting that I give sample of signature. Now two weeks later I get another letter asking for signature agreeing to their terms and conditions. Goodness knows how long to actually open the account.
Newbold to dinglebert
26 Sep 151#1086
Much the same here. An incredible contrast with the efficiency of First Direct, the whole HSBC experience has been appalling. Several weeks on, phone calls, visit to branch, incomprehensible letters, and finally a debit card - but nothing else so far.
Even worse than Santander used to be - and some. I shall stay long enough to pick up the freebies, and then I'll be away - I need a bank like HSBC like a hole in the head!
Slash
26 Sep 152#1087
HSBC's in branch CS are also very poor. Halifax was by far the easiest switch.
rdbradshaw to Slash
27 Sep 151#1088
Agreed , also Halifax were fastest to pay out.
sparan_al1
27 Sep 15#1089
As some require 2x direct debits, do standing orders count? If not, what's the easiest way to set direct debits up??
norbie to sparan_al1
27 Sep 15#1090
Add bank account to your PayPal account.
Open a Tesco internet saver account (search this thread)
sparan_al1
28 Sep 15#1091
Hi Norbie, thanks!
Just added the donor account to my paypal linked banks and applied for the Tesco internet saver account with £1. Thing is I have already asked CO-OP to switch my account at the same time and they've accepted, let's hope that the Internet Saver opens before the actual switch!
mattyh333
28 Sep 15#1093
There are two certainties in life that everyone should follow , never change your bank and never change your mobile network
Graphixa
28 Sep 15#1094
Well had I been switching my main account I would have transformed into the Hulk, but thankfully it was my third switch from a donor account, that is basically accumulating some cash towards a nice holiday for next year, free courtesy of the UK banking system :stuck_out_tongue:
mattyh333
28 Sep 15#1095
Well enjoy it ( before your mortgage payments go up so they claw the money back as you know they don't give money without taking considerably more )
ftbf444
28 Sep 15#1096
Does Tesco do a credit check for the internet saver account? I opened two new bank accounts this year, and switched to co-op just this week hence needing 1 more DD, however wouldn't want another credit check on my file
playaz
29 Sep 15#1098
Already have a Halifax account but not my primary account, what are the simplest ways to have 2 direct debits people can think of?
obennett01 to playaz
30 Sep 15#1101
Tesco savings and post office savings
xPabloz
30 Sep 15#1099
sorry if this has been asked before but how many times can you do this? also i have an account with one of the banks listed in the description (i think its halifax) which my parents opened when i was child so will i still be able to do this with that bank. thanks
xPabloz
30 Sep 15#1100
forgot to add, i have two accounts with barclays one is student and other is current account. is there a limit to how many you can open? if not what reason do i give them as to why i want to open new account?
thanks
rdbradshaw
30 Sep 15#1102
If you never change your mobile network you'll never get a better deal
Graphixa
30 Sep 15#1103
Mortgage? What mortgage? :smiley:
mattyh333
30 Sep 15#1104
Overdraft fees? Link cash point charge ? Any other bank charges. To be fair they are a business they out to make money and they use our money to make themselves more interest than they ever payout
mattyh333
30 Sep 15#1105
Rubbish ! If you phone up and ask for retentions team they will give you a better deal , when I've changed networks I've only ever had a headache! I'll never change again now am happy where I am ( unless of course they put there prices up which I heard they may do because of ofcom have asked them to pay them more money )
ihaveaquestion
30 Sep 15#1106
I signed up to the Nationwide Flex deal last week. I want to do Internet Banking and received all reelevant information, but when I go to log in it asks me to use the card reader to complete the log in process. I don't actually have one though!! Do I have to order one, or am I to assume that it is already winging its way to me?
ihaveaquestion to ihaveaquestion
30 Sep 15#1113
Can anyone who signed up to Nationwide account recently help? :smiley:
rdbradshaw
30 Sep 15#1107
Also rubbish , most of the time retention deals ban never match a cashback deal via quidco or tcb , I know it's never guaranteed but it always got my cashback on sin only deals . Everyone time I have mentioned an offer to so called retention about what I can get elsewhere they have never matched or come close to the best deal. As for porting number etc in my experience never had a problem but like your experience everyone's is different .
Slash
30 Sep 152#1108
let the man live in his cave in peace lol
mattyh333 to Slash
30 Sep 15#1109
Thanks , I will !
mattyh333
30 Sep 15#1110
I agree with what your saying everyone is different. I would not use EE if my life depended on it and they were the only mobile phone network around but I'm sure there are some people that are happy with them ( and to be fair I always had great retention deals when they were t mobile that couldn't be matched unlimited texts , data , and 500 minutes for a tenner a month!) I don't know about cash back sites as they rarely work for me apart from quidco but tcb never payout but maybe they have for you. That's just the way the cookie crumbles some people get good deals and some don't guess it's all to do with how long you've been a customer and how good a customer they see you as
Graphixa
30 Sep 15#1111
Yes banks are a business, which is why it is nice to able to get something back out of them for 'free' occasionally. Yes I could sit on my backside complaining that they make money out of us, which is an inevitable part of being involved with banks in any way, shape or form; or I could actually pull my finger out and generate a little bit of cash for a small amount of effort.
And yes I keep a very close eye on my credit score, and it has in no way been affected so far.
rdbradshaw
30 Sep 15#1112
Agreed , I used to alternate between t mobile and orange as they had the best cashback deals , I would never have Vodafone or o2 because around where I work there is NO signal at all where as EE for me they have been best unt text unt minutes 2 gb data only £8.40 a month after cashback and the free power bar and calls with no signal eg cellar it's great for me. So some December I will try retentions as I want to stay with EE . Apologies to this thread as its nothing much to do with banks so il end it there.
pete_101
1 Oct 151#1114
I didn't have to order one, it just turned up.. can't remember in what order things arrived though.
ihaveaquestion
1 Oct 15#1115
Many thanks, Pete. I should think it'll turn up in a day or two then!
Cosmonaut
1 Oct 15#1116
You can use any other banks card reader too. I have 3 card readers from different banks and they are interchangeable.
JohnnyUtah
1 Oct 15#1117
I picked one up from a branch this year when I thought I'd lost my original one.
ihaveaquestion
2 Oct 15#1118
lol
ihaveaquestion
2 Oct 15#1119
Thanks. It looks like I'll get one, one way or another then. It's just annoying that the site suggests I need one to log in but there is no documentation whatsoever on when it will arrive. If I haven't got one by next week I'll go to the branch.
sparan_al1
2 Oct 15#1120
HELP NEEDED!
I opened a donor tsb account a week ago and a Co-op account a few days later to save time. I linked Paypal to the TSB as a DD, aswell as applying for a Tesco internet saver account to as a 2nd DD at the same time. However, even with a perfect credit rating, Tesco has decided to send me a few forms in the post (notified by calling them) which still haven't arrived - a week later. I've just now received a post from the Co-op saying that my switch is nearly complete! Are there any fast options to setup a DD?!?! I've tried magazines but they take weeks to setup.
Cosmonaut
4 Oct 15#1121
Hi, is it a post office saver account that lets you set up a DD?
The link hasn't worked for me and I've been trying over the last few weeks
Also can I just ask how long the coop bank £100 takes to come through once you've done the switch and paid in £800? I am currently waiting for it to be paid
ioscorpio
8 Oct 15#1126
I opened a Co-op account on 25/8 my switch was on 4/9 and my £100 was paid today, so am just awaiting my £66.15 from TCB, as I don't want to tempt fate and close the account before I get paid the TCB.
ioscorpio
8 Oct 15#1127
I switched to Nationwide via Refer a Friend and was paid £100, the referrer also paid me £50 from his £100 and £78.75 TCB is confirmed so am just awaiting it to be payable.
smulx
9 Oct 15#1128
When one of the terms for these offers is "Must pay in £x per month" does this just mean that the "paid in" column on the statement has to be over that amount? It doesn't matter if the amount is paid in and then just transferred back out?
ioscorpio
9 Oct 15#1129
Yes you can transfer the amount back out.
rdbradshaw
11 Oct 151#1130
TSB are offering £125 cashback again for their switch .
obennett01
11 Oct 15#1131
Yes TSB have added a £125 switch incentive
I've just got off the phone with coop they say that the £800 needs to be in the account for 24 hours so transferring it in then straight out doesn't work
karlie88 to obennett01
11 Oct 15#1132
Ignore what any banking telephone advisor says when it comes to these switch incentives. It's surprising how little they know their own T&Cs.
There is no stipulation to keep the £800 for 24 hours. Potentially, you could transfer in and transfer out a second later.
obennett01
11 Oct 15#1133
That's what I said to him on the phone.
The reason I called was the incentive was taking a while so I phoned to ask if I had completed everything I needed to and he said the 800 needs to be in 24 hours
Sooperdooperdeal
12 Oct 15#1134
Has anyone received the coop cashback yet? Mine has now tracked at 21 weeks.
ioscorpio
13 Oct 15#1135
Mine is also tracking at 21 weeks, so I'm still paying in £800 a month, just in case they use it as an excuse not to pay it. Has anyone still been paid TCB if they have closed the account after having received the switch incentive?
rdbradshaw to ioscorpio
13 Oct 15#1136
I got my tcb paid way before the co op incentive payout .
Sooperdooperdeal to ioscorpio
15 Oct 151#1139
THe £800 a month was to receive the switch incentive as I understand it and has nothing to do with the cashback. Although I guess it can't hurt to pay the £800.
ioscorpio
13 Oct 15#1137
That doesn't sound good for me, although it was tracking at 14 weeks and then changed to 21 weeks, all I can do is wait and see.
rdbradshaw
13 Oct 15#1138
Sometimes they so take long , my longest wait for a payout was apple with an amazing 66 weeks !!:confused:
playaz
16 Oct 15#1140
I just noticed that I can setup a 'Standing Order' in my Halifax account does that meant i could set up 2 DD's to essentially pay myself to an external bank account?
ftbf444 to playaz
16 Oct 15#1141
Standing order isn't the same as DD so no. Standing order = you set up yourself, DD = companies set up for you
Kraezae
20 Oct 15#1142
Anyone had any experience with the Co op? Still waiting on them paying out some 22 days after the switch. :disappointed:
rdbradshaw to Kraezae
21 Oct 15#1143
Mine was 47 days
rdbradshaw
21 Oct 15#1144
I wasn't sure about the Yorkshire/clydesdale offer as in if you have already have had 1 of the £150 incentive for switching and then later in the year going to the other bank for another £150 . I thought there maybe a t&c that may state you can not have both in a year or 2 so I called them and they said no there's no waiting time , as long as your not switching from them to them it's ok , so it's good news for anyone else considering this move.
karlie88 to rdbradshaw
21 Oct 15#1145
Can't see that being a problem like you say. YB/CB have a lax T&Cs. The offer in the past was unrestricted in that one person could potentially do 10+, 20+ etc. switches with them.
norbie to rdbradshaw
21 Oct 15#1146
Are you saying we can earn 2 lots of incentives by doing a switch to Yorkshire, and another to Clydesdale (obviously not from one to the other) ?
rdbradshaw
21 Oct 15#1147
It appears that way , because I was going to switch to m&s but by checking this one out I will be approaching Clydesdale bank before long .
rdbradshaw
21 Oct 152#1148
Hold on norbie I found this on there website so now I'm confused , 4th one down.
norbie
21 Oct 15#1149
That's what I thought I had seen when signing up to Yorkshire. It would be silly of them to let you do it again with their other branding style.
rdbradshaw
22 Oct 15#1150
So I have been in touch with someone on email and they have confirmed that who ever I spoke to made a mistake in that I would be able to claim a 2nd incentive with the other bank. So it's a no go , but at least it's cleared up and glad not to through the whole switching process and not get a penny .
norbie
22 Oct 15#1151
Thanks for the update :smiley:
rdbradshaw
22 Oct 15#1152
No problem cheers
karlie88
28 Oct 154#1153
Hi everyone. It's been well over a month since my last update so apologies for that. Here are the recent updates:
1. Co-Op Bank have lowered their TCB/Quidco rates to £15 - although their switch incentive remains unchanged. Perhaps best to wait until it goes up to £50 again.
2. First Direct have increased their switch incentive to £150 (highest I've seen) and have their usual £100 leaving incentive. This offer is only available via MSE until Sun 1st Nov and will likely go down to £125 after this date. Link: http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#firstdirect
3. Halifax incentive down to £100. No doubt we'll see their incentive go up again especially with the other banks offering £150 so perhaps best to wait.
4. TSB offering a £125 switch incentive (until next week only - possibly will be extended as has been in the past). Their Classic Plus Account also offers 5% credit interest on balances up to £2k and you get 5% cashback on up to £100 contactless payments per month. One of the best fee-free current accounts out there, especially if you have £2k to save.
5. HSBC no longer offering a switch incentive. Although they do have an offer on their ISA - deposit £25 per month and they'll add £10 per month to your account. Equivalent 40% interest - madness. Must be a HSBC Advance customer - you can also get their regular saver with 6% interest.
If there's anything to amend/add, please let me know. Ta.
rdbradshaw
28 Oct 151#1154
Also just to re-cap nationwide bank accounts up to £75 via topcashback :wink:
joetootell
28 Oct 15#1155
If I let the company switch my bank accounts and direct debits how does it effect my wage when it gets paid into my old account? Also do they swap over standing orders as I pay monthly maintenance
nic_bash to joetootell
28 Oct 15#1184
Everything is transfered over when you use the Switching service. They'll let your employer know to update your bank details and transfer the standing orders and Direct debits across. Any payments sent to your old account will automatically forward to your new account. I've switched 3 times and not had a problem yet.
mercslkman
28 Oct 15#1156
i will be doing this when i morgare finished next year
joetootell
28 Oct 15#1157
If it says I need to pay in £1000 within the first 3 months can I pay like £250 in then pay it back to my account and then pay the same £250 back in to make £500 paid in?
karlie88 to joetootell
28 Oct 15#1160
Yes.
scousemicky
28 Oct 15#1158
Although they do have an offer on their ISA - deposit £25 per month and they'll add £10 per month to your account. Equivalent 40% interest
Don't really want to mess about with my main account where my wage and proper direct debits come out. What's the best way to go about the two direct debits?
LZ932 to joetootell
28 Oct 15#1166
not sure how this works I would like to know the best way to go about this too hope some one can help thanks
karlie88 to joetootell
28 Oct 15#1167
1. PayPal DD
2. Magazine subscription @ £1 (Radio Times, Auto Express etc.)
3. Charity DD
4. Post Office account
5. Tesco Bank account
TheMo123
28 Oct 15#1163
Cant find any mention of TSB's £125 on their site?
simple reason being, the more you change banks, this will have an negative effect on your credit rating
great if your not bothered about getting loans or credit
not so good if u plan any of the above as it will make it that bit harder
alexandertwilson
28 Oct 151#1168
Been with HSBC for 16 years and it's time to move on, my money doesn't work hard enough for me.
Tried applying for the TSB account last night; got through the checks and got offered the account at the end only to throw up an error. Tried applying again and it said I'd already tried applying for an account. Called them just now and it's an 'IT/Browser' error of some sort, odd considering Chrome usually handles everything that's thrown at it without issue.
Rom to alexandertwilson
28 Oct 15#1170
I wouldn't close that account, it's very good to have a long history with a bank. Just move your transactions to another account if you want better interest or whatever.
Make a donor account to use for switching.
TheMo123
28 Oct 15#1169
Thanks for the link. I registered for the account using the link but it is asking me to take some ID into a bank to confirm my identity. Do i just use the details they gave me (acc number and sort code) and go onto the switching form?
alexandertwilson
28 Oct 151#1171
Any reasons why? Again my interest rate is awful and there's very few perks to banking there. TSB's offer is rather tempting in the grand scheme of things. I'm 27, young and reckless; the idea of having two bank accounts just fills me with dread...
Rom
28 Oct 15#1172
It's good for your credit record to have that history. Make a donor account as in OP to move to TSB if you care about the incentive or just open a TSB account and get your salary paid in there (IMO).
Having 2 bank accounts is not a problem.
mcormack
28 Oct 15#1173
It seems the British are very reluctant to change banks..............?? Why?
Winspiration
28 Oct 15#1174
Hi, can someone help? I've just signed up to TSB and their £125 offer; I got accepted, I've received my account number and sort code and I chose my local branch; I printed the page off so that I had all of the details. After printing the page though, the screen went funny and all of the page was jumbled up. I couldn't scroll down or do anything. Stupid work PC...
Did I need to do anything else after that to qualify for this offer? I've received an e-mail saying what ID to bring in, but I'm just worried there was something else I needed to do, and there's no way of going back on to check without signing up again...
nic_bash to Winspiration
28 Oct 151#1183
Don't forget to Switch your old account. Link on TSB website - very easy to do.
alexandertwilson
28 Oct 15#1175
Also on a kind of nothing note which banks offer personalised cards? Just Barclays?
paul106
28 Oct 15#1176
I'm going to wait untill my 5 year remortgage completes at the end of December and then plough through all of these offers!
Think that should be enough time for my credit rating to recover.
daddydeals
28 Oct 15#1177
I've been hoping to make the most of the Nationwide recommend a friend deal where you share £200 but no takes, despite them knowing they aren't getting much out of their current provider.
halsallms
28 Oct 151#1178
Vote cold. This is the type of behaviour which will lead to free banking being scrapped in the future. We all complain when companies seemingly decieve us or fail deliver good value but are first in line to try and scam them or take advantage of them.
Chrrye to halsallms
28 Oct 15#1180
(Debit)
Hahaha free banking being scrapped? Banking is free because the bank wants to hold our money. They pay interest and these incentives because, again, they want to hold our money.
Do you believe we are doing them some kind of favour handing over control of our money to them?
"Ohh please Mr.bank, please look after this £1000 for me"
Bank:"okay I guess I will but what a hassle to have control of your money and be able to invest it and earn money on it myself - such a chore - I hate having control of lots of money"
& noone's getting scammed here - people are very precisely adhering to the conditions of the switch so as to get the incentive. if they don't hit the conditions the bank won't pay.
These incentives have been around for ages and people still aren't switching in great numbers. If banks want more custom they are going to have to up these incentives not scrap them. (or, alternatively, they could actually offer attractive long term rates of interest ... but that would be LUDICROUS behaviour).
Also it's pretty obvious but in case you haven't realised the people doing activites as advised by this thread are such a small group as to be 0.0% of total uk bank customers - the vast majority as mentioned just sit there with the same old rubbish current account for 10 years (likely 'losing' many £100,£1000s vs if they had a competitive account) and while I wouldn't call the exploitation of their apathy and laziness by the banks a scam I'm not going to shed a tear over these same banks paying out incentives to customers who may not actually stay for a long term (not that they have any obligation to).
karlie88 to halsallms
28 Oct 152#1182
You're entitled to your opinion. Here's mine...
We've never had 'free' banking, strictly speaking. If you've got a debit balance, then you're paying fees (unless it's an interest free overdraft). If you've got a credit balance then the banks are earning money from your money.
Besides, we've had numerous articles about 'free banking ending soon' over the years:
Nearly 10 years on and nothing's changed in that respect, I doubt anything will happen for another 10 years.
The main idea with these switch incentives is to grab you as a customer and then 'sell' you a loan, a mortgage, a credit card, packaged current accounts, overdrafts etc. That's where they make their money.
stuntman9883
28 Oct 15#1179
dont know if its been posted but there is a nationwide referral one if you know someone with a nationwide current account or flex account they refer you you open one you get 100 pounds and so do they
r40
28 Oct 15#1181
Actually it's the government who want free banking scrapped for some reason' they say it's not fair for some reason: rubbish!! seems perfectly fair to me;it would be unfair to pay!!
fesiii
28 Oct 15#1185
wow!! brilliant
delboyd
28 Oct 15#1186
No no no. Please research properly. It's the EU who want free banking scrapped.
LOL, good old EU. "I hope we stay in, we'd be lost without it". Anyhow, I digress. Thanks OP for update.
garreh
28 Oct 151#1188
This should have zero effect on your credit score if your switching into a bog standard account with no-overdraft. However if you do have an overdraft in the account it is seen as credit so it may affect your credit rating.
I find it incredibly amusing the amount of people on this thread saying too much hassle or cant be arsed... it's a thousand pounds for collectively half hour to an hour work!! Seriously folks, get a bit more financially savvy please.
MaximusRo to garreh
28 Oct 15#1192
I find it irritating you are stating some things here without any sort of proof, it does have an impact, it's 100% guaranteed, tested and confirmed to have an impact, regardless of the type of account you switch to.
norbie
28 Oct 152#1189
I started this in late April this year by opening two donor accounts, and then doing the switching for various cashback offers - two at a time to speed it up (in case the offers stopped!). I've been monitoring my Noddle score each month to see how it changed.
Natwest Donor -> Halifax (£125) -> Yorkshire (£150) -> First Direct (£100) with an extra £100 to come later on when I close it after 6 months.
Also Shepherds Friendy ISA (£133) which will take around 3-4 months to get for only £300-400 outlay.
That's £958 earnt within 6 months for around 10 minutes admin per account.
Noddle scores you out of 5 at the top of their site but also gives you a more precise number for your credit score. From what I've seen, I would guess the following is roughly correct:
My Noddle score started at "4/5" (610), dropped for a few months to "3/5" which got me worried slightly but actually the score was 591 at its lowest which is only just in the 3/5 category, and has now come up to 611 "4/5" which is higher than when I started and I still have both switching accounts open currently.
Noddle shows all accounts other than the ones that are open as closed and settled in full.
I still have my true "main" bank account untouched of which I have credit facilities and history with them of over 20 years.
In my experience this activity has only slightly reduced my credit rating and on a temporary basis. I think you need to be sensible and not open credit facilities with the accounts (overdrafts) to reduce the risk. Remember - I was doubling up and doing 2 loads of switching at the same time!
Others in different financial statuses may have difference experiences of course, I am not a financial advisor and do not consider this advice, just my own experience!
paypeanuts to norbie
28 Oct 15#1191
Good work, fella.
I'm doubling up by doing each switch for me and the wife. Of course, I'd be much better off if I just sent her packing, but she does make a cracking Sunday dinner.
Civic EG6
28 Oct 15#1190
The First Direct shows as £125 when you go through the MSM link.
garreh
28 Oct 151#1193
OK. Well you just made a statement saying "it does have an impact" and haven't yourself provided any proof, exactly what your asking me to do.
Let me just begin by explaining that their are two main types of credit searches; a soft search and a hard search. A soft search leaves zero print on your profile, nada, nothing and nobody can see those searches except yourself. A hard search (often performed when you are applying for credit, i.e. an account with an overdraft) will be performed to ensure you meet the criteria. That will be visible on your credit history to all and doing too many hard searches will have an impact on your credit rating. By logical thinking, I suspect a lot of people here who have had their credit affected have an overdraft on their account, or the bank they are switching into unnecessarily performed a hard search. If your applying for a bog standard account, most banks will perform a soft search to verify your identity and make sure there are no county court judgements and other obvious nasties on your credit. As you won't have access to credit on your account, they have no reason to perform a hard search.
If someone has anymore information on the inner workings of these credit agencies or building societies I will be happy to be corrected, but with my experience with banks and credit agencies, the above has always be the case.
eacesar
28 Oct 15#1194
Looking at a credit report, say from Noodle or ClearScore, how can one tell which search was a soft or a hard one?
I've been playing this bank switching game for a few months now and can see the searches on my credit report, normally one which says "administrative review" and a second one as "anti-money laundering" - both from the same bank.
agnostic
29 Oct 15#1195
Too much hassle
norbie
29 Oct 15#1196
The amount of searches I have on file is ridiculous - but they're all from doing comparison searches for car / home insurance etc! It's normal to have loads of those IMO
jazlabs to norbie
29 Oct 151#1197
These searches are just identity/address checks, they won't be used/seen for credit worthiness.
It does however seem to be a known fact that having multiple credit searches in the past 3 months can temporarily reduce your 'rating' to some lenders, so it's a matter of timing really. I wouldn't recommend opening multiple new current accounts if you're planning on applying for a loan or mortgage in the next few months. The affect should however only be temporary.
I've setup 2 new current accounts for maximising interest over the past few months and my latest Noddle report is still 5/5. Be mindful that lenders don't just use a 'score' given to them by the credit reference supplier, they will use their own metrics using all your account history. You could be 1/5 to one lender and 5/5 to another, regardless of what CallCredit/Experian (etc) think.
freeliner
29 Oct 15#1198
Hi, Looking for some help before i phone up TSB. On TSB's switching tc's it states you have to "Pay in at least £500 into your new account within
28 days of the switch completing and register a minimum of 2 active Direct Debits."
Does this mean that i have to have my donor account with 2 direct debits set up to switch over or once the donor account has been switched to the TSB that i then set up 2 new direct debits. Hope that makes sense....
DeeCee7
29 Oct 15#1199
What exactly is a 'donor' account? can this just be any current account i decide to open today or what?
eacesar to DeeCee7
29 Oct 15#1202
It's any account.
I guess people here are calling "donor" account because many are setting up the 2 direct debt required to donate to charities.
alexandertwilson
29 Oct 15#1200
Question for anyone who's switched to TSB. When you go through switching from your old account, do the funds you're transferring over to your TSB account make up the £500 you need to deposit in order to be eligible for the cashback?
eacesar to alexandertwilson
29 Oct 15#1201
I guess you will need to deposit an extra £500 to fulfil the T&Cs of the offer. Obviously, it doesn't need to be in one £500 lump.
A minimum monthly deposit of £500 is also a requirement for the interested to be paid.
mac5229james
30 Oct 15#1203
With other accounts, the deposit amount has included the amount transferred from previous account.
its called a donor account as most of us started a new bank account at the begin and used this to transfer and get incenvtives, thus leaving our main bank account as it was.
eacesar
30 Oct 15#1204
Have anyone switched TSB to Halifax and received the switching incentive?
These banks are both part of Lloyds Banking Group so I presume it wouldn't qualify for the incentive. Is this correct?
mattyh333 to eacesar
19 Nov 15#1227
TSB isn't ? They split a couple of years ago
Slash
30 Oct 151#1205
applying to so many bank accounts does have a negative impact on your credit score. Mine decreased eventhough I made sure not to apply for any overdraft credit. Its simply too many bank accounts setup and closure for them to ignore, afterall they keep a record of all your bank accounts in your credit report. My advice is if you are planning to apply for loans within the next few months, DO NOT keep switching bank accounts until you secure the loan...
Fellows to Slash
2 Nov 15#1208
How can you check this? And is there a limit on how many you can open?
Shicky
30 Oct 15#1206
anyone got the HSBC current account incentive paid in yet?
enidy
31 Oct 15#1207
I wonder if anyone can help. I've taken up plenty of these offers over the years and wondered if I could go back to some of them again. I had a M & S and Co op accounts about a year ago (maybe a little longer), do you think I would receive these switching incentives again? Thanks :-)
Sooperdooperdeal
3 Nov 15#1209
That marks and Spencer telephone switch is a drainer.
smulx to Sooperdooperdeal
18 Nov 15#1213
What do you mean? I'm going to be doing this one soon.
obennett01
4 Nov 15#1210
Anyone had success getting the TSB cashback from moneysupermarket?
I opened an account before 2nd Nov and am about to put the switching in motion before the 23rd Nov date
Quicklite
5 Nov 15#1211
Did the Co-Op switcher and got the 100 a while back (before October). Quidco seems to be really slow.
Should definitely wait for Quidco - before switching again, yes?
honeststeveo to Quicklite
18 Nov 15#1215
I'm in the same boat. I don't understand why coop are taking so long. Obviously they are not actively reviewing it; sitting on their hands more likely.
I want to switch to clydesdale and their intro offer expires at the end of this month so am not sure how best to proceed.
I suspect they will jump at the chance to decline quidco if i leave them.
Do co-op intend to pay out quidco in the end?
Shicky
9 Nov 15#1212
For the nationwide recommend a friend....can I recommend myself for another joint account with them? Or could my partner recommend me and we open a joint account?
rdbradshaw
18 Nov 15#1214
Possibly means there be lots of awkward questions that can fluster you , I thought you could also apply online , unless you have to call to complete the application / switch
Newbold
18 Nov 151#1216
Same here, too. Couple of Co-op accounts with TCB showing as confirmed but not yet payable. Estimated payable date shows as 21 weeks, and claims can't be lodged until 28 days after then - which is the end of the month for me.
That's two accounts (self and wife) just being kept open until the TCB's paid. Cunning move by the Co-op, but it's backfiring because my hatred for the Co-op grows as the wait continues. :smile:
honeststeveo
18 Nov 15#1217
Yes I wonder if one needs to keep making transactions while they dither to satisfy the criteria of this being your main account. Thus they are growing the number of people they can decline.
From my situation it pains me to wait as it's a possible £60 quidco vs probable £150 for Clydesdale (with more effort)
honeststeveo
18 Nov 15#1218
When opening Clydesdale account for switch what has anyone found to be easier-online or in branch?
I figured in branch would be easier than having to post ID but the appointment I've made may take "up to 90 minutes" and when I phoned to book I got a grilling on the phone about how many current accounts I have etc.
waaouh
18 Nov 15#1219
I switched to Clydesdale bank from TSB and didn't have to provide any document or proof of ID. All process was quickly done online when completing the form. Still waiting for the bonus though...
Quicklite
19 Nov 15#1220
Yep - delayed co-op quidco against decent switchers expiring at the end of Nov, makes me want to jump boat - that said not sure if Clydesdale will have similar offer later. About Clydesdale - just looked on their online branch locator. They don't have many branches do they? (only 1 in London / entire England?!) That probably means bringing id in person.
bankersarebankers
19 Nov 15#1221
To anyone sceptically sitting there on the fence, I just had my 150 paid by first direct, and I'm going to set up another donor today to switch to halifax. Do it people!
PSA: If you need to create direct debits, the easiest 2 you could have are a paypal and a £1 a month direct debit to your own tesco internet saver
obennett01
19 Nov 15#1222
Anyone had experience of how long it takes TSB to pay the incentive after the switch date? My switch date was yesterday.
TommyUK
19 Nov 15#1223
Do you have to phone up TSB/ Co-op to switch to them? I did with M&S which was annoying. Cheers.
eacesar to TommyUK
19 Nov 15#1225
Co-op you will need to phone them for the switch. Not sure about TSB, though.
obennett01
19 Nov 15#1224
TSB switching offer has expired. Coop can be done on their website
Sooperdooperdeal
19 Nov 15#1226
You have to make 2 calls to complete the switch after initially applying online. The calls were over an hour combined, no awkward questions just lots of script to listen to. I lost the will to live.
H.Maleki
20 Nov 15#1228
I'm guessing you can't do both Yorkshire and Clysedale, as they're just both the same no?
obennett01 to H.Maleki
20 Nov 151#1230
Can't do both
Pluun
20 Nov 15#1229
Yes?
TommyUK
20 Nov 15#1231
Are you sure? If thats the case i'll leave it.
eacesar
21 Nov 15#1232
Yes. I've switched to Co-Op two months ago and a lengthy phone call was required for the switching.
EdwardtheLocal
23 Nov 15#1233
Coop haven't paid out after the 45 days so maybe they've worked out it wasn't my main account - anybody else had similar. Not sure if the Quidco will pay out either based on that
Will phone if I have the energy as it was a bit of an ordeal first time round
obennett01
23 Nov 15#1234
Coop paid out for me pretty much on the 45th day. They didn't figure out it wasn't my main bank, it's worth phoning and ask if you have met all the criteria for the incentive
karlie88
24 Nov 152#1235
Did anyone watch Martin Lewis last night on ITV? Basically, the news is out to millions now. Whether ITV viewers actually want to play the switching game is another matter. I guess banks will tighten up their T&Cs over the coming months, e.g. must keep account open for x number months otherwise we cain claim back the incentive and so on.
When ML puts something in his weekly newsletter or TV show, you know it's going to have an influence - good or bad.
Anyone remember Tesco accepting manufacturers' coupons even if you didn't buy the item in question? That got stopped a few weeks after a newsletter feature. And the same happened for competitor coupons.
Just heads up really for people to speed things up, if they wish to of course.
rdbradshaw to karlie88
24 Nov 15#1236
Hopefully they were watching eastenders on the other side lol , but yes it will no doubt change things and we'll see in due course , they may limit the number of times you can switch in a year or like you say a minimum term or they take back the dough they gave you.
iliko
24 Nov 151#1237
Banks are like ISIS the more you attack them the more they will attack you back.
Sheezer
25 Nov 15#1238
Does anyone know if you need to phone to switch to Yorkshire or can it be done all online as don't fancy having a 1hr+ conversation to complete this. Thanks
Slash to Sheezer
26 Nov 15#1242
oh man...the M&S switch was painful for just a gift card...
obennett01
25 Nov 15#1239
No phone call needed for Yorkshire
smulx
25 Nov 15#1240
Do TSB and Nationwide have any offers at the moment (other than RAF)? I know there was a cashback offer through MSE or something but that ended.
obennett01
25 Nov 15#1241
Tsb offer ended. Nationwide only has recommend a friend
COBHC
26 Nov 15#1243
Co-op offer has just ended. Applied to open the account last night, but was told that I've missed out on the incentive.
Does anyone know - if I leave this account I've just applied for open, and when they offer another switching incentive, wait until then to switch - will I get the next incentive (should there be one)
or
do you have to both open the account AND switch when an incentive offer is on in order to qualify?
Rhnsurvey123 to COBHC
30 Nov 15#1248
With certain banks (MandS for example) you can wait up to 6 months to switch and you still get the offer but others are a bit more strict on this and say has to be done either within 14 days of 28 days.
dinglebert
27 Nov 15#1244
I finally gave up. Made a few hundred but the pain of constantly trying to meet the different exspections of the banks wore me down. Worth it when it was unknown.
deannewstead90
27 Nov 15#1245
most require direct debit of 2 active to qualify so prob not worth the time
Rhnsurvey123 to deannewstead90
30 Nov 15#1247
Takes about 30 seconds to set one up with Oxfam/Friends of the earth/Woodland trust online for £1/£1 or £0.50 respectively and you can feel good about contributing to charity as well as benefitting from the switch incentive...
OneNeedsToShop
2 Dec 15#1249
Will switching work if I create a 2nd current account as the donor account at my current bank?
Poppet2 to OneNeedsToShop
3 Dec 15#1251
Can someone explain what a 'DONOR' account is please?
obennett01
2 Dec 15#1250
Yup
paulcocker
4 Dec 15#1252
You may not have had free banking, but I certainly have.
I have money in my savings account (Club Lloyds) earning 4%, Naitonwide (5%), Santander (3%). The banks can't earn a risk free return as high as 3% therefore these banks are all subsidising me.
Also, I have 0% money borrowed from tesco bank and halifax via their credit cards. Again, it costs them more then 0% to get hold of the money to lend me.
Whilst many in the UK don't get free banking, I and many like me do.
Poppet2
4 Dec 15#1253
But don't they charge you for borrowing money on your credit cards?
Bit of a random question, can I create a joint account with a bank, then switch in an individual account from one of those named in the joint account?
Wondering if I can also refer myself as a joint account holder at nationwide when we both already have individual accounts?
freedomfor6
11 Dec 15#1256
Seems like I am late to the party.
Have all offers been stopped now? Other than First Direct (which I was a customer of previously so cant get the £100) and M&S.
eacesar to freedomfor6
11 Dec 15#1257
Halifax is still offering £100 to switch to them.
There will probably be new offers in the new year.
ihaveaquestion
17 Dec 15#1258
I'd appreciate someone answering this :smiley:... My brother has set up two magazine direct debits and they appear in his online banking area. However payments have not been taken out yet (one comes out Jan 1st etc). For the purposes of taking advantage of the current Nationwide 'recommend a friend' deal, would these two direct debits already count as those required to be in place at the time of the switch? Meaning, can he go ahead and switch now?
waaouh
17 Dec 151#1259
I'd say yes but not 100% sure
ihaveaquestion
17 Dec 15#1260
Thanks for trying to help :smiley:. Does anyone know for sure?
ihaveaquestion
17 Dec 15#1261
As in does anyone know for sure if two set up direct debits that have not had payments taken still count in terms of switching (to nationwide in this case)?f
obennett01
17 Dec 15#1262
Don't have experience of nationwide but TSB told me that the direct debits don't have to be active just have to exist. So in your situation I would say you'll be ok. TSB paid out for me.
ihaveaquestion
18 Dec 15#1263
Thanks. I'll try to find out the specifics from Nationwide. It's sometimes tricky to get a firm answer though!
mrT786
21 Dec 15#1264
do these bank require you to stay with them for a certain amount, after the inventive is paid?
kingjames to mrT786
21 Dec 15#1265
I usually close the account once I have received the incentive bonus. Never had a problem so far.
rdbradshaw
22 Dec 151#1266
Nationwide is 3 months minimum stay or they take the £100 back.
Civic EG6
29 Dec 15#1267
How long did it take for Yorkshire bank to pay out? Its been almost 40 days since switching but nothing yet.
rdbradshaw to Civic EG6
29 Dec 151#1268
48 or so for me I think it was
waaouh
29 Dec 15#1269
I am still waiting for the 150£ from Clydesdale... Account switched on October 16th... Terms and conditions say 60 days... Waiting and waiting :-)
150£ received from Clydesdale :-) Do you know if I have to wait or if I can directly switch to HSBC ?
norbie to waaouh
30 Dec 15#1272
You can switch as soon as you've received the money :smiley:
waaouh
30 Dec 15#1273
Thanks for the help. Perfect timing :smiley:
Newbold
30 Dec 15#1274
Has anybody succeeded in prising the £52.50 out of Topcashback for the Co-operative Bank switch?
So far it's still showing as confirmed, but not payable, and Topcashback are up to their usual trick of blaming other people.
rdbradshaw to Newbold
30 Dec 15#1275
For me mine paid the £40 at the time fast about 5 weeks and waited ages for the switch bonus from co op
theboss4
31 Dec 15#1276
Seriously, who can be bothered with this? it's just not worth the agro. I'm all for a good deal, hotukdeals is great, but this is weird/obsessive. I'm with Halifax and get the £5 a month, that'll do.
waaouh to theboss4
31 Dec 151#1277
I opened a second account I'm moving around. My main account where salary and bills are paid isn't moved. Who could say no to free money for just a couple of minutes of registration...
Shicky to theboss4
31 Dec 151#1278
it really isn't too much effort, about an hour all-in for each switch at most. So technically depending on the switch its the best hourly rate I've ever had and i've made over 1k from it
Civic EG6
1 Jan 16#1279
The most painful switched Ive experienced so far is the M&S one. The switch over team don't shut up.
rdbradshaw to Civic EG6
2 Jan 16#1280
With that I would have the call in the background and just be doing something else like hukd or playing games untill they stop yapping
634miyamoto to Civic EG6
4 Jan 16#1288
I agree with you. It took me close to 8 months from the time I applied to the time my switch was completed; I had to close and then re-open my account...
I think M&S bank staff are just shop cashiers - they were utterly unprofessional (e.g. the young lady cahsier was chewing gum with her mouth open...)
I just bagged £150 from Clydesdale without any trouble but I'm wondering if HSBC is worth the bother! With HSBC I applied in September and still haven't been able to do the switch despite loads of phone calls. They tell me the 7 day switch guarantee starts when they start the switch - it can take them months to start it!
Another thing to take care about is First Direct - if they find any record of you ever having had "a relationship" with FD in the past - you won't get a payout! I clarified this on the phone with them yesterday and they confirmed that because I had an ISA with them 8 years ago I wouldn't get anything.
Deals12345 to Doomfang
8 Jan 16#1291
Where is the £150 offer? I cannot see this!
ReflexReact
9 Jan 16#1292
Please point out where/how I can earn £900 by changing bank. Are you suggesting you'd have to change bank 10 times? What a stupid idea.
Cold due to the stupid title of the deal.
Shicky to ReflexReact
9 Jan 16#1294
why is it stupid? you can use donor accounts with no need to mess around with your current state of banking
Foresthill23 to ReflexReact
9 Jan 16#1297
You can open separate and joint accounts for banks offering cash current accounts. Therefore two sets of cash bonuses.
Doomfang
9 Jan 16#1293
I guess it's not still running. I did the switch in September and had to wait 70 days. They paid out just in time for Christmas.
Keep watching as they often come back.
Or there is £150 available from First Direct.....
ReflexReact
9 Jan 16#1295
Because my credit rating and time is worth much more than the reward.
ihaveaquestion
9 Jan 16#1296
It depends over what period of time you open and close accounts. It's an option for people anyway.
Shicky
10 Jan 161#1298
I have zero credit rating issues, you're basing this on myth, many others have attempted to do the same and as is mentioned below if you're still concerned you can spread it out. If you don't agree its a good idea for you, that's totally fine, however why bother to comment at all when all you've added is mis-information?
Why such a knee jerk reaction. Maybe a few minutes on the phone is worth it to some people to switch. If saving and gaining money isn't on your radar why the hell you on here. The community isn't all about what pleases you. I think stupid is expecting a bank to pay £900 with one switch. The process can be exhausted to £900 but its a list of possible incentives, to which I have easily earnt £500 from and I've only done 3 switches. There's many bonuses to banking with several banks. Look further than your feet lady
louiearch9309
14 Jan 16#1301
How long would it take to accumulate money saved of purchased products on this website compared to money gained via these switches? Freaking long that's how long. These switches are so easy I think roughly 10 mins applying 10 mins switching. If you prefer to save pennies on a multipack of freddos then great, crack on. Don't come slating this, its golden in my eyes and the eyes of others on here
ihaveaquestion
14 Jan 16#1302
I've just switched to Nationwide using two magazine direct debits. After enquiring with Nationwide they informed me that if I cancel either of these direct debits within three months of the switch taking place they will remove the £100 incentive from my account. Does this mirror anyone elses experience, or are they actually unlikely to follow this through?
obennett01
14 Jan 16#1303
I'd say they mean it. The deal is switch and keep direct debits for 3 months for the £100. In my experience the direct debits don't have to be active I.e. They don't need to pull money from your account during the 3 months. They just need to exist on the account for 3 months. This is why PayPal is the best direct debit
ihaveaquestion to obennett01
14 Jan 16#1304
Yes in future I'll use paypal instead. I added two magazine subscriptions, only due to switching over christmas and there being a bit of a delay, the subscription for these mags will be taken out before the three months is up. Oh well, you live and learn :smiley:
norbie
14 Jan 16#1305
I started in May 2015 and I'm almost at £950 for around 10-15 minutes work each month.
Just waiting on my £125 from HSBC, and extra £100 for leaving First Direct after 6 months :smile:
Babbler to norbie
22 Jan 16#1322
Have you checked your credit score to see the effect?
espirit77
14 Jan 16#1306
Hi, 2 things: a) can I use a business account for the initial one?
Also, my partners credit, and therefore my credit history keeps showing up on my in laws report, as they have a similar name. I don't want them seeing, and also I've only bin applying for stuff in my name. What should we do?
scubadiving
15 Jan 16#1307
Nationwide offering £100 for switch. Need to have two direct debits.
Just open a FlexAccount, FlexDirect or a FlexPlus account AND complete a full account transfer using the Current Account Switch Service - This will close your old account. A minimum of two Direct Debits must be transferred as part of the switch.
£100 will be put into your current account by the 20th day of the following month.
p.m me your full name, the email address you will use to apply for the account and your d.o.b and i will refer you. You must complete switch within 90 days of referral to receive the reward.
obennett01
15 Jan 16#1308
This is the nationwide refer a friend scheme. The switcher needs to keep the account open for 3 months or nationwide will take the £100 back
ihaveaquestion to obennett01
15 Jan 16#1309
This is true, but also the switcher also needs to keep the two direct debits active for three months, even if they intend to keep the account open but no longer need those two specific direct debits.
jbrad
21 Jan 16#1310
£75 quidco is back for nationwide account. This confirmed and paid out for me recently on top of the £100 refer a friend cash.
rdbradshaw to jbrad
21 Jan 16#1311
How long was it for you to get £75 because mines tracked on 19th Aug still nothing .
jbrad
21 Jan 16#1312
Mine tracked on the 29th August. On the 28th December I opened a support ticket with quidco complaining about the length of time it was taking and they paid it out of their own pocket. I also did the same with the quidco Co-op cashback too.
rdbradshaw
21 Jan 16#1313
Ok thanks , I believe that because there has been couple of occasions where quidco paid out as it took so long , il give that a try
smulx
22 Jan 16#1314
Does anyone know if it's possible to get the Nationwide refer a friend bonus and cashback with Quidco or TCB?
karlie88 to smulx
22 Jan 161#1316
Yes it can. See point 7 above.
karlie88
22 Jan 163#1315
Hi everyone. It's been over a year since I started this thread and to be honest, I didn't think it'd last this long. As always, thank you to any contributors who help with answering questions and update us with new information.
Latest updates:
1. Yorkshire/Clydesdale Bank have returned for a 'limited time' with their £150 incentive.
2. M&S Bank now offer up to a £220 M&S Gift Card.
3. TSB switch incentive back again.
4. No direct incentive from Co-op Bank, but they're offering £80 via TCB (was £150 a few weeks ago).
5. First Direct increased incentive via MSE (varies between £100-£150 at any given time).
6. HSBC offering £120 on their standard current account now (used to be their advance account).
7. Nationwide offering £100 via their refer a friend scheme (via existing customer). You can also get £75 via Quidco. Both offers can be combined by any new applicants i.e. £175 in total.
Thank you.
eslick to karlie88
22 Jan 16#1317
might be time to let a 66 page thread die, sorry my friend I know you put a lot of effort into it, all of these have been posted recently and adding them to this post does not help people see the deals as this just pops up each time its unexpired :disappointed: and it stops new posts been made as they get flagged as duplicate posts.
kabz
22 Jan 16#1318
This idea will leave a massive ape foot print on your credit history. This kind of behavior of switching regularly, opening new accounts, closing account, is a profile of a fraudster.
norbie to kabz
22 Jan 161#1320
Yawn - read through the 66 pages of this thread to see this just isn't true.
norbie
22 Jan 16#1319
It is showing up on the HUKD home page!
A1M
22 Jan 16#1321
I know this is an old thread but... since the original list don't you now have to transfer two DDs to qualify for the incentives? You're not going to be able to keep transferring these DDs each time you open an account?
mail28 to A1M
22 Jan 161#1325
Just link your account to paypal - thats one Direct debit on there, and then shift a small direct debit like a lottery one or phone bill. Job done. The HSBC switch doesnt need direct debits
norbie to A1M
22 Jan 16#1328
The same two DDs are transferred between banks as many times as you like. One of my accounts is on its 5th switch now.
karlie88 to A1M
22 Jan 161#1334
Yes, most current account switch incentives now typically require 2 x active direct debits. In answer to your second question, you are able transfer these DDs as many times as you want. However, the key thing here is not to transfer your actual main account over (where DD household bills are set up, salary goes in etc.). It's far more simple to create a donor account and cycle through the process each bank at a time. Just use a £1 magazine sub, charity, PayPal etc. to create 2 x DDs for your donor account.
evostick47
22 Jan 16#1323
I can vouch for this. With a bit of effort we made about £800 last year. It didn't effect our credit rating or re mortgage in anyway. It really was very very easy. :man:
mail28
22 Jan 16#1324
I am just waiting for my switch from Coop to HSBC to go through in 10days. My main account is with first direct though and I will never leave. Nowhere comes close to the service levels they offer. Even their 'parent group' HSBC have been a bit gash so far with letters taking well over a week to arrive and their phone calls keeping you on hold.
I tried the TSB one the other month but the online application just didnt seem to work correctly.
Sophiasky
22 Jan 16#1326
I'm only making 13 p profit a month now on my Santander 123 account seeing the monthly fee has gone up to £5 - time to think about changing I think.
norbie
22 Jan 16#1327
Yes, see my previous posts in this thread detailing it. (I use Noddle and check score every month)
eslick
22 Jan 16#1329
Yes it does once it gets unexpired because it's so hot it appears again but as I said in a few days it will disappear again and if someone had posted one of the offers in a single thread it would be hot today and then in the weekly hot deals. Tomorrow this one is gone and people will miss out until it's expired again.
espirit77
22 Jan 16#1330
i have just opened an account to try this, is it recommended you wait a month before switching?
karlie88 to espirit77
22 Jan 161#1335
Switch once you've got your debit card for your new donor account.
Sophiasky
22 Jan 16#1331
I opened up a Lloyds account around 2 years ago now but have no money in there. Could I use this as my donor account - would I need to put some money in there first though and have possibly 2 direct debits in that account as well to do a transfer? Thank you.
Sophiasky to Sophiasky
22 Jan 16#1332
Forgot to say, but all of my earnings, standing orders, and direct debits are currently set up in my Santander 123 account.
karlie88 to Sophiasky
22 Jan 16#1337
If your Lloyds account is a current account then yes, that can be used. Stick a few quid in it and add a couple of DDs and you're good to go.
karlie88
22 Jan 161#1333
As far as I'm aware, this thread has not expired over the past 13 months. What norbie is referring to is that if you click on 'all' under the hottest of all time section on the main page, it's always been present there. In fact, people are constantly adding information, asking questions about the switch incentives, updating on payment schedules etc. within this thread.
I believe it's a useful place to see all current switch incentives along with any cashback offered. I shall continue to update where I can.
espirit77
22 Jan 16#1336
nice one, am looking forward to this :wink:
wackem
22 Jan 16#1338
Great advice.
Sophiasky
22 Jan 16#1339
Thank you.
NUMBER8GAMESTER
22 Jan 16#1340
I need to do this.
brentox999
22 Jan 16#1341
Can anyone advice please.
I got halifax current account and easycash
Both got different account numbers.
I am going to set up 2 dd on easycash and transfer to lloyds.
Does it affect my current account with Halifax?
sez655
22 Jan 16#1342
I joined them 2 months ago & have just arranged a switch to Halifax (I won't be getting the £100 bonus for leaving them as I haven't been with them long enough) I agree that the customer service is excellent. The few times I've had to call them I couldn't fault them at all! They don't even have all that press * rubbish, just straight to a human. BUT there website & app is the worst! The whole interface is not user friendly & there's a lot you can't do without either calling them or jumping through SO many hoops to get logged in! And as this is my preferred method of banking I have had to leave them because of it! When I called them about it the lady said that they do get a few complaints, but she obviously could only apologise.
Therefore if you like to do your banking online then DO NOT GO WITH FIRST DIRECT!
Renegade01
23 Jan 16#1343
thanks
dodoegg1
23 Jan 16#1344
I've got a few accounts where I just move the £750 between them monthly in order to keep them all 'current' accounts. Do banks ever get wise to this behaviour and can they do anything about it?
espirit77 to dodoegg1
23 Jan 16#1356
Sure they know, but really cannot do anything unless can prove money laundering for example. They could in theory close hour account but why would they? Would not be worth making you angry over, and you haven't done anything to violate their ts & cs
martyn_3000
23 Jan 16#1345
Not a First Direct customer (yet), but I've just been reading up on their app and they've just introduced TouchID for login. Might make the log in process a bit simpler now.
Newbold
23 Jan 16#1346
Having banked with First Direct for many years now, I can only agree with you. Their customer service is first class, and their website and app used to be second to none too.
But the additional levels of security they introduced a year or two back have made a lot of pretty basic transactions very time-consuming. So much so, in fact, that it's now one of the most awkward banks to use online - when it used to be one of the easiest. The staff know this, and are of course delightful in handling all the complaints. The official line, of course, is that they're protecting your money, In reality, of course, and in law, they're protecting their money.
I do wonder how many customers this once excellent bank is losing as a result of the changes.
mzpresto
23 Jan 16#1347
I've done every single one of these including coop TWICE, had every incentive. Switched sometimes only 2 months after opening when I've got the incentive and as for my credit score I've never been turned down for credit and inbetween all the switches I've taken out a mortgage, 2 interest free credit cards and 2 store credit cards for a store discount, seems to me not many places care about searches these days just saying
benlondon to mzpresto
23 Jan 16#1348
of course banks and financial institutions care about credit searches (albeit they use their own data no experian etc), how on earth do you think they decide whether to allow customers credit/loans etc, this is a key and reliable metric
Pluun to mzpresto
23 Jan 16#1350
I believe you.
Credit scores are garbage.
I know someone who defaulted in a big way on FIVE cards, then received a guaranteed acceptance on a card.
For a joke and not expecting even a reply, he told them he was a Rocket Surgeon or similar and got a ten grand card. :confused:
Tinny134
23 Jan 16#1351
I've done all of these offers except HSBC in around 5 months, opening around 10 current accounts (4 of those still open for interest, bonus payments etc), credit score has fallen from around 400-380, in other words it's barely changed. It's low to start with because I've never had an overdraft, loan or credit card etc and I'm a student. Well worth doing.
eacesar
23 Jan 16#1352
I think as long as you don't ask for an overdraft on these accounts there will be no effect on the credit score at all.
darthvader666uk
23 Jan 16#1353
I'm really tempted by the first diect deal as u can get a savers account of 6%? I don't have a huge amount of savings but Barclay's isa and savings account suck :disappointed:
norbie
23 Jan 16#1354
HSBC has been the slowest of the lot for me. Must have applied about 3 weeks ago and still waiting for debit card to turn up, and don't have access to online banking yet as you have to fill in a paper form for security questions and post it which seems very backwards.
planet2sky
23 Jan 16#1355
I have account with Halifax more than six years, if I started switching today which banks do I look at 1st. Thanks.
espirit77 to planet2sky
23 Jan 161#1357
First direct (150 via money saving expert plus 100 when you leave)
Marks (100 gift plus 10 month on gift card)
Tsb (100)
Yorkshire (125)
Coop (100 plus charity)
HSBC (100)
Back to first direct or whichever one you liked the best
Probably have some of these wrong, see money saving expert bank switch
espirit77
23 Jan 16#1358
Ideas for small direct debits, magazine subscription eg. 5X good food for a fiver over 5ms, three sim only 6/month 12 month tariff, TV license 12/month... and you can gave unlimited PayPal accts so that works too
no_regretz to espirit77
23 Jan 161#1359
Thanks, I was about to ask about recommendations for low cost DD's. Think a mag subscription may work just need one I might make use of.
espirit77
23 Jan 16#1360
rybu79
24 Jan 16#1361
Does anyone know How long do you have to keep the money paid Into the offer account to comply with the the offer and get the payout - is it bank dependant?
Eg I'm planning on setting up a donor account. If it transfer from my normal account, transfer to donor account say £750 or whatever the figure to the OFFER account then transfer back out -
How long does the money have to sit in the account with the OFFER account before I move it out again??????
Can't see anywhere this is clarified
Thanks
Ryan.
obennett01 to rybu79
24 Jan 16#1363
Coop said 24 hours. Everywhere else I've transferred straight out with no issue
karlie88 to rybu79
24 Jan 16#1365
Money can be in there for a second and you can transfer back out immediately. As long as £xxx is paid in, that's all that matters - doesn't matter how long it stays there.
mrbojangles90
24 Jan 16#1362
I've got a secondary account to switch but don't have 2 direct debits set up from it (Switching it to TSB) any advice on getting around this?
obennett01 to mrbojangles90
24 Jan 162#1364
Paypal thats one
Donation to prostate cancer at £1 a month
rybu79
24 Jan 16#1366
obennett01
24 Jan 16#1367
It does matter, Coop told me 24 hours
karlie88
24 Jan 16#1368
Was it over the phone they told you?
Doesn't matter what anyone says, it's the T&Cs that dictate the incentive being paid or not. Never listen to a bank's telephone advisor, majority of the time they know less than you.
If you can point to me where it says in the T&Cs that the money has to be kept in your bank account for 24 hours then I'd be happy to be proved wrong.
obennett01
24 Jan 16#1369
I switched to them and bounced 1000 in an out. Phoned them to ask if I had completed all that was necessary for the incentive and they say the money has to be in for 24 hours. I then transferred in and out for 24 hours and incentive was paid 45 days (or whatever their maximum is, can't remember) after the 24 hours. I'd rather get a human to tell me the rules than rely on t+cs if its only a 5 min phone call.
karlie88
24 Jan 16#1370
That's fine. But humans make errors.
As I said, the money only has to be in for a second and that includes Co-op Bank. Myself and other family members have done this countless times and have kept the money in for a maximum of an hour, certainly not for more than a day. All incentives have been paid without problems.
Of course, it's your money so do whatever you want. I'm just stating the facts as per the T&Cs.
espirit77
24 Jan 16#1371
or a magazine if you're not charitble, £5/ 5 good food for example.
rybu79
24 Jan 16#1372
I've chosen rspca and guide dogs - personal choice but least they'll benefit whilst I'm switching around.
£1 direct debit for each - setup online.
rdbradshaw
24 Jan 161#1373
I complained it was taking too long to become confirmed so thanks to you today they paid out £75 on their behalf , so thankyou for your help sir
Newbold
24 Jan 16#1374
That's interesting - same thing's happening with Co-operative Bank at Topcashback, but they're refusing to pay out. One up to Quidco by the looks of it.
eacesar
25 Jan 16#1375
Just an update as others might be in the same situation with Co-op £100 incentive and their £60 Quidco cash...
Pleasant surprise! I've just received the £60 Quidco cashback for opening a Co-op account 6 months ago.
This is despite I am no longer being with Co-op as I switched from Co-op to Clydesdale immediately after Co-op having paid their £100 incentive and I was sure I would never receive anything from Quidco.
kingjames
25 Jan 16#1376
Can anyone confirm that by going through Quidco and transferring to a Nationwide Flex Account one can gain a total of 175.00 if one has already been refereed to Nationwide by an Nationwide account holder? Thank you.
rossss
26 Jan 16#1377
So with the donor account I need to move 2 direct debits into it?
When I do a switch from the donor to an insensitivised account, does the donor account get closed down automatically?
obennett01
26 Jan 16#1378
Yes
sez655
28 Jan 16#1379
Glad to hear it wasn't only me that thinks this about their online services. It really is such a shame as I cannot fault anything else about them. The problem is that most of my banking is done using an app & when I was with Lloyds before their online services were so easy to use. I understand that it is to give extra protection but I just think that they have taken it way too far. Simply transferring money to my OH was a nightmare! So many hoops to jump through. I'm sure that you are right & they will have more people leave due to this. It is a shame though as I liked the idea of not being with one of the major banks & having such good customer service, but time is key therefore I've left them.
sez655
28 Jan 16#1380
Glad to hear it wasn't only me that thinks this about their online services. It really is such a shame as I cannot fault anything else about them. The problem is that most of my banking is done using an app & when I was with Lloyds before their online services were so easy to use. I understand that it is to give extra protection but I just think that they have taken it way too far. Simply transferring money to my OH was a nightmare! So many hoops to jump through. I'm sure that you are right & they will have more people leave due to this. It is a shame though as I liked the idea of not being with one of the major banks & having such good customer service, but time is key therefore I've left them.
karlie88
28 Jan 16#1381
A question for those who have recently (in the last couple of days) or who are going to apply for a Nationwide current account to bag the £75 cashback and £100 refer-a-friend...anyone having problems loading the application online?
My neighbour is trying to apply via the Quidco link, they get transferred to the Nationwide website and click on 'apply'. Then they get a 'loading your application' status and it just stays on that (this is for the FlexDirect account). I've even tried applying myself to see if I could load the application via Quidco for the FlexDirect account and get the same problem on Chrome and Internet Explorer.
Anyone else having the same problem? Thanks.
one2one24 to karlie88
30 Jan 161#1393
Just tried myself via Chrome for you and got the 'loading your application' status but completed to next stage within a minute
paypeanuts
28 Jan 16#1382
I've recently switched to Halifax and I received the £100 in a matter of days. I want to switch to TSB next but I'm worried Halifax will take back the £100 if I switch again and close the account literally 2 weeks after opening it!
Has anyone successfully completed such a quick turnaround with Halifax and not lost their £100?
Shicky to paypeanuts
29 Jan 16#1385
I would keep the account, you get 5GBP per month for it if you satisfy certain requirements, if you also have a clarity card you get another 5GBP per month for satisfying another set of requirements. 2DDs, 1000GBP passes through the current account and spend 300GBP on the cc per month. I think that's everything but double check. Open a Natwest donor account and switch it for TSB
gmaxi79 to paypeanuts
1 Feb 16#1396
Same here Halifax gave the £100 same day as switch now I want to move onto the next one but not sure how long to wait.
rybu79
29 Jan 16#1383
Can anyone confirm details around whether PayPal qualify for one of the direct debit - I can't see an option to setup as a regular payment - just ad hoc payments but showing as 'direct debit'.
Any advice appreciated.
obennett01
29 Jan 161#1384
Yep PayPal qualifies as one
paypeanuts
29 Jan 16#1386
Nah, I'm only really interested in the switching incentives. £500 cash and £300 vouchers bagged so far between me and my better half.
leetron
29 Jan 16#1387
Does anyone know if its possible to switch to HSBC from M&S bank?
Thanks in advance :smiley:
obennett01
29 Jan 16#1388
You can switch from anywhere to anywhere
leetron to obennett01
29 Jan 16#1389
But M&S are a division of HSBC plc so there is some doubt on other forums at least...that's why I ask
raffected
29 Jan 16#1390
M&S rejected my application for their current account saying my credit score is too low... I've never had any loans/credit cards etc. or been in debt. Is that right? Anyone else got this problem?
Judethedude2 to raffected
29 Jan 16#1391
It's common, your too good with your money, they want ppl who are crap with money get in debt so they can mug more off you with charges
espirit77 to raffected
29 Jan 16#1392
To have a good credit score you have to have been given a line of credit (or several) over a long period of time. Not having any credit history is as bad in a lenders eyes as you are an unknown quantity. So yes, it does make sense.
GambleBot
1 Feb 16#1394
Is the list in the OP the best order to do these in, or does it not matter?
Also, when the switch happens is your old bank account shut automatically, or can you still use it (for savings or perks etc)?
obennett01
1 Feb 16#1395
Shut automatically
karlie88
1 Feb 162#1397
As long as you've received the £100, then you're safe to move to the next bank.
Nationwide is the only bank that stipulates that you have to say with them for a few months if you earn an incentive via their refer-a-friend scheme.
paypeanuts
1 Feb 16#1398
Thanks karlie - I shall switch to TSB this very evening! That'll take our earnings (wife and I) to £1k!
rybu79
1 Feb 16#1399
Have you been checking your credit score / report - has this be effected negatively? Or is this a myth??
Ashan85
2 Feb 16#1400
I am with Barclays now. I don't want to stay with Barclays, so I really want to change and have a good main account (used for wages) + a donnor account for switching to others.
How should I proceed?
- open a donnor acount with barclays
- change main barclays account to TSB and keep it (deadline is 9 feb and I think it's a good deal)
- start doing the donor - new bank process for extra cash.
Is this correct? or should it be
-Switch my main account to TSB
-Then open a donor acc with TSB
-Continue with switching donor account to all other banks.
Please consider that TSB is expiring soon
eacesar to Ashan85
4 Feb 16#1402
I would switch Barclays to TSB to take advantage of the expiring offer. TSB is a OK bank and their account have the bonus of 5% interest on balances up to £2k + 5% cashback on contactless payments.
Then would open a donor account with one bank which do not offer incentive, like Lloyds, then would start playing the switching game with this one account.
obennett01
3 Feb 16#1401
Don't switch your main account. Keep it. Open another account with a different bank. This will be the donor account and switch it
gmaxi79
4 Feb 16#1403
TSB offer isnt open to joint accounts!
rdbradshaw
4 Feb 16#1404
Hi karlie , I'm having trouble filling in the online TSB current account form , it wants me to put in British forces details in even if I select not applying with British forces & press continue but keeps asking for details I haven't got (I even tried putting in n/a and no joy) please help if you can .
karlie88
4 Feb 16#1405
Hi.Just tried myself. I can input my postcode and select my address, after that the British forces prompt/form link disappears. I'm on Chrome.
Have you tried another web browser?
espirit77
4 Feb 16#1406
Did my first switch. £125 for about an hour and a half ain't bad. (Time it took to set up and activate a donor plus new switch account). Not going to do too many more though unless I actually intend to bank with them.
rdbradshaw
4 Feb 16#1407
Thanks I should of said I tried on iPad , could get the old laptop later cheers
Civic EG6
6 Feb 16#1408
OK, so am still waiting for my Yorkshire bank money and I think its now day 80.
Ive done the following:
1.Completed the switch with 3 direct debits from old account within the 31 days.
2.Paid in 1k in the 1st, 2nd and 3rd month.
3.Register for online banking.
It says you need to keep 2 direct debits for this period. Does this mean two active dd or do dormant ones count too? During the 1st month one of the dd was active, while in the 2nd month 2 dd were active.
So should I be eligible for the money?
Cheers
edit:
So apparently Yorkshire are saying they only switched over 1 direct debit at the time. This is despite my previous account having 4 direct debits linked to it and 3 actually being active on my Yorkshire account. Such a ball ache. Is it worth chasing up or should I just look for my next switch?
eacesar to Civic EG6
17 Feb 161#1416
I've had a similar experience with the sister bank Clydesdale...
1.Completed the switch with 4 direct debits from old account within the 31 days.
2.Paid in 1k in the 1st, 2nd and 3rd month.
3.Register for online banking and mobile app.
The first month I've paid 2 DDs (moved the other 2 to another account)
The second month I've moved the other 2 DDs to another account but generated 2 new ones to leave in their place.
The third month one of the new DDs wasn't paid for some unknown reason, even though it was saying it was active.
So after 80 days of the switching date, no incentive was paid. I phoned them and the lady explained I didn't fulfill the criteria. According to her, the DDs to kept active should be the same ones the were switched from the old bank. I tried to argument that this didn't make sense because the criteria should be 2 active DD, not necessarily the same 2 throughout the qualifying period but she was firm this was clear in the T&Cs so I gave up.
But to my surprise the incentive was paid today - 95 days after the switching day. Not sure if as a result of my phone call, though.
So I think it's worth chasing.
Now I have used all of the possible switching incentives and Clydesdale was the worst banking experience after Co-op. Both their internet banking are just awful.
trojanh
8 Feb 16#1409
If I switch to these accounts now, do enough of these banks to make some money, and then I move from a current account to a Santander student account, is that OK, or will they reject me because I have opened many different bank accounts.
Also which account should be my donor account, I have a main one at Barclays, so should I setup a donor on a Natwest account? Any idea which bank doesn't have good incentives so that I should setup a donor there?
Alternatively, should I wait until I am at uni, get a student account at Santander, and open a donor account, THEN proceed to uce the switch incentives on my donor?
dynbrn
8 Feb 16#1410
TSB offer expired now, for anyone who was interested
Ashan85 to dynbrn
9 Feb 16#1411
yeah, tried Sunday 3 times on google chrome and gave up, to try today with opera but expired...next best thing is Halifax then...
smilee2106
9 Feb 16#1412
Was having a look at specific T&C's - First Direct states, "We can only offer this to people who haven't previously held any account with first direct." I had a joint account years ago, early 90's, think they'd check that far back?
dynbrn
9 Feb 16#1413
tbh I've been with Halifax for about 6 months now and am quite happy with their service and the online banking. still a shame about the missed £100
drunk1
10 Feb 16#1414
I applied for the TSB account via MSE on Saturday and got referred so my account only got confirmed via email today. As I initiated the switch before 4pm on Monday will I still receive the incentive as long as I fulfill the remaining criteria, funds/DDs/switching etc? Want some ammo before I call them and check.
ACIDFORUMS
12 Feb 16#1415
Question, my wife and I have our own separate accounts with incoming salaries and DDs
Now we also have a Santander joint acct which I assume can be switched? But it has no dds nor incoming monthly amounts, ao how can I grab an incentive for this?
Fyi willing to pay in and set up dds if that helps
eacesar to ACIDFORUMS
17 Feb 16#1417
Your joint Santander can definitely be switched and the incentive grabbed. First Direct for example don't require direct debits as part of the qualifying criteria.
However, they require that you pay in a minimum £1000 in the first month after the switch (which you can move out the next day). Also have in mind that you fail to pay in £1000 each month, there will be a £10 monthly fee.
Am way past 90 days now but still nothing. I guess I could try the remaining banks and at the end go to Clydesdale instead, I havent had the £150 so should work 2nd time around.
peanuted
19 Feb 16#1419
Hi guys.
Re the First Direct switch. It states 28 days for the incentive to be paid. Is this counted from the date of opening the account/funding the £1000 or is it from the date of switch.
Many thanks
kris147
20 Feb 16#1420
Hi so I switched to Halifax and am only day 3 into the switch and ive got my card and online account etc and theyve already paid the £125 in. Does this mean I can now leeave at anytme or will they take it back i want to go from halifax to first direct.
karlie88 to kris147
20 Feb 16#1421
Wouldn't risk it. Wait until the switch is complete later next week then change again.
kris147
20 Feb 16#1422
Ok thanks Karlie. I was thinking of stayin with them because the £5 a month sounds nice just for wages going in. But everyone says first direct is the best so was gonna try them.
Just moved from natwest which i liked because you can get money out of an atm with your phone if you lose/forget your card.
trakstar3000
20 Feb 16#1423
if you open lots of accounts, would this affect your credit score??
anewman to trakstar3000
20 Feb 16#1424
Good point. My understanding is that they like to see you have a continuous long relationship with banks. Surfing banks just to get a couple of quid might well hurt your credit rating.
kris147
20 Feb 16#1425
Yes it will. That's why I'm just doing Halifax and then staying with first direct. Easy £250
Coffee100
22 Feb 16#1426
Hi all, why do you need to wait for your debit card for your new donor account before you switch?
I just opened a donor account and am worried that I won't receive the debit card in time to switch to first direct by 29 February?
Great thread by the way And great comments
eacesar to Coffee100
22 Feb 16#1427
I think the deadline of 29th Feb is for you to apply for a FD account, not the actual switch. The switch is normally done on the phone so this will give you plenty of time for the donor account's card to arrive.
Coffee100
23 Feb 16#1428
Thanks. I'm getting thru the comments (on page 31!), sorry if repeating myself.
One last question - once the £150 bonus is received, can you close the account?
Coffee100
23 Feb 16#1429
Thanks karlie - is it really ok to switch or close account 2 weeks after incentive received? That is my main worry that they'll take it back.
The only place that I can see it being stipulated is regarding nationwide's referral scheme where they say a minimum of three months is required
Kraezae
25 Feb 16#1430
Anyone know how quickly the TSB Switch is paying out, I met the criteria last week. Just looking for a timescale for anyone that's done it. :smile:
drunk1 to Kraezae
25 Feb 16#1431
Yeah me too, can't be bothered phoning them but expect it may take up to a month or so?
bankmedg
26 Feb 16#1432
i rang customer services a few days after the allotted time had passed, it then took a few more days and received a message that the funds would be paid the next day
kris147
27 Feb 16#1433
How quick after receiving the Halifax money can you leave them?
jahodges69
28 Feb 16#1434
Just trying to find out which if any bank accounts allow a switching incentive for a joint account when both parties have already received one and/or which associated regular savers allow a joint regular saver when you already have a single one.
jahodges69
28 Feb 16#1435
Just trying to find out which if any bank accounts allow a switching incentive for a joint account when both parties have already received one and/or which associated regular savers allow a joint regular saver when you already have a single one.
jahodges69
28 Feb 16#1436
Just trying to find out which if any bank accounts allow a switching incentive for a joint account when both parties have already received one and/or which associated regular savers allow a joint regular saver when you already have a single one.
jahodges69
28 Feb 16#1437
Sorry for repeats!!! I'm new here!!
Graphixa
29 Feb 16#1438
Has anyone had cashback from Co-operative Bank come through via TCP yet? I've been waiting nearly nine months now!
:disappointed:
Kraezae to Graphixa
29 Feb 16#1439
I used Quidco and got mines within a few months even though I had closed the account. :sunglasses:
rdbradshaw to Graphixa
29 Feb 16#1440
Try contact quidco if you used them and ask them to chase it up (support ticket) and they sometimes payout on their behalf (as I good gesture) and chase up the payment of the bank further down the line , this has happened to me few times and its great service .
Graphixa
29 Feb 16#1441
It was TopCashBack, not Quidco :disappointed:
Civic EG6
29 Feb 16#1442
Do direct debits still get paid during the 7 day switching process? I'd rather mine not go astray. Thanls
Coffee100
29 Feb 16#1443
hi guys this is my first ever switching to first direct (I started process last week) can someone please confirm that I've done / am doing this correctly:
1) Open First direct account and ask to switch from another account
2) Start switch process
3) Transfer £1000 into first direct account
4) Next day Withdraw £1000 out of first direct account (cos I dont want to leave it in there) one day later
5) Put £1 into a first direct e saver account (so I wont incur the £10 fee)
6) Wait for the £150 incentive
7) When incentive paid into the first direct account - withdraw £150 incentive and close/switch account
Would be really grateful if some of the seasoned switchers could confirm this is correct to get my incentive and avoid the monthly fee. Thanks
Coffee100
1 Mar 16#1444
Hey all, can someone please help clarify PayPal direct debits? Do you set up a £1/month dd from the bank to pay pall and then manually transfer it back to the bank (if you don't spend it via paypal)?
Thanks
U53R to Coffee100
2 Mar 16#1445
Im doing it right now with Halifax to meet criteria of 2 active DD. You need to ad balance to your paypall acc/pay for something. Its all count as one DD.
I also recently switched to Yorkshire Bank but somehow the didnt transfered my paypal, just canceled old dd and createt new and now worry about my switching bonus.
Coffee100
2 Mar 16#1446
Hiya. You don't need 2 dd to get Halifax incentive. The 2 dd are for the £5 per month.
Coffee100
2 Mar 16#1447
Do you have to buy something using PayPal with the money u transfer from the bank account? Do you do this every month?
I don't understand how this counts as a direct debit - which is usually a regular automatic payment?
Am I doing something wrong?
Coffee100
3 Mar 161#1448
can the 2 direct debits count as 2 tesco internet savings accounts? as they are 2 different account numbers and sort codes, but the same 'company - tescos ???
You are allowed to have more than one tesco internet savings accounts.
Thanks all for your help?
karlie88 to Coffee100
3 Mar 16#1449
Yes.
Coffee100
3 Mar 161#1450
Awesome! thanks so much! I was a bit worried that they would count it as one.
PS great thread karlie - and an update re: M&S - it expires on 5th April and Halifax expires 22nd March.
Coffee100
3 Mar 16#1451
Karlie can you explain the PayPal direct debit. Does PayPal take money from your account regularly eg £1/month.
OTBC
3 Mar 16#1452
No. Direct Debits are variable amounts, standing orders are set amounts per month.
Coffee100
3 Mar 16#1453
So do you have to buy something using PayPal every month for it to count as a monthly direct debit?
karlie88
3 Mar 16#1454
Depending on how you've set up your payment between PayPal and your bank account, it's possible to transfer money from your bank account and in to your PayPal account, via a Direct Debit. You'll have to manually do this every month though by logging in to your PayPal account.
Coffee100
3 Mar 16#1455
Thanks
Coffee100
9 Mar 16#1456
Hey guys - did anyone have any problems closing the account once the switch has been made eg Halifax. I dont want to switch again, just want to close the account.
eacesar to Coffee100
10 Mar 16#1457
The bank you're switching to normally closes the account in the old bank on your behalf. It should be a straightforward process, unless you have anything left to pay to the old bank.
Coffee100
10 Mar 16#1458
Hi thanks for reply.
I don't want to switch again. Just want to withdraw money (can do online) and close account.
Has anyone received £150 incentives for both Yorkshire Bank and Clydesdale?
I've already switched to and from YB but I'm wondering if I switch to Clydesdale whether they'll pay out. Just because their T&C's say you can't do it doesn't mean their automated systems won't pay you a second time.
mcormack to paypeanuts
20 Mar 16#1463
No, it's not allowed.
muffboy
20 Mar 16#1464
Free money off banks, excellent.
kevinkirkland
20 Mar 16#1465
Great post thanks, it was very easy for me to switch. I moved to m&s from Santander and the switch was good but what disappointed me was m&s app and website are shocking in comparison to Santander. The website has too many levels of security and make it off putting whilst the app is so very basic it's untrue.
firstofficer
20 Mar 161#1466
This all is very nice, but as mentioned many a time, doing stuff like this will impact ones credit rating.
Is the extra £100s worth f*cking up credit rating for?? Not for me thanks..
norbie to firstofficer
20 Mar 161#1470
Hasn't affected my credit rating or many others - read the whole thread for our experiences. My credit rating is higher now 1 year after opening and closing 9 bank accounts.
mcormack to firstofficer
20 Mar 162#1474
The most idiotic comment of the week.
paypeanuts
20 Mar 16#1467
Urinating in the street is "not allowed" - it doesn't mean that nobody ever does it!
What I'm asking is do YB/Clydesdale actually check whether you've previously held an account with them and received a switch incentive?
oldskoolpug
20 Mar 16#1468
This is great. Love stuff like this. Thank you
HotUkDale
20 Mar 16#1469
Worth a look heat added thanks :wink:
mcormack
20 Mar 16#1472
Yes they do!! I have tried already, stop pixxing in the wind.
happydeals
20 Mar 16#1473
Thanks OP
paypeanuts
20 Mar 161#1475
Thanks. I was gonna give it a try but sounds like I'd be wasting my time.
mistermoneysaver
20 Mar 16#1476
If you have an account with another bank or building society, whether you are new to Clydesdale or Yorkshire Bank or already have an account with us, you can apply for this offer Surely, this the reason for this update? I'm gonna try
EditIf you have already taken advantage of a previous £150 switching offer from us, either on your own or with a joint account, since the 17th of November 2014, you can’t benefit from this offer. You can only benefit from this offer once, joint accounts are only eligible for one payment of £150 and the offer doesn't apply to Business Current Accounts.
ronin13
20 Mar 16#1477
Thanks, great info
firstofficer
20 Mar 161#1478
Why is that? Perfectly valid if you ask me..
atom
20 Mar 16#1479
I'm such a noob to this, bit can I transfer from my ISA into an account then setup the direct debits after on the new account as I currently do have any direct debits and thinking about setting up 2 tesco ones.
firstofficer
20 Mar 16#1480
Not sure why anyone would want to loose the tax advantages of an ISA by transferring any money out.. You'd never get it back.. Great news for the tax man!
karlie88 to firstofficer
20 Mar 16#1482
ISA rates have been pitiful for the past 5 years. Most were around 3% in 2010, now a typical cash ISA earns 1%.
Thankfully, a lot of sensible folk have transferred their money out of their ISAs and have been earning 4-5% interest via current accounts and 5-6% via regular savers over the past few years. Even after basic rate tax deduction, it's a better earner in terms of interest. Additionally, most people won't have to pay tax on their interest in a couple of weeks time, so it gets even better.
With the Bank of England interest rate staying at 0.5% for the past 7 years, don't expect cash ISA rates to rise for another 3-5 years. And when cash ISA interest rates rise, it won't go up to 5-6% overnight, it will take several years. Over that time, you'll be able to transfer your money back to a cash ISA by increments of £16k+ every year.
mattyh333 to firstofficer
20 Mar 16#1484
Thought isa is tax free? So what's better transferring or closing and opening a new one?
atom
20 Mar 16#1481
Currently getting like 1% in my ISA, thinking about transfering the lump sum to Santander 123 which pays 3% providing I meet the conditions.
Dont the tax rules change soon which makes current ISAs not worth it anymore?
snack_attack
20 Mar 16#1483
Agree with mcormack on this one. It's even more idiotic as firstofficer posted a deal on a iphone contract that was worth more than £1k. Cos that's going to have a great impact on your credit score!! Unless firstofficer has been capitalising on switch incentives, he or she has no proof that it has an adverse effect on a credit rating, so can't really comment, and I'm no psychic but judging by their tone, they haven't taken part in a single switch incentive. I've been playing this game for years and it has had no negative impact on my score. Switch every 2 or 3 months, don't apply for credit cards with the bank, don't get an overdraft, keep you accounts in credit when switching, keep your main current account with the same bank blah blah. It's common sense! And for those saying it's had a significant impact on their score, you don't know their full story. Maybe they applied for an overdraft, maybe they applied for a couple of credit cards, a loan, a mortgage OR maybe they bought an iphone on a hideously expensive price plan!!
firstofficer
20 Mar 16#1485
If you close it, you essentially loose that amounts tax free status..and wouldn't be able to get it back.. So better transferring it - and most providers have a procedure for this, usually done in a couple of weeks..
Just double check before you withdraw or close any ISA..
firstofficer
20 Mar 16#1486
So example - if you put £15,240 into a cash ISA right now (2015-2016 tax year) and decide to take it out the next day, you won't be able to deposit any more in any ISA this tax year..as its 'used up'..
Shicky to firstofficer
20 Mar 16#1487
this is set to change if you read the recent budget from George
rsooty
20 Mar 16#1488
Can you switch a joint account for the bonus?
mattyh333
21 Mar 16#1489
Thanks but hardly any seem to allow transfers ? Has to be new money? What I mean is say you close an isa with £1000 in for example , surely you still get the interest? And then can put that £1000 ( plus the interest if you want ) into a new isa at a differ et bank? I'm guessing the transfers only apply to people with the maximum who have multiple years worth of isas saved , right?
norbie
21 Mar 161#1490
Hi all
I've made a separate thread about Shepherds Friendly as this has recently paid out for me and it's a no brainer!
Get £100 for 3 x £30 outlay - more than double your money!
How have you found TCB generally? I've been waiting nearly a year for a payout on Fidelity and several months from a betting website, haven't been impressed at all
margamboy
22 Mar 16#1492
I can't read through 75 pages of banking, but I personally don't think it's right to abuse the system in this way, maybe it's been mentioned previously on one of the 75 pages but ultimately we are all going to pay for this, it may not be illegal but is it morally right. Why have household bills been increasing in recent years, because more and more people are claiming new deals and moving on whereby existing loyal customers are then left to pay higher charges to compensate, and before any one tells me to get off my high horse I can guarantee you it will not be the banks out of pocket, and at some point when this switching incentive stops and you have to stick with one or a couple of banks you will be hit with higher charges. Just like higher energy charges to support those having free wall insulation and solar panels. It's us who pay more in the end.
norbie to margamboy
22 Mar 166#1493
Was it morally right for the banks to sell dog poo sub-prime mortgages that they knew were bad, causing a global economic collapse, and us the taxpayer having to bail them out and let them get away with it with no criminal charges, creating years of austerity and inequality?
I'll take advantage of any offering they want to give me that I can profit from thanks!
snack_attack to margamboy
23 Mar 162#1495
Is it morally right to buy a game from Argos, open it (thus making it void for a refund), but then you find it cheaper with another retailer. You buy the same game again and return the sealed copy back to Argos?
All I'm going to say mate is that we all have a line and where that line is will vary from person to person. Personally, I think your problem crossed that line. If you are abiding to the terms of the offer, then I don't see any problem. You could say the same about airplane delays, PPI claims, blah blah blah. If the law and terms allow you to do it, then do it. Banks could very easily stop this 'abuse' by putting a simple clause within their terms, but they choose not to. Until then, it's game on. Of course you're entitled to your opinion just as much as mine.
norbie
22 Mar 16#1494
I've had a very good experience with TCB generally. Some merchants often don't track or are super slow with paying but they pay out eventually:
Had my account about 4 years:
margamboy
24 Mar 16#1496
I think you totally missed the point, all I am saying is your not getting one over on thge banks, they never lose. These costs will be filtered through to the normal man on the street to compensate. Remember When windscreen repairs were carried out for free in the supermarket car park and everyone thought it was great, well guess what now everyone has to pay for repairs, all the whiplash claims, well guess what everyones premiums are now higher. I could go on and thank you for digging out a post of mine from over 4 years ago, I see where your coming from but you can't compare the 2, and in the end I did not bother with the hassle.
I think the statement at the start of this thread was play the banks at their own game, it could not be further from the truth.
snack_attack
24 Mar 161#1497
I was merely responding to your question of 'is it morally right?' In life, and particularly in the financial world, there will always be winners and losers. You just have to make sure you're winning.
Kraezae
24 Mar 16#1498
Anyone had the HSBC switch payout yet for £120? I know it does say upto 70 days. My be switching has come to an end almost, on the last 2 now. Probably earned the maximum amount possible on here. It's been great :smile:
waaouh to Kraezae
25 Mar 16#1499
I received it on March 2nd and my switching date was January 28th.
buddhasmk to Kraezae
27 Mar 16#1501
received mine precisely 30 days after the switch.. next!
paypeanuts
26 Mar 16#1500
Most relevant point in this moral conundrum:
"Banks could very easily stop this 'abuse' by putting a simple clause within their terms".
Banks expect to have a small percentage of new accounts opened as a direct result of their incentives closed shortly after the incentive is paid - they will build this into their plans. If the actual percentage is lower than they planned for then they're all happy little bankers. And I for one hate the idea of a happy banker, so I do my bit to make sure their performance targets for new accounts are not exceeded - the greedy little blighters would probably be paid a bonus if they were!
DCFC79
28 Mar 16#1502
I switched an old Nationwide account to a Halifax account but the NW didn't have 2 DD's on it but have now set them up on the Halifax account, do you think I would get the £5 monthly reward ?
ypfashi
29 Mar 16#1503
My friend has recommended me for Nationwide account. Do I await for email or go ahead and apply via TCB or Quidco? Any help would be appreciated :smiley: Thanks
Kraezae
29 Mar 16#1504
Just started this process myself. Shall see how it goes. Got. My friend to fill the fork in then went ahead. :smile:
ypfashi
29 Mar 16#1505
Did you get any email from Nationwide stating your friend has recommended you?
Kraezae
30 Mar 16#1506
No I didn't. It just says on the form the current Nationwide member fills in a fork and the other person joins as normal. :smile:
ypfashi to Kraezae
30 Mar 16#1508
Thanks
mac5229james
30 Mar 16#1507
so i've not done a swtich for a few months & am thinking of doing Yorkshire/Clydesdale.... assume the application has to be done by 31/3/16 & not the switch?!
centurion
30 Mar 161#1509
I switched from Halifax to nationwide our joint account. went thru quidco which got us £75 which we thought was enough as we got all the benefits like travel insurance and breakdown etc. after a month they gave us an extra £100 each as an insensitive. pleasantly unexpected
taiko to centurion
31 Mar 161#1511
I sure hope it was an incentive not cos they is insensitive :laughing:
arczi19
31 Mar 16#1510
Cant seem to switch to Halifax using their online application, every time I press continue after typing my personal details, a new page loads saying theres been a technical error :disappointed: Anyone having similar problem?
planet2sky
31 Mar 16#1512
Today i open account with Yorkshire bank but I can't setup the direct debit in this week is still get £150 reward?
Rom to planet2sky
31 Mar 161#1513
The point is you're switching the DDs as well as the account so no, you won't get any reward.
buddn07
31 Mar 16#1514
Looks like I've just missed out on the HSBC offer. Do these come around frequently?
ihaveaquestion
31 Mar 161#1515
Along similiar - but not identical- lines, I started my switch with Yorkshire bank a couple of days back (with an account that in this case 'does' have two DDs attached to it). I assume that this is okay, as I've started the transfer process before the deadline, even if the actual transfer happens days after? I'm basing this on the fact that the offer is still mentioned on the yorkhire bank site with 8 hours to go, and it would be pointless to display it still if it was impossible to take them up on the offer.
Rom
31 Mar 161#1516
I'd hope you're ok, makes sense to me, but I don't know for sure and they seem to be banks that try to wriggle out of it given a chance... good luck!
ihaveaquestion
2 Apr 161#1517
I asked them, so for anyone else in the same boat:
Dear Mr XXXXX,
Thank you for your enquiry. The offer is for customers who submit their application before the closing date therefore you will receive the £150 incentive as long as all the criteria is met.
I hope this resolves your query. If you require any further assistance, please do not hesitate to contact us again.
Yours sincerely,
Yorkshire Bank WebCare Team
planet2sky
2 Apr 16#1518
How long until I can have the £150 reward from First Deriect bank?
gaurjai
2 Apr 161#1519
I received mine after 2 weeks of 1000 transfer.
planet2sky to gaurjai
2 Apr 16#1520
Thanks
Coffee100
4 Apr 16#1521
Anyone done M and S? How quickly did you receive the £100 gift card?
Ps Hsbc was the worst switching experience-did not actually switch within the seven day period. I had to chase them up
premierfella to Coffee100
6 Apr 16#1524
Since no-one else has replied (maybe its been answered already somewhere).
I did this around a year ago - my memory is it being around a month after the switch date (i.e. a perfectly reasonable time period).
espirit77
5 Apr 16#1522
with FD, is the extra £100 when you leave within 6 months or after 6 months?
Coffee100 to espirit77
5 Apr 161#1523
Between 6-12 months.
Coffee100
6 Apr 16#1525
Thanks!
(No I can't see it being answered elsewhere)
rdbradshaw
6 Apr 163#1526
For co op bank current accounts it's now £101 for topcashback
sotomonkey to rdbradshaw
7 Apr 16#1527
Is it?
Unfortunately we can no longer offer cashback with this merchant. Please browse our alternative merchants or search above.
In fact the Topcashback link doesn't make it clear how many direct debits but we can assume it's two I guess from their previous switching offer
karlie88 to sotomonkey
7 Apr 16#1530
It says 'direct debits' - so minimum 2, maximum who knows?
But yes, I agree, I'd go off their previous 2 DD requirements.
sotomonkey
7 Apr 16#1531
Just wondering whether these are active direct debits. Has anyone had any luck with paypal direct debits in the past?
Chiptivo
7 Apr 16#1532
I have my 5% nationwide for nearly a year now. I have just received a letter that after the 12 months it is dropping to 1%.
Any way around this, getting them to boost it up etc?
eacesar to Chiptivo
8 Apr 16#1533
TSB might be an option for you - they pay 5% on up to £2000. And 5% on contactless payments a month up to a certain limit.
Chiptivo
8 Apr 16#1534
Yeah. I've got one of them account cheers. May look to move the nationwide to a different nationwide. I think they have a 3% one as well? Maybe with a fee but with extras.
Bradders9126
9 Apr 16#1535
'MAY have an impact on your credit score' PLEASE!! It will definitely have an impact on your credit score. Quite a big one at that!! I like the idea and appreciate the warnings about mortgage etc.. BUT this will have an impact on people in the future
Coffee100
9 Apr 16#1536
Do any of these have credit cards with rewards too. I think nationwide have a credit card that gives £25 back if you spend £25 within the first month.
ypfashi to Coffee100
9 Apr 16#1537
Hi, I have just recently applied for Nationwide credit card but have not seen this offer anywhere on their site :neutral_face: Please could you kindly point me in the right direction? :smiley:
ypfashi
9 Apr 16#1538
I have answered my own question :innocent: On MSE site it states;
Nationwide Select credit card is currently one of our top picks, but it's only available to Nationwide current account holders. It pays unlimited 0.5% cashback on all UK spending (paid out annually in December). You'll get this cashback on top of the Simply Rewards cashback at retailers. Plus, any Nationwide current account customers applying for a Select card before 31 March 2016, will get a 'free' £25 when they spend at least £25 within the first 60 days of opening the credit card.
I missed out! :disappointed:
Coffee100
9 Apr 16#1539
How did you miss out? Have u gone past 60 days?
ypfashi
9 Apr 16#1540
I applied after 31st March :disappointed:
ypfashi
9 Apr 16#1541
Coffee100 Santander 123 Credit card is a good one for cashback :smiley: Oops! Forgot to mention you have to pay yearly fee :confused: but your 1st year is fee free if you hold a current account with them. Hope this helps :smiley:
Coffee100
9 Apr 16#1542
Oh that's a shame. I didn't know there was a deadline date. I've missed out too then.
Coffee100
9 Apr 16#1543
Thanks
ypfashi
9 Apr 161#1544
Coffee100, For your information
Fee increase. From 11 January 2016, the monthly card fee increases from £2/month (£24/year) to £3/month (£36/year). Customers who also have a 123 current account will continue to have the annual credit card fee waived for the first year, as log as they take out the credit card before 11 January 2016.
Overseas transaction fee waived. From 11 January 2016 to 31 December 2016, Santander will waive its foreign transaction fee on purchases – it's currently 2.95% of the transaction. This won't however apply to cash withdrawals made overseas.
For those who get the 123 credit card from 16 September onwards, cashback will also be capped at £3/month on each of the card's three spending categories; supermarkets, department stores and transport.
Existing customers will continue to earn 1% unlimited cashback at supermarkets, 2% unlimited cashback at department stores, and 3% cashback up to a maximum of £9/month on petrol, national rail and Transport for London.
:smiley:
Kraezae
18 Apr 16#1545
Anyone had issues with HSBC? I know it said between 30 nd 70 days but I'm getting concerned. Shall call them tomorrow :smile:
rdbradshaw
22 Apr 16#1546
It's now up again , now at £131.25p , so if you haven't yet switch to co op now maybe a good time to move seen as though the switch incentives are a little thin at the moment :smile:
sotomonkey
24 Apr 16#1547
It's 80 quid now.
rdbradshaw
24 Apr 16#1548
True it does that , it changed often . Can be a case of favouring the page and they will email you when the rate goes up .
chegwin
24 Apr 16#1549
Paid out after about a month for me.
mr_chris_bee
3 May 161#1550
Coop bank now doing £150 to switch and if you opt into their rewards you get an extra £66 a year. So £216 in the first year for switch looks really good!
karlie88
3 May 163#1551
Hello everyone,
6 weeks since last update and there have been the following changes:
- Yorkshire Bank/Clydesdale Bank no longer offering a switch incentive.
- Co-Op Bank now offering £150 plus there's £50 cashback via TCB - one of the best offers ever seen. Do note their requirement of 4 x active DDs. :laughing:
- M&S Bank has withdrawn their monthly £10 gift card top-up. Now it's just a plain and simple £100 gift card.
- Halifax has reduced their incentive from £125 to £100.
Thanks to all contributors.
planet2sky
3 May 16#1552
What about nationwide? Last night they advertise on tv £200?
karlie88
3 May 16#1553
Already there in the opening post - point number 8.
Chiptivo
3 May 16#1554
My Nationwide interest is about to drop to 1%, any way of keeping them to the original 5%?
karlie88
3 May 16#1555
Do you mean the 5% FlexDirect account?
Chiptivo
3 May 16#1556
Yes, edited! Thanks
karlie88
3 May 16#1557
You can get the FlexDirect again in one year (must change it to another type of account though, and then revert it back to the FlexDirect in 12 months time)
Few other options in the meantime:
- TSB offering 5% on £2k
- Nationwide also have a 5% regular saver
- M&S Bank/First Direct both have 6% regular savers
- Lloyds offering 4% on £5k
-
rdbradshaw
7 May 16#1558
Smile bank account offer is back with £150 switching
ihaveaquestion
7 May 161#1559
These switches are turning into a train I'm never going to get off! And before anyone says, my credit rating has actually improved. The 4 active Direct Debits requirement is steep though.
kamperos
7 May 16#1560
True, but you have to transfer 4 active Direct Debits :disappointed:
obennett01
7 May 161#1561
T&Cs say you can't get the smile incentive if you've already had the co-op switching incentive. I'm going to try it anyway.
TCB also has £48 cashback for opening a smile account
ihaveaquestion
7 May 16#1562
Thanks for highlighting that, I didn't realise. I'll probably decide against then.
rdbradshaw
7 May 161#1563
True I never mentioned about the co op issue I was just letting anyone know in case they had not gone down the co op bank route .
paypeanuts
7 May 16#1564
TCB of £48 is for opening AND switching to a Co-op bank account. T&C's state "cashback will not be paid in conjunction with any other offer". I'm not sure you'll ever see both the £150 and the cashback. Worse case is you get the cashback but not the £150! As this is a new offer it will be some time before anyone confirms getting both.
Also, the 4 direct debits condition is nasty of them. Anyone would think they're trying to deter us lot! Time to hit back by sharing some easy to set up and cheap DD's. I'll go first with Tesco Bank's Internet Saver account at just £1 a month.
obennett01
7 May 164#1565
Easy DDs for £1
Tesco online saving account
Post office online saving account
PayPal direct debit
Prostate cancer charity
Cameron1983
11 May 161#1566
Have the T&Cs changed for TCB and Co-op? I don't recall seeing the bit about having to pay in £800/month for 3 months when I applied several months ago. Needless to say, 2 applications over the past year to Co-op, both of which got accepted and the switch processed, were turned down for cashback despite never having received cashback from them before, and being a new customer (at least the first time). Second switch's cashback declined today.
If the T&Cs have always included the £800/month bit then fair enough, but it's quite different to every other bank for cashback (at least via tcb), and worth bearing in mind for people considering switching just for the cashback.
fenkicorp
13 May 16#1567
For active direct debits, just set up £0.01 annual/monthly donations from cancer research.
mr_chris_bee
18 May 16#1568
I noticed that smile bank is not on here which is offering £150 same as coop bank but offers a better current account in my opinion as it comes with a £500 overdraft.
Different products though. This lists HSBC and First Direct which are the same company.
ihaveaquestion
19 May 16#1573
Are there ever any Lloyds or Santander cash incentives to switch, or don't they bother as their products appeal to people anyway?
rdbradshaw
19 May 162#1574
Santander once did £100 switch incentive but that was years ago. I would expect hsbc to bring theirs back before the end of the year .
ihaveaquestion
19 May 16#1575
Thanks. I've already switched in the past to First Direct. If they're the same company do you think I'd still be eligible for a HSBC switch incentive?
rdbradshaw
19 May 161#1576
Should be OK as I recall karlie88 saying somewhere in the post that it should be fine
ihaveaquestion
20 May 16#1577
Thanks!
Shicky
21 May 16#1578
yup this is fine, I've done it.
suicidehobbit
25 May 16#1579
Hi,
In progress with setting up some DD's to switch to co-op from FirstDirect. I had a nagging desire to check with them on "active" DD's and glad i did. According to the chap i spoke to an email clarifying what "active" means came out last week and its DD's where at least one payment has been requested. I have 4 DD's set up but need to wait until the 6th June for all of them to pull from the account, so hope co-op dont pull the plug on the incentive before then! Lucky i checked as i wouldn't have metthe criteria otherwise, which would have been a pain.
Cheers
ihaveaquestion
25 May 161#1580
Interesting. I do tend to wait until payment is taken before switching as I too worried about the rather ill defined definition of 'active'. Also, with Nationwide they told me that they'd remove my incentive cash if I cancelled the direct debits within three months, so maybe that's something that catches people out too.
Spottybutterfly
29 May 16#1581
Can I just check, that First Direct do not need direct debits?
I have a M&S account that I didn't perform a switch on, I opened it to get the 6% saver which I have now had a year and has matured. I can't open another 6% saver as I haven't switched to them.
I plan on switching this account to First Direct, get the £100 incentive then open a 6% saver with them.
U53R
29 May 162#1582
Thats right. Just switch and transfer 1k. They even paid my bonus before 28 day
Spottybutterfly
29 May 16#1583
Thanks u53r I can't like or reply to ur comment because Safari/ my iPad is being stupid.
Nanajane
29 May 16#1584
Re DD...when I tried to set them up for a switch inwas told I could only set up a standing order and that DD had to be set up by the company/charity. Has anyone had this? How have you set up DD
Thanks Jane
Issie
31 May 162#1585
I went to HSBC today to open an Advance current account and was told that they are offering £150 incentive for switching (paid within 90 days) plus £50 if you're paying in to the account in a year's time. Apparently the deal only started today, but I can't find any literature about it online in order to get the full terms and conditions.
DCFC79
31 May 16#1586
Ive set up a DD from a Tesco savings account I have
DCFC79
31 May 161#1587
Its on the HSBC page.
There's a thread already on here about the account offer.
With the First Direct switching offer, can anyone confirm whether it can be done when applying for the account online, or does it have to be done later? Thanks :smiley:
Nanajane
31 May 16#1591
Re HSBC... I maybe wrong but I thought there was a monthly charge associated with these accounts ...not sure how much, this was about a year ago. Can anyone confirm?
With the new HSBC offer, I can see lots of people taking the £150 and not bothering to hang around for the extra £50. They'd think there would be a bigger incentive towards the back end.
dynbrn
13 Jun 16#1594
Anyone currently with Nationwide?
Kamilione
13 Jun 16#1595
Me.
cocobobo
14 Jun 161#1596
Hi, I'm with them currently. Would you like feedback on whether they are any good or do you need bank ac details so you can take part in the offer? I can help with both lol thanks
Rom
14 Jun 16#1597
Can you do the HSBC as a new additional account? I have a longstanding, it was a student, then graduate, now bog standard I think certainly no interest
cocobobo
14 Jun 16#1598
I think it's just new customers, or it was when I did the last offer, it should say in the TS & Cs / give them a call, but write down who you speak to and date & time if they say you can do it as they gave me wrong info re timescale for starting/completing switch and the only reason I got the incentive was because I could quote who had told me I would get it
alrich
14 Jun 16#1599
dynburn
I have 2 a/cs with Nationwide too
I tried the Clydesdale offer, but was told on the phone thatI would have to go to their nearest branch to open the account. Which is in London. And I'm about 10km away
Also, I got a text yesterday, I dont know who from, which says " banks are refunding customers who have paid a monthly fee on packaged accounts"
Is there any truth in this? Not that I have any such accounts, but there is a number to txt back presumably to stake a claim. Is it a scam?
dynbrn
14 Jun 16#1600
That would be great thanks! haha yes Id love to take part in the offer (upside for you too). Not really interested in getting invested with them longterm, but feedback would be nice, thanks.
dynbrn
14 Jun 16#1601
Do i need to have any direct debits for the switch?
dynbrn
14 Jun 16#1602
just read it. on the account im wanting to switch i dont have any DD. will get back to you when I want to swap my halifax account, if thats ok :smiley: thank you for the offer tho!
Gannet
15 Jun 16#1603
I'm thinking of doing the HSBC switch, but the T&C for the account are slightly confusing me:
So what happens if I don't pay in this amount? (not just in terms of the switch incentive)
Shicky
16 Jun 16#1604
you won't get the incentive, you might also want to check if there's an account fee if you aren't putting the cashflow requirement through it
alrich
17 Jun 16#1605
I cant find the SMILE offer on their site
Is it over now?
supermann
26 Jun 16#1606
Out of interest, how many active direct debits did you need for Nationwide?
ihaveaquestion
28 Jun 16#1607
two I believe!
Shicky
30 Jun 16#1608
nationwide don't have a minimum payment per month that I see, or am I being an idiot?
chemeng
5 Jul 16#1609
In order to qualify for the £100 referral bonus, indeed there are no minimum payment demands (as the bonus is being paid on the 20th of the next month following the account opening AND FULL SWITCH). Or any other initial minimum transfer requirements, for that matter.
The only requirement for the £100 bonus is that you TRANSFER 2 active DD as part of the FULL SWITCH process. That means that those 2 DD should be already setup on your old (to be switched) bank account, before you apply for the new Nationwide account and initiate the switching process.
But if you pick the Nationwide FlexDirect account (the best option as its free of monthly fee), which pays 5% interest for 1 year (then 1%) for amounts up to £2,500 (that is £10.05 x 12 = £120.60 for the first year), you have to fulfill a monthly requirement of paying in £1000
For more info, send me a PM.
ihaveaquestion
6 Jul 16#1610
Usually when I apply for bank accounts online it's a formality. I applied to hsbc on sunday though and was told that theyd get back to me to let me know if I've been approved. That still hasnt happened yet though? Is that normal?
Kraezae
7 Jul 16#1611
Yeah you've got to sign letters etc. Very old school.
ihaveaquestion
7 Jul 16#1612
It says on the site that the switch offer applies 'to successful applications received between 31 May 2016 and 10 July 2016'. I assume/hope this means from the day I first applied, rather than the day they receive a signed letter. Arghh this is going to mess up i know it!
Ashe
7 Jul 16#1613
HSBC is the only one I've had to go into branch to get sorted.
ihaveaquestion
8 Jul 16#1614
Oh right. It's beginning to sound like i shouldn't have bothered lol. I did give them a call and theres a backlog they said, so I still havent heard back.
karlie88
22 Jul 163#1615
Afternoon folks. Apologies for the lack of update over the past few months. As of 22nd July 2016:
- Co-Op Bank have a £150 switch incentive and you can get £50 cashback via TCB
- M&S Bank still offering £100 gift card and also have an ongoing £10 added per month for 12 months
- First Direct continue with their £100 join and £100 leave campaign
- Halifax still offering a £100 switch incentive
Heat for the OP for making a real good effort :smiley: I wont bother doing it myself because I don't want to hinder my credit score (I always want to be able to re-mortgage and transfer balances to 0% cred cards) and I also can't be ar*** :smile:
W_jelly1
22 Jul 16#1617
and cash back - we use 123 just for bills and still get about £15 a month cash back
nb2508
22 Jul 161#1618
Great post, have some heat. For those pooing themselves over credit score, all searches dissappear after a year. Hence, why the OP clearly said, if you have any important credit applications coming up, don't do this. For those that don't, this is a great deal.
NUMBER8GAMESTER
22 Jul 16#1619
got to do this...
mexicobart
22 Jul 16#1620
Allright, but what about the t&c stating that you meed to keep your account for at least 3 months to keep the bonus, if u close it earlier they take the bonus back ??
BunchOfBankers
22 Jul 16#1621
Beware of HSBC.
I opened a new account in March, switched my current account (with 2 direct debits active and paid in £500 per month to qualify for the £120 on offer at the time).
The opening and switch process was a bit of a pain compared with other banks and I have still not received the £120 which is supposed to be paid 70 days after switching.
murkymango
22 Jul 16#1622
Thanks Karlie88/All, I have done them all now apart from the yorkshire/Clydesdale :sunglasses:
mcormack
22 Jul 16#1623
Are you some kind of Banking Ombudsman?
obennett01
22 Jul 162#1624
Applying for bank accounts doesn't affect your credit score. Applying for overdrafts, credit, defaulting on loans, amount of credit and credit utilisation affects your credit score.
tomdavidrichards
22 Jul 16#1625
For nationwide that's correct
ELVIS_THE_PELVIS
22 Jul 161#1626
I don't beleiveyou
Krooner
22 Jul 161#1627
[/quote]
FTFY
DCFC79
22 Jul 16#1628
You being serious ? No 1 sees the score except you
littlesheepy
22 Jul 16#1629
Are there any banks that offer an incentive for opening rather than switching? Thinking of giving this a go but could do with a good starter account :smiley:
vod
22 Jul 16#1630
Incorrect, your credit score will be negatively affected as the account is less than 6 months old. If you're looking for credit or a mortgage in the near future (6-8 months), I would not do this
shadowwebs
22 Jul 16#1631
have a current account in only your own name and start switching and earning that way. then after your earned all you can, close the account and transfer all the money to your joint account you also had elsewhere and start all over again. You're welcome.
joetootell
22 Jul 16#1632
Been going through the switch insentives one at a time. Hit first direct and it's such a good bank I can't bring myself to switch away!
bizzargainhunter
23 Jul 16#1633
Nice one, thanks.
colourpie
25 Jul 16#1634
What is it that makes them so wonderful? That may sound sarcastic but it isn't, I'm genuinely interested to know what it is that's good about them.
joetootell
25 Jul 16#1635
Good mobile app. Good online banking. Really really helpful and fast customer service. Just a delight to bank with.
rdbradshaw
25 Jul 16#1636
Yep all true , just good simple banking and always answer your call quickly and easy to understand (speak English ) no wonder they are top of customer satisfaction
heva
3 Aug 16#1637
are there any banks that don't offer an incentive? ive done a few switched and possibly in the wrong order as I've ended up with Halifax and Yorkshire bank both paying me £5 a month in incentives/interest so I don't really want to switch away from them.
so id like to open a new current account with. bank that never offer incentives and then start using that for switching again !
hopefully that ramble was understandable and someone can offer advice!
eacesar
3 Aug 16#1638
I've never seen incentives from Barclays, Lloyds, Natwest or Tesco Bank
rdbradshaw
3 Aug 16#1639
Last year Tesco did a points Insentive of up to 20,000 on various accounts looking back I wish I had gone for it.
Shicky
4 Aug 16#1640
Is it still possible to open a current account with them? It has never been possible in Northern Ireland and I heard they closed all branches on the mainland
rdbradshaw
4 Aug 16#1641
Looks like you can here on the link http://www.tescobank.com/current-accounts/
I think it's only online the account and not instore but someone will know for sure on here.
ChrisNP
4 Aug 16#1642
I figured this idea was too good to be true. Switching banks so often without facing any consequences seemed unlikely. Thanks for the heads up!
MR1123
4 Aug 16#1643
Surely the guys that have been switching, have been keeping an eye on their credit score? Anyone here to confirm if it does effect your credit score?
waaouh
4 Aug 16#1644
I kept my main account with Natwest. Created first a new account with a blank then moved it to Clydesdale, HSBC and now First Direct and my credit score hasn't changed at all. But I never applied for overdraft facility or credit card on those accounts.
roadie
4 Aug 16#1645
If i have an account with Barclays a donor who can I switch to?
Poppet2
10 Aug 16#1646
The Co-Op require 4 DD's, but do they have to be monthly DD's?
Some of mine are active but quarterly?
U53R
10 Aug 16#1647
Stay with Barclays due to blue reward
Nanajane
11 Aug 16#1648
What is the blue reward... thanks jane
Poppet2
11 Aug 162#1649
Just contacted the Co-Op, they say as long as the DD's are active, that's all that matters. They don't have to be monthly, just active.
To Vass 201187, thank you for the information. I find it a bit strange that they charge you £3 then pay you £7 ...why not jut give you £4??
Janr
nb2508
17 Aug 16#1652
It's only logical
Chiptivo
17 Aug 16#1653
Because for months you don't qualify, they make £3..
Simple economics?
Coolbeans_coolbeans
28 Aug 16#1654
Can 4 separate charity donations be classed as 4 active direct debits?
karlie88
28 Aug 16#1655
Yep, as long as they appear as 4 separate DD mandates then it's ok. They could even be to the same charity.
Coolbeans_coolbeans
28 Aug 16#1656
Cheers
rdbradshaw
28 Aug 161#1657
Yup
Coolbeans_coolbeans
28 Aug 16#1658
I just made 4 separate direct debit donations to different areas of cancer research. Thanks for your help
Nanajane
28 Aug 16#1659
Hi Coolbeans...how did you set up the dd when I went to my bank they told me a dd had to be set up by the organisation and I could only set up the standing orders?
Thanks Jane
msaaim89
30 Aug 163#1660
I did some of these switches last year so it's been around 12 months since I closed the accounts I created. I did the Halifax, M&S, Co-Op and First Direct switches.
Not that I care about my credit score, but I checked it on Experian (a couple of weeks ago) and it was around 970 out of a maximum possible 999 marks. The high score was down to living at the same address for over 10 years and closing accounts without going negative. Additionally it helps being on the electoral register.
rdbradshaw
2 Sep 161#1661
Very interesting update here , I left co op bank around a year ago and got an email from them that says if I switch back I will receive £150 as an incentive ! 1 thing worth pointing out is it says you need 4 DD's to qualify. The email doesn't say when this offer is until but let me know if any of you also get a similar email .
karlie88
2 Sep 161#1662
Yes I got it too. Although it does say in the email that you won't get the incentive if you've already received one in the past. However, in my experience they don't really follow that rule. :wink:
rdbradshaw
2 Sep 16#1663
Interesting , I thought that maybe possible because they would know for sure that I have previously had a cash incentive so why are they emailing me.
Nanajane
2 Sep 16#1664
....Hoping that you don't notice that bit and change over? jane
paypeanuts
10 Sep 16#1665
I'm eyeing up the HSBC switch offer. Can anyone who has successfully switched to HSBC and received the incentive comment on their experience? Was it any more hassle than switching to any other bank?
Sizzle
13 Sep 161#1666
It was easy to switch to HSBC, but their instore service was really bad and online banking is such a hassle to eventually log in with. It puts me off logging into the HSBC account. Which is why I've switched that to first direct.
shane_stocks
14 Sep 16#1667
with the donor account how do you set up some DD to match the requirements? I don't want to change my main account as so many transactions occur on that. I do have a savings account with a few bob sitting there and I plan to use that.
trojanh
16 Sep 16#1668
So could i have £800, transfer to HSBC, and then next month transfer £800 to Barclays for a minute so it shows up on my app, then transfer back to HSBC? Is that possible?
vassy4u
16 Sep 16#1669
Not sure how's it with Barclays but I do this with Hallifax and HSBC
trojanh
16 Sep 16#1670
If I open a bunch for switching and it kills my credit score how long is this bad for and does a poor score affect anything other than mortgages?
vassy4u
16 Sep 16#1671
Im not sure about the credit score stuff. Sorry
m1chaels
20 Sep 16#1672
What is the current story on repeats, specifically Nationwide and Coop? How about M&S?
Elephant_of_Truth
21 Sep 161#1673
The only point in having a good credit score is to apply for financial products. If you don't apply for products to protect it, then what is the point in having it?
Poppet2
22 Sep 16#1674
HSBC and First Direct both offer additional prime saving accounts giving 6% interest. You can only get these if you join their current accounts as well. That's £3000 per annum interest if you keep £50k (max) in these 6% savings accounts for a year.
However, First Direct also give you £100 for switching to their current account.
m1chaels
22 Sep 16#1675
Err...thy both offer regular saving accounts paying 6% on 300/250 deposit per month but that equates to about 100 quid interest a year not 3K, sadly :disappointed:
Poppet2
22 Sep 16#1676
Yes, you put in either £250/£300 per month for 12 months. But are you saying that if you open the account with £46,400 then add £300 per month, you won't get £3000k, which is 6% interest at the end of the year?
Are you saying there is a limit to how much you can save in these accounts, similar to Santander's 123 account where the maximum you can get interest on is £20k?
Tharinduk
22 Sep 16#1677
as of now, can someone please recommend the best account to start with as a donor account?
Thanks
Rom
22 Sep 161#1678
I found Barclays pretty straightforward.
eacesar
23 Sep 16#1679
The current accounts from both HSBC and FD do not pay any interest.
Their associated 6% savings account has a monthly limit on how much you can put in (£250/300) so no you cannot put more than the limit each month.
eacesar
23 Sep 16#1680
Any account from any of the bank which normally don't offer switching bonus, such as Natwest or Barclays will do the job.
Tharinduk
23 Sep 16#1681
I am currently having my proper bank account at Barclays. So I think I should start with NatWest. thanks for your comment :smiley:
Poppet2
24 Sep 16#1682
Has anyone flipped from bank to bank IMMEDIATELY after receiving their cash incentives?
If not, what period of time do you wait until you move onto another bank for their incentive?
I ask because, there is usually always a question that asks, 'how long have you been with your current bank'? If you state one or two months, they may see you as a flipper, just joining for the incentive, then on to the next bank. Also, if your turn around is that quick, will that affect your credit score?
Crapweasel
24 Sep 161#1683
Just do what I do, and state the amount of time that you have been with your main current account - this doesn't have to be the same account as the one you wish to switch, in my experience. You're more likely to get accepted in the initial application that way.
Spottybutterfly
24 Sep 16#1684
Same here, I use my main account I got when I left school as the one to say how long I've had an account, but have switched other accounts, switched 2 times now. £200 for nothing.
eacesar
26 Sep 16#1685
I've done that and there was no problem.
Some banks, however, have a time limit which you will need to keep the account with them, otherwise they will debit the incentive back if you decide to switch. If I'm not wrong, Nationwide and Co-op do this.
as replied previously, state the time details about your main account, not the account you're switching from.
Poppet2
1 Oct 16#1686
I have a Saving account which is earning me nothing, I have DD's from it. Can I transfer it to a current account that offers an incentive, even though it's a Saving account?
karlie88
1 Oct 16#1687
It has to be a current account.
Nanajane
1 Oct 16#1688
Karrie88
Couldn't you open a current account with the bank you have the savings account with and then use that current account to switch ...it is up to whether you keep the savings account or close that as well
Jane
karlie88
1 Oct 16#1689
Yes you can do that. Any other products like credit cards, saving accounts, ISAs, other current accounts will remain unaffected.
peanuted
9 Oct 16#1690
hi all
has anyone successfully switched from First Direct to HSBC and getting the incentive?
I understand that they are related in some way but wonder if that is redundant with regards to switching incentives?
thanks in advance
karlie88
9 Oct 16#1691
Yes that works.
waaouh
9 Oct 16#1692
Did it the other way around and it worked
Dragon32
12 Oct 16#1693
I wish I had done this.
I moved from Barclays a couple of years back to First Direct.
I was with them for just under a year and was tempted to move as First Direct would have given me £100 for leaving in the first year and also the new bank would have given me £125, but First Direct are very good so I did not want to leave (even for the £225).
waaouh
12 Oct 16#1694
I actually found Natwest better than First Direct. I kept my main account there and moved another one around.
WillPS
14 Oct 16#1695
Any indication that Tesco might be doing a switch offer? I've opened savings, credit card, insurance - all sorts with them this year but nothing.
I'd like to move to them from TSB since after the cashback deal ends and the interest rate shrinks it should be a better account.
capybubu
15 Oct 16#1696
Any idea how long you have to stay with coop to keep the cash they gave you?
eacesar
15 Oct 16#1697
If not have changed, it's 70 days.
deany76
17 Oct 161#1698
May already have been mentioned somewhere -
SeraphXii
17 Oct 16#1699
I switched to Halifax and received the £100, but since then I've been refused accounts from both Firstdirect and M&S. No idea why.
Tinny134
18 Oct 16#1700
I've had accounts with all except First Direct, HSBC & M&S as they refused me. I think it might be to do with having a limited credit history, perhaps they are just stricter?
T18973
19 Oct 16#1701
Just opened my "donor" account with Barclays
Any ideas how long i should wait to make switch application to Halifax for my £100 reward ?
Thanks in advance :smiley:
gocat
19 Oct 163#1702
Could try M&S again. I got refused twice but was lucky on the third time. Also, my husband got refused Santander twice and was lucky the third time. We don't know why.
Rom
19 Oct 161#1703
Wait until you get the card then go for it
T18973
19 Oct 161#1704
Great thank you !
eacesar
20 Oct 16#1705
It might be worth checking your credit report. You can do this for free with Clearscore and Noddle.
peanuted
20 Oct 16#1706
Anyone had any luck with incentives when they switched non active direct debits . Transfer to HSBC in particular. Thanks
WillPS
21 Oct 161#1707
I was accepted for a HSBC Advance account with the £150 switching bonus. I intended to move my Halifax account over but I'm now thinking I'll keep it - I've just opened a TSB Cash account, am I OK to switch from this one and receive the bonus (even though it was opened after the account I'm switching to)?
pete_101
22 Oct 16#1708
If you've only just opened the TSB account you'll need to have some direct debits active on it first before switching.
WillPS
22 Oct 16#1709
Does an active DD mean one which is showing on my online banking, or one which has been successfully charged?
pete_101
22 Oct 161#1710
It has to be setup up prior to switching, don't suppose it needs to have been charged before you switch. You only have 30 days to activate the switch though so you'd need to set up the new direct debits quickly.
Ashe
22 Oct 16#1711
Some people with an account with them just got a switching offer of 2500 clubcard points. Nothing I know of for new customers.
dav3turner
29 Oct 16#1712
Get £200 when you switch and stay with HSBC Advance...
Have just completed an on line application for hsbc and received the message that they have received the application and need to review it further over the next five days...is this normal
Thanks jane
eacesar
30 Oct 16#1714
Yes, normal. Sometimes they just need to do extra checks, perhaps ask you to provide some ID in branch or something like that.
Nanajane
30 Oct 16#1715
To eacesar
Thank you for the reassurance... Jane
pete_101
30 Oct 16#1716
It took a week for them to send something through after I applied, a request for signature form to be returned. It's been over 2 weeks since I sent that and I've only just received the welcome pack and details!
Nanajane
30 Oct 16#1717
Pete101
Thanks ..this is the first switch I have done and thought it would be faster than that...jane
patchworkcat
31 Oct 16#1718
Why is this expired, yes some have ended, but still others available.
karlie88
31 Oct 161#1719
Hello everyone. Been a while since the last update, not much changed really.
- Co-Op Bank no longer offering cashback via Quidco or TCB - although their £150 switch incentive remains.
- Nationwide offering less cashback via Quidco/TCB - now £20 but used to be £35.
- Halifax will be decreasing it's monthly reward from £5 per month to £3 from 1st Feb 2017.
- Some people reporting that they've received an offer of 2500 clubcard points for switching their account to Tesco Bank.
suicidehobbit
1 Nov 16#1720
Thanks for the heads up, cheers
pete_101
2 Nov 16#1721
Yes I thought it would be faster too! Another issue I'm finding is that another requirement is to have signed up to online banking but you can't do this without a telephone banking id - unfortunately that still hasn't been sent through yet. Hopefully though I can chase this up when I call to give them the details of the account I'm switching from.
rdbradshaw
2 Nov 16#1722
Also tsb and first direct are back with their £100 switch offers
Poppet2
4 Nov 16#1723
To get the incentives/interest, most banks require you to deposit a certain sum into your current account every month. However, how long does that amount have to be in your account for?
I mean can you transfer an amount to your bank account, and then a few hours later transfer it back to another bank?
rdbradshaw
4 Nov 16#1724
Usually instantly as it only needs to be in and out to trigger the offer etc
elvor
6 Nov 16#1725
1.5% from next month?
Switcher3
7 Nov 16#1726
switched today (7 nov) to first direct, and was informed: switch to be completed on 5th dec. Shouldn't be quicker? Or it them playing it safe and it'll be quicker :wink:
Also, there was this info about 10quid per month if I will not pay in 1000 monthly or keep balance over 1000. I know I have to pay in 1000 to get the incentive, but then I'd like my money back :smile:, so I have to close it quickly?
egaylettdj
8 Nov 16#1727
I have only ever held a current account with HSBC and have just opened a donor account with Barclays. can anyone advise on the best sequence of banks to target to attain the best incentive deals? Thanks in advance
eacesar
9 Nov 161#1728
There's not really a sequence to follow, but I'd go for the ones you can do the whole process online (TSB & Halifax). TSB would be the first as the switch offer ends 30th November.
The other banks normally require a long phone call for the actual switch.
Keen on the M&S switch incentive (£100 gift card). With Xmas in mind, anyone know roughly how long that takes to come through after you switch to them? Cheers.
rdbradshaw
15 Nov 161#1731
About 4 weeks for mine
mjb1975
15 Nov 16#1732
Ta. Hmm, my nationwide regular saver is about to mature but haven't had the interest yet (end of the month). If I switch the current account away, will that jeopardise the interest on the regular saver? Assume not but I'd want to start the switch to m&s soon to ensure getting the gift card before Xmas.
Shicky
15 Nov 16#1733
You'd be best checking with Nationwide as a requirement on the account may be to have a current account with them.
mjb1975
15 Nov 16#1734
Yeah thought so. Ta.
Lyno
22 Nov 16#1735
I received this in an e-mail from Natwest while switching to my first bank (co-op):
"If you don't have enough money in your account to cover the total, just pop a little more in. It's better if your account closes with money in it, as we'll transfer anything left over to your new account and it'll make sure your credit rating won't be affected."
Can anyone confirm this? Keep some cash in all accounts while switching and it'll alleviate credit score worries? I have £30 in there I was going to switch with anyway.
Poppet2
23 Nov 16#1736
First time I've heard this. Why not give Natwest a call, just to confirm.
Bhoy Fett
24 Nov 16#1737
I swooped in for the Co-op offer in October. Did it all online clicking a link that referred to switching as well. Account got approved then after several weeks of waiting had to contact them because nothing had switch. They told me this could not be done online and apologised. Apparently someone tried calling me from a local branch but I received no voice mail, text or letter. They were happy to do the switch as per my call but would not give me th £150 incentive as it had since past. Despite 'getting in' long before that offer expired they wouldn't back date it even though a bank can give you money any time they see fit. So I've closed that account as of today and will be opting for TSB or M&S.
hbomb
24 Nov 16#1738
What is the TSB switch incentive? I couldn't find anything about one. Thanks.
Credit Score impact can be severe. Switcher beware.
hbomb
25 Nov 16#1741
Thank you :-)
Rom
25 Nov 161#1742
If by severe you mean minor, or nothing at all, I agree. Watch out.
MR1123
25 Nov 16#1743
if anyone can provide some before's and after's that would be great.
mikem1989
27 Nov 16#1744
I want to do this but there is one thing I don't understand about it.
If I create a donor account then obviously it will have no direct debits coming out. Most of these switch offers require you to switch 2+ direct debits in order to qualify for the money.
How are you guys creating Direct Debits for this donor account?
I don't want to have to switch bills DD from my main account as that defeats the purpose of my donor account.
Shicky
27 Nov 16#1745
Get some simple savings accounts with the Post Office or Tesco Bank, I personally have two tesco ones, Direct debit to take a pound a month and stick it in the current account. You could also do a donation to some charities via direct debit
Shicky
27 Nov 161#1746
I switched over five times and created donor accounts for most of them. No impact on credit rating that I noticed (or the likes of noddle)
Nanajane
27 Nov 16#1747
To shicky
Whenever I try to set up a dd the bank say I can only set up a standing order and that only organisations can set up dd...
Could you told me how you did it and which bank you set it up from
Thanks jane
Mannystk
30 Nov 16#1748
You could setup small dd's to charities.
Shicky
30 Nov 16#1749
I already gave you banks/organisations you can set up the accounts with in my comment above. You can set up DDs to savings accounts.
elmuso
30 Nov 16#1750
Given that Halifax, TSB and M&S all offer ongoing payments each month (providing you meet required pay-in etc) isn't the optimal strategy to have three or more "donor" accounts switching in parallel?
Nanajane
1 Dec 16#1751
Hi sticky... sorry for the repeat question ..I don't know how it happened.
Nat west maintain that an individual can only set up standing orders not dd, I have also had the same response from Halifax today...
Jane
pete_101
1 Dec 16#1752
If you create two Tesco saver accounts, they let you create a direct debit against a bank account.. create a direct debit to both from which ever bank account you have and your done. You can set up multiple direct debits on the Tesco saver from every account you have if you need to!
waaouh
1 Dec 16#1753
Or as previously explained, just go to the Red Cross, Greenpeace or any other charities website and create a 1£ a month direct debit donation.
Shicky
2 Dec 16#1754
Why don't you just try it and see what happens instead of repeating the same thing? What are you expecting me to say you convince you that my advice is correct? pete_101 and waaouh have given you the two options available.
monster144
2 Dec 16#1755
Maybe what she does not understand is that you set up the d/d FROM the charity TO your bank account. eg go Greepeace and set up a monthly d/d to NatWest. Simple!
MR1123
2 Dec 16#1756
hey guys its going to be my first attempt at this, what order you guys are doing it in and which is the last one you are sticking with please?
eacesar
2 Dec 16#1757
I understand what you mean. Natwest is correct. A person cannot create a direct debit him/herself on their account, only standing orders. Only companies/other bank/charities can do that AFTER you have given authorisation.
To create a Direct Debit, you will need to contact the company/other bank/charity (like your mobile phone or internet provider, gas, electricity, council tax, etc.) that you will be paying money to and basically authorise them to contact your bank and create the Direct Debit.
The other alternative is what was suggested about opening a saver account from Tesco or the Post Office. Once you have one of these saver accounts opened, you can go yourself on your internet banking from their website website (Tesco/Post Office) and set up (authorise) a direct debit to take money from your Natwest account on a regular basis, say £1 per month.
eacesar
2 Dec 161#1758
There's no set order to do this. But as you're starting now I would suggest start with the banks you can do the whole thing online, without the need for lengthy phone calls. From my experience TSB & Halifax are the ones you can do this entirely online. Nationwide too but currently there's no switching offer.
It's a bit too late for TSB as their offer is due to expire in 10 days time so go for Halifax.
I've switched to all these banks. In my opinion the worst (customer service, internet bank, app etc) by far is Co-op.
The others are somewhat similar so I still have accounts with some of them which offer some perks, like good interest on balance.
Good luck.
Poppet2
2 Dec 16#1759
I went online to set up two DD with Cancer charity. No problem, just submitted all my details online.
ikskwizituk
6 Dec 162#1760
Halifax tick, Yorkshire Bank tick, Coop tick, TSB tick, M&S tick, Nationwide tick, First Direct tick, HSBC tick
Serial bank switcher... tick
Flamedeer here?... cross :disappointed:
Nanajane
7 Dec 16#1761
Easesar (and monster144)
Thank you very much for your detailed explanation I will give it a go
Happy Christmas jane
thats a tiny decrease.
u don't need perfect credit score..even with fair score u can get mortgage or load easily.
it's worth for £100\200.
there's no totally free money :smiley:
andreasuk
19 Dec 16#1764
ive done it many times/opened lots of bank accounts and got a mortgage.
my credit score is still above the national and local average!
plus searches get deleted after 2 years.
MrsWarren
28 Dec 16#1765
Good of you to contact my HR department for me to check how I get my wages paid into another account
beth25
29 Dec 16#1766
Tried reading through,but so much information!
I've got a normal halifax account account currently, which I'm happy with and don't really want to close unless really necessary.
Is it best to open a 2nd halifax current account, do a standing order into it from 1st account and set up some d.ds to it. Then use the 2nd account as a donnor one? Are you able to have 2 halifax current accounts??
thanks in advance
djgilbo
2 Jan 17#1767
just about to open up a new bank account for the first time after being with barclays for 20 years. however this post is old i dont know who has the best deals as i want to do 1 bank at a time. obviously i still stay with barclays and open up a halifax account as an exampleas my 2nd account? i get payed 28th every month in my main
djgilbo
2 Jan 17#1768
just about to open up a new bank account for the first time after being with barclays for 20 years. however this post is old i dont know who has the best deals upto date as i want to do 1 bank at a time, then get a 3rd bank later on etc obviously i still stay with barclays and open up a halifax account as an example as my 2nd account and keep my barclays open. i get payed 28th every month in my main barclays account, so do i switch £700+ off that on the 1st of every month to halifax with 2 direct debits as im guessing thats what people are doing. i have 8 direct debits in total i pay monthly. is halifax good to start off with as my 2nd account?
tomdavidrichards
2 Jan 171#1769
Do Halifax first they give you incentive after 3 days then go first direct and leave after 6 months but before 12 months and you will get two lots of incentives.I've just finished my last available bank switch and made £1050 from incentives in total. Don't just open one at Halifax otherwise you won't get a switching bonus, I opened a tesco account to use as a donor account.
Hi, I've recently applied for current account switch with first direct, but accidently I gave them my main account details instead of the 'donor' account. Now I have received letter of confirmation from first direct with few form I need tosign and send. Does it mean I cannot change my account which I want to close anymore?
Spartan88
17 Jan 17#1774
Ring them to make sure they don't switch your main account account. You should be able to give them the 'donor' account details so they switch that one.
oei2
30 Jan 171#1775
hell with charities, move your normal DD's to 1 at each bank (as most everyone has like 8 dd's in bills), and make a filler DD from each bank via paypal for 0.01p a month from each (as money ent via paypal counts as a DD)
bora16v
30 Jan 17#1776
7y.
....
iainmathieson
31 Jan 171#1777
So much work gone into this, many thanks
karlie88
1 Feb 173#1778
Another long awaited update (apologies). Switch incentive offers have been a bit poor over the past few months but there's been some new offers recently which have livened up the scene.
Changes to note:
- Co-Op Bank offering £110 (was £150 in the past)
- M&S Bank offering up to £170 in gift cards (was £220)
- FirstDirect offering £125 (was £100) via MSE link
- Halifax still offering £100 but this is due to go down in March to £75
- TSB offering £125 (no offer in recent months) via MSE link
- HSBC offering up to £200 (no offer in recent months)
- Nationwide not on Quidco/TCB anymore, but they still offer £100 if you're referred by an existing customer
Thanks to everyone again.
rdbradshaw
1 Feb 171#1779
Thanks for the update karlie and welcome back , seen as though this thread is still commented on regularly it's always good to have an update from you :laughing:
crazyjake
1 Feb 171#1780
just leave and go back
darthvader666uk
6 Feb 17#1781
Im currently with Barclays and my overdraft of £1000 is ending in November. I will hang on to it as long as possible but what other banks, except for first direct (already have an account with them) has a good overdraft facilities?
tomdavidrichards
6 Feb 17#1782
Only really m&s which is a free £100
Cameron1983
11 Feb 171#1783
How does this work?
iceangel8
13 Feb 17#1784
If you use the switching service but the donor account doesnt have any direct debits can you transfer the direct debits to the new account and still get the incentive money or does the donor account need to have 2 direct debits already in place?
tomdavidrichards
13 Feb 17#1785
I think the donor account has to have two active direct debits when switched
iceangel8
13 Feb 17#1786
oh thats annoying - I wont get my incentive money
slaha11
13 Feb 17#1787
just transfer your DDs first to donor account. then start switching.
slaha11
13 Feb 172#1788
thanks to this thread, I got my first swich requested to Halifax. the bank is really amazing, full application done online, no paperwork.
The account was opened immediately, visible through the mobile app and online banking.
The switch is in progress. regular emails and text are being sent to keep me updated of progress. they promised to give £100 by 3 days of switch. but they have already credited that amount to my new bank account, even before the switch date has arrived!
lovely banking service, would hate to leave them!
The_Geek_Chick
13 Feb 17#1789
Hi, I'm a housewife/stay at home mum and am NOT earning any money, but have savings which I wanted to use to open and transfer across the listed bank accounts. What's the likelihood of my application to open any of these bank accounts (and therefore gain the bank switch incentive) being successful? I don't want to put through applications, be unsuccessful and then have the footprint on my credit file anyway - that's kind of a lose lose situation.....
Any help or advice would be much appreciated on this
Many thanks
jans
13 Feb 17#1790
Do you own your own home or do you rent? If you are a homeowner you should be fine. I think your income only applies when you're actually applying for a loan of some kind. As far as I know, there is at least one site out there than can predict your likelihood of being accepted for bank accounts without the need for applying to the bank firsthand without it affecting your credit score.
The_Geek_Chick
14 Feb 17#1791
Thanks for the swift reply. Homeowner (mortgage joint with husband). I tried to open a Barclays basic online account this evening as the new donor account, but it wanted numbers for monthly and annual income - wouldn't accept zero. I put in £1 and £12 respectively as I didn't know what else to enter, and then stopped short of submit for a credit check button. Not sure how to proceed, if at all. My husband transfers money monthly to my normal account for household expenditure, I could enter those numbers, but again, it's not salary. (Could it be classed as income)?
beljim7419
16 Feb 17#1792
Income is all monies coming in. Benefits etc.
The_Geek_Chick
16 Feb 17#1793
Thank you Beljim7419 - Just opened my Barclays donor account based on your advice. Many thanks to everyone on here who has contributed and advised
angelking
22 Feb 17#1794
I am a newbie on this can some put in a step to step guide which is applicable at present. It is clear on the donor account but if I dont want to switch those big DD eg energy,telephone how can I setup some sort of other DD and not really to charity.
escapee
26 Feb 17#1795
angelking I set up a £1 trial to a magazine (3 issues over 3 months but make sure you cancel the DD before the trial ends) and also played the Health Lottery via regular DD. Again I'll play this for around two months and cancel, total outlay £9 and a slim possibility of winning some of that back.
ehpablo
26 Feb 17#1796
Opened a TSB account Via MSE but had to await on my online banking details came out. The incentive is only available via the MSE link to which is brings you back to applying just for the current plus account but moving onto switching there is no mention of the incentive/ Anyone else switch to TSB recently that could enlighten me as to how their process went?
WillPS
27 Feb 17#1797
Switch and the money arrives on the 28th day after IIRC (Nov 2015 I did the offer).
If you're worried it wont work ring them and ask them to confirm the offer is showing on your account.
brisker19
28 Feb 17#1798
do you still need 800 for co op
WillPS
3 Mar 173#1799
Just finished my last switching bonus incentive - my haul:
October 2014 - Halifax - £100
January 2015 - Yorkshire Bank - £150
March 2015 - Santander - £36.75 TCB
June 2015 - M&S Bank - £150 gift card (I think!)
August 2015 - Co-op Bank - £125
November 2015 - TSB - £125
July 2016 - Nationwide - £100 + £34 TCB
October 2016 - HSBC - £150 (+£50 to follow end of this year)
Today - First Direct - £125
£1145.75 - not bad!
I've not been targeted for a Tesco bonus sadly but will definitely hop when one is available for me. I'm also hopeful that the 'B' account will have one at some point (and not exclude YBS/Clydesdale former recipients) and maybe Virgin Money too.
YBS/Clydesdale was *by far* the most faff with the stupidly long 'telephone appointments' and reams of paper to sign and return.
M&S, HSBC and First Direct are ridiculously slow at processing stuff and sending stuff out.
The Lloyds online banking system (used by TSB and Halifax) is definitely the best one I find. Feature complete and no complicated log in procedure. Nationwide and Co-op are pretty good too. HSBC's (used by FD and M&S) is a bit of a rigmarole.
Props for the thread karlie88!
tomdavidrichards
3 Mar 171#1800
Leave first direct after 6 months but before 12 months for £100
tomdavidrichards
3 Mar 17#1801
Follow their t+cs leave after 6 months and before 12 months for £100. I've finished mine now,got £1350. You can go back to first direct afterwards still.
WillPS
3 Mar 17#1802
Aye I probably will! TBH other than picking up the phone straight away I'm not really that amazed by First Direct. I'll probably settle on a Nationwide or LBG account.
tomdavidrichards
3 Mar 17#1803
Yea I've finished with nationwide,refer others for £100 :wink:
Mannystk
10 Mar 17#1804
Thanks, have done the nationwide refer for 2 friends :smiley:
I'm in the process of switching a donor account to m&s for the gift card and 6% saver. Does anyone know if it is ok that both direct debits are from tesco (separate accounts) or will I need to set up a pay pal direct debit?
zslickz
16 Mar 171#1807
two seperate from tesco are fine
Nanajane
17 Mar 17#1808
Hi wanted to try this using tesco as a donor account so I could set up two dd however tesco have a notice putting a hold on new accounts ...has anyone else had a problem with this?
Jane
tomdavidrichards
17 Mar 17#1809
They have temporarily stopped taking new accounts. Open NatWest maybe?
Nanajane
17 Mar 17#1810
Hi yes ....I don't suppose anyone knows how long this will go on for
Thanks jane
tomdavidrichards
17 Mar 17#1811
No news on it yet
KongDonkey
18 Mar 17#1812
Halifax Reward Current Account now reduced to £75
ScotlandtheDave
21 Mar 17#1813
They declined my Cashback claim for Co-Op after the last switching campaign and lots of others it would seem, so i've been left pretty disappointed by TCB recently. I use quidco 99% of the time now.
Coffee100
23 Mar 17#1814
does anyone know how quickly HSBC pay the incentive?? thanks in advance
AshleyP1810
24 Mar 17#1815
I called to switch today (a day too late), the lady on the phone offered the incentive anyway as a goodwill gesture as it took ages for their paperwork to come through, they sent me the full £200 within an hour and I've only had the account open for less than a month *score*
This probably isn't representative of most cases though
Coffee100
24 Mar 17#1816
Oh wow. But I thought it was £150
AshleyP1810
24 Mar 17#1817
Yeah I think something went wrong somewhere.....
Coffee100
24 Mar 17#1818
Awesome! Ur lucky. Enjoy the extra £50 :smiley:
tomdavidrichards
24 Mar 17#1819
An extra £50 if you stop with them for a year
Nanajane
24 Mar 17#1820
Hi I have been trying to open a bank account with hsbc ...after completing the form on line I had to go into a branch to provide a signature then they wanted me to take in my statements from the bank I was switching from....did anyone else have to through all this?
Jane
tomdavidrichards
26 Mar 17#1821
Sometimes you do
yogurt
27 Mar 17#1822
I'm with co-op from november can I switch my account now? or must I be with them longer. I got my bonus already
rdbradshaw
27 Mar 171#1823
It's ok you are free to roam the banking insentive world once again :smile:
Civic.EG6
30 Mar 17#1824
I applied for a HSBC account the other day. The website say they would make a decision on whether I can open an account. How long did this take for people?
dynbrn
13 Apr 17#1825
anyone have an update on what the currently available switcing incentives are??
Another update done today. For any of the regulars - nothing new. :disappointed:
Changes since last time:
- Halifax's bonus has gone down from £100 to £75
- FD still offering £125 if you join them via MSE link
- M&S Bank offering £125 and an ongoing £5/month for 12 months (previously was £50 and an ongoing £5/month for 24 hours)
- HSBC no longer offering a switch incentive
- TSB no longer offering a switch incentive
- Co-op's offer remains the same
octopus
11 May 17#1831
How many days gap is needed when setting up a standing order from one bank to another in order to fulfil a bank's minimum monthly pay in?
eacesar
12 May 17#1832
You don't need to set up a SO for this if you don't want to. The minimum pay in can be done 'manually' each month on any day of each month.
octopus
12 May 17#1833
Suppose you have more than one bank account that requires minimum pay in?
cocobobo
14 May 17#1834
Hi crapweasel I can't find your post now but I should be able to help as I already have an account, I just need to unlock my pms first to chat to you
eacesar
14 May 172#1835
You just transfer the same money from one account to the next. The money doesn't need to sit in any account for longer than a minute - you can transfer to the next immediately after having paid in the first one. And if you don't have the full amount at a particular moment, you can even make some back and forth multiple pay ins with the same say £100
I have several accounts and do this every month. The money end up in an account which pays me some interest.
dounavilla
15 May 17#1836
Any links to set up dd for charity's?
tomdavidrichards
16 May 17#1837
Tsb offering £130 to transfer to via Moneysavingexpert website link only
lindus
17 May 17#1838
That's wot I'm wondering,
lindus
17 May 17#1839
I only get 1000 a month what do you all earn you can achieve this? :disappointed:
Rom
17 May 17#1840
What do you mean? To have £1000 or whatever flowing through accounts to meet the terms of offers?
lindus
17 May 17#1841
what is a do not account and how you make one?
lindus
17 May 17#1842
I only earn that monthly period
Rom
17 May 17#1843
Doesn't have to be in one go. Transfer (for example) £500 into the account one day, back to your main account the next. Repeat.
lindus
17 May 17#1844
thank u loads :smile: how do I get a donor account
Rom
17 May 17#1845
You're welcome. I found Barclay's very straightforward then went to M&S. That's all I've bothered to do so far but going to try and do TSB in the next couple of days :smiley:
lindus
17 May 17#1846
There's no branches in my town but maybe worth the trips so if I get any account I can use it for the switch or must it be a current account for current account. I'm list please go easy on me I've just read a thousand comments
Rom
17 May 171#1847
I only say Barclay's because I used them and it was pretty quick and easy any will do really I think. Just a basic account is fine, ask for no overdraft on the account, that's an unnecessary credit check.
lindus
17 May 171#1848
thanks Rom appreciated mate <3
dannydfowler
24 May 17#1849
I'm living abroad (studying) but wouldn't mind doing a switch with my UK current account... does anyone know if any of these banks would allow me to complete the whole process online (if they ask me to come into branch that wouldn't really work!)
Cheers
Nalwoir
24 May 17#1850
You coyld try first direct or halifax, neither required me to come in branch to complete thr switch.
i imagine most should allow complete switch online. Good luck!
eacesar
25 May 171#1851
I known from experience that you can do the whole thing online with TSB & Halifax.
HSBC & First Direct require a lengthy phone call but normally no need to go in branch. However, they do send paperwork in the post which need to be signed and returned.
Nationwide might need you to go in a branch if they need to confirm your ID.
Co-op definitely needs a branch visit to complete the account opening.
clonereeco
4 Jun 17#1852
Heat , very informative!
If anyone wants to be referred to join Nationwide for £100 each then feel free to message me :smiley:
lindus
4 Jun 17#1853
I would but I have never had a problem with my bank.
Holdsworth37
12 Jun 171#1854
Same
Civic.EG6
19 Jun 17#1855
How long did co op take to pay you guys?
rdbradshaw
20 Jun 17#1856
For the veteran Hukd goers to this thread I would like karlie88 to post info about how the long the wait is until you can switch and claim another £100 + . There must be a way of finding out . I'm guessing it would be at least 2 to 3 years since open/closing current account. As it's been over 2 years with some of my switches :smirk:
karlie88
20 Jun 171#1857
All I'm going to say is - give it another go with all of them. I haven't found a pattern myself. Really depends on their IT systems and whether their workers are thorough when processing switch incentives.
karlie88
20 Jun 171#1858
Off the top of my head, co-op was the longest for me - took about 60 days.
Civic.EG6
20 Jun 17#1859
60, wow that's long. Am on day 20 so still have a while to make. I think the small print says 45 days.
rdbradshaw
20 Jun 171#1860
Yeah for that one it took so long that I got my TopCashback payment before the incentive
ScotlandtheDave
21 Jun 17#1861
Thats lucky, TCB declined my co-op cashback. It was very frustrating as £50 down the drain. I argued the toss but they weren't having it..
S5S5
25 Jun 17#1862
Heads Up Deal !
Shicky
12 Jul 17#1863
Anyone got the leaving bonus off First Direct? Their wording is a bit confusing, it seems like if you got the incentive to switch in, you won't be able to get it?
Sharpharp
12 Jul 171#1864
What's confusing? Its a bonus to join, bonus to leave. Just make sure you follow the T&Cs to ensure you keep for at least 6 months and pay in the minimum monthly amount
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Opening post
Warning: long post ahead with lots of information. Any questions then please ask and I’ll do my best to answer.
So, this money making idea is based on the recent boom of current accounts offering ‘switching incentives’. Some banks offer money, others offer gift cards. It’s time to play them at their own game by gaining the incentive and then moving on to the next one. Currently, there are 9 banks offering these offers:
1. Yorkshire/Clydesdale Bank - no incentive at this moment in time.
2. Co-Op Bank - £150 incentive plus £50 cashback via TCB.
3. M&S Bank - £100 M&S gift card if you open their fee-free current account.
4. First Direct - £100 if you open a 1st Current Account and an extra £100 if you leave them.
5. Halifax - £100 if you open their Halifax Reward Current Account and then an ongoing £5/month reward.
6. TSB - no incentive at this moment in time.
7. HSBC - no incentive at this moment in time.
8. Nationwide - £100 if you're referred by an existing Nationwide customer and £35 cashback via Quidco/TCB.
9. Some people reporting that they're receiving an offer for switching current accounts to Tesco Bank - 10,000 clubcard points, 5,000 clubcard points, £100 Tesco gift card or £50 Tesco gift card. Seems to be people who have a Tesco credit card and/or Tesco savings account but no Tesco Bank current account. *Check all emails and mail through your letterbox*
More information about all these offers and clickable links in the 1st comment below.
Now, it’s important to note that these offers have some simple T&Cs that you must adhere to in order to get the incentives. For example, First Direct ask that you pay in £1000 before you get the incentive, Co-Op requires 2 x Direct Debits (DDs) to be transferred over plus £800 to be paid in and Halifax ask you to transfer 2 x active DDs and pay in £750 to get the £5/month; you DO NOT have to do this for the £100 switch incentive. M&S state that you must use their switching service to receive the incentive.
There are some important points to mention before I go ahead:
- to do the above, you DO NOT have to close your usual current account where you pay for your gas, electricity, water, phone, council tax bills etc. or where your salary is paid into. The idea is to create a ‘donor’ current account and use that account for the switching process; more information on this later.
- if you are on the electoral register, you will find that opening these accounts is A LOT easier. You can apply online/via phone for all of them and you can get an instant decision (in most cases) and access to your current accounts via online or telephone banking.
- there is MINIMAL hassle when switching current accounts. Banks are now able to switch your current account within 7 working days and they will do all the work. That means they will arrange all DDs and SOs to be transferred over, they will arrange for the closure of your old account and they will transfer over any remaining balance.
- this is NOT a time consuming commitment; all you need is a little bit of organisation. Opening a current account takes 10 minutes, making a phone call to switch current accounts takes 10 minutes, setting up a new payment and transferring £750/£800/£1000 into your new current account to fulfil the T&Cs takes 5 minutes (not applicable for M&S) and transferring that money out takes another 5 minutes. Finally, expect to check your account every few days which will add another 10 minutes or so. Each account should not take any longer than a couple of hours from start to finish.
- each time you open a current account, the bank will do a credit search and this MAY have an impact on your credit score (especially if you have too many searches within a short period of time). Consider any upcoming mortgage, credit card and loan applications and whether it’s a good idea to open these current accounts. You can get your credit report for free from Noddle. To date, my credit score has NOT been affected. Where possible, don’t apply for an overdraft and space out your applications to minimise the impact on your credit score. As long as you keep an eye on your score every month or so and spread your applications then you should not have any problems.
- First Direct and M&S occasionally offer increased switching rates of £125 via MSE. Keep an eye out for those offers.
- incentives are per customer and NOT per household.
- this is not going make you £££££s overnight, but it certainly will allow you to earn a few hundred pounds over a few months with little effort.
- by switching current accounts, the banks currently CANNOT ask for your switching incentive back.
Now, on to the instructions:
1. Open a ‘donor’ account. Barclays, Halifax and Natwest have simple online current account applications. Once your account is open, stick £1+ in it. Wait for your debit card to arrive.
2. Open a current account with any of the banks offering a switch incentive. Read the T&Cs, funding requirements (if applicable) etc. Initiate the switch by giving the bank your ‘donor’ account details. Wait to receive the switching incentive. Once received, move on to the next bank (you won't have to repeat step 1 as you've now got a ‘donor’ account with the bank you just switched to).
3. Continue until you're fed up/have taken advantage of the offers. And that’s it!
So there you have it folks, a nice little earner.
Any questions then fire away; always here to help.
**A big thank you to everyone who comments when new incentives pop up, change etc.**
Top comments
Its gone from 5/5 on Noddle to 3/5.
I would advise anyone to consider your credit rating before switching banks so regularly.
Clydesdale Bank: http://www.cbonline.co.uk/personal/current-accounts/switch-offer
Co-Op Bank: http://www.co-operativebank.co.uk/currentaccounts/125switch
M&S Bank: http://bank.marksandspencer.com/banking/mands-current-account/overview/
First Direct: http://www1.firstdirect.com/1/2/banking/switching-bank-accounts
TSB: http://www.tsb.co.uk/cashback-money-supermarket/
HSBC: http://www.hsbc.co.uk/1/2/current-accounts/bank-account
Halifax: http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/
TCB/Co-Op Bank: http://www.topcashback.co.uk/the-co-operative-bank-current-accounts/
Quidco/Co-Op Bank: http://www.quidco.com/co-op-bank-current-accounts/
TCB/Nationwide: http://www.topcashback.co.uk/search/merchants/?s=nationwide
Quidco:/Nationwide: http://www.quidco.com/search/?search=nationwide
Noddle free credit report: https://www.noddle.co.uk/
More information on registering on the electoral register here: http://www.aboutmyvote.co.uk/default.aspx
There are many people, particularly at this time of year, who will be drawn to the 'free money' without fully understanding the potential implications of the affect it could have on their credit score.
All comments (1866)
Clydesdale Bank: http://www.cbonline.co.uk/personal/current-accounts/switch-offer
Co-Op Bank: http://www.co-operativebank.co.uk/currentaccounts/125switch
M&S Bank: http://bank.marksandspencer.com/banking/mands-current-account/overview/
First Direct: http://www1.firstdirect.com/1/2/banking/switching-bank-accounts
TSB: http://www.tsb.co.uk/cashback-money-supermarket/
HSBC: http://www.hsbc.co.uk/1/2/current-accounts/bank-account
Halifax: http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/
TCB/Co-Op Bank: http://www.topcashback.co.uk/the-co-operative-bank-current-accounts/
Quidco/Co-Op Bank: http://www.quidco.com/co-op-bank-current-accounts/
TCB/Nationwide: http://www.topcashback.co.uk/search/merchants/?s=nationwide
Quidco:/Nationwide: http://www.quidco.com/search/?search=nationwide
Noddle free credit report: https://www.noddle.co.uk/
More information on registering on the electoral register here: http://www.aboutmyvote.co.uk/default.aspx
Of course, you can swiftly transfer the money back out.
:wink:
Its gone from 5/5 on Noddle to 3/5.
I would advise anyone to consider your credit rating before switching banks so regularly.
:man:
If you're going to apply for a mortgage in the next 6 months then you probably shouldn't do this. For anyone else it's fine.
So, just how does "credit rating" work? :confused:
:wink:
I have the Santander 123 account as my main account. DDs for bills etc all come from this account. Never switched from that.
2.4%, I assume AER, with a little compound would earn you < £25 in your pocket on the year with the £1,000 you would use instead use to switch these deals about.
Average payout is about £120 on these deals, so do 1 of the 11 above and you're better off (or do both if you've got the cash and double up).
Even if you have several £,000's laying about in your current account doing these deals will still earn you more on the £1,000 that they require.
Heat for the free money and the effort but definitely not for everyone.
Also the hassle free switching is a pain, they'll transfer the direct debits but not your wages, surprisingly your HR department doesn't just accept a random letter demanding they change your bank details.
OK it should work smoothly, but it usually doesn't.
A lot of messing about with consequences for a few quid.
Be careful with standing orders, they copy them but don't remove the old ones, so there is a good chance you'll pay twice.
There are many people, particularly at this time of year, who will be drawn to the 'free money' without fully understanding the potential implications of the affect it could have on their credit score.
Just saying its not always hassle free, even if they assure you it is.
Agree with comment about First Direct tho, always been very on the ball.
What will effect you, is not the nonsense score you get from your file. It will be the data. So multiple searches in 12 months. Makes lenders nervous. As will the average age of your accounts rapidly decreasing, no stability. Then the amount of accounts you have, can again make lenders nervous
What does it mean? I'd be careful if you need to switch mortgages or credit cards anytime soon. Also when current banks/cards check your file every 6 months or so. They may remove/decrease existing facilities based on credit file "data".
Hope that helps.
I'm trying it out...
It took over 30 minutes earlier today, just to activate a new Debit Card over the phone, just because they had a " glitch " on their online banking.
Oh and the new card has " contactless " built in, that I did not ask for, or want.
No choice, take it or go elsewhere.
Am I a new customer, nope been there longer than HSBC, since the good old Midland Bank ( RIP ).
:disappointed:
Went from Halifax (generic current account) > 1st direct > co-op > back to halifax (current plus account).
I wasn't sure if it would affect my credit score (can't get on noddle to check as it appears to be down), but I already have my mortgage+credit card sorted. The switching was very easy (all DD's and payment details switched over fine), and I can't have spent more than 3 hours in total doing various things.. not a bad return per hour.
Also it is likely to have an adverse effect on your credit rating as they will likely leave hard footprints on your credit file.
Only really for people who are holding onto more than £20k in a "savings" account with rubbish interest and that is definitely not me!
You can always re-apply to any of these banks, you're just not be eligible for their switch incentive.
As mentioned in the OP, there is no need to use your actual main current account where your salary is paid in etc.
£700 is hardly a few quid.
The old standing orders will be removed because they close your old current account.
Mine couldn't have gone smoother to be honest (switched 3 times). All direct debits, standing orders, and other payee details moved over and they must have sent my employer a letter/email as they automatically changed my account details too. I earned roughly £400 for about 3 hours work, not really "a few quid". They close the old account so you can't "pay twice".
And the banks will cotton on to you soon enough, and perhaps start declining to open new accounts for you. After all, the banks do share a lot of information between themselves.
I`m sure some people will get away with it, but the banks will never lose. Watch them change the conditions, pull the offers, or slap a few extra % on everyone`s loan rates. Churning Credit Cards is nothing new, and most providers block it these days.
As someone who pays an awful lot for business banking, I find this idea rather sad.
Messing the banks around to earn a few quid just to spend on stuff you don't really need found on HUKD, and ruining your credit score in the process? MEGACOLD
We now use First Direct as our main accounts due to excellent customer service.
http://bank.marksandspencer.com/pdf/CPSwitchingTermsAndConditions.pdf
Section 1D: "d) you must not have previously used the Current
Account Switch Service"
I'm sure i once read that a customer called them to say she had got on a train from London to Scotland without her purse and couldn't pay for her ticket. The member of staff transferred money from the customer's account into her own and then met the train at Leeds. Just can't imagine any other bank even thinking of that never mind actually doing it.
£1000+ if you do it with a partner.
You must be loaded if this is a mere few quid :smiley:
M&S was the 3rd account that I switched and I received the incentive.
Collectively, we've managed switch incentives totalling £3000+.
I don't think you understand how the business world works.. this is not a "scam", there is nothing "illegal" about this. The banks have laid out their terms and conditions and nothing here is breaking that (although please not my earlier comment regarding the M&S T&Cs). As stated by the OP, this could potentially affect your credit rating (due to the number of credit searches, not because it's doing anything wrong).
Think of it this way, it's like trying out different banks to find out which you think is best for you (or in simpler terms, it's like getting a free sample of aftershave - you might try several before you find one you like). Why not get paid at the same time?
You are correct with regards to "banks never lose" though.
The switch was mega easy to FD, I would never look back now.
Banks can pay us for once.
so if you open 5 accounts within a week it will not look good on your credit score
People can't see further than the end of their nose. Which leads them to excessive use of credit cards (see deals on here), buying on credit (loans shops do not exist anywhere else in the EU) or deals like this, which may lead to debt.
I'm not saying it's anybody's fault, but it's deeply rooted in UK culture, which I think is a real shame, especially for vulnerable people.
In other words, if you opened a Halifax account before that date you can switch to another bank, earn a bonus there, then switch back to Halifax and get it again! Just worked for myself and wife = £200 free.
halifax employee
I've done FD (they don't switch you again which is a shame cos I'd like to get paid to go back!), I did Co-op, I did Halifax and currently get their £5/month. I'm looking at the Santander for house account and am using the nationwide as a house account presently to get breakdown, travel (+skiing), phone insurance, appliance warranty extension for a £10/month for 2 people. I've also got Metro for free Euro withdrawals and a Cahoot cos there's an OD on it I can use in emergencies if needed.
Same for credit cards, I've parked a big purchase for 28months 0%, got my free worldwide one from Halifax, got my reward one for everyday. If you play the rules, you can get yourself some nice benefits.
As long as everything else is straight on your credit file, then it shouldn't take you long to recover from their searches imo
TSB seem to offer a cash current account which is a more basic current account. Am I correct these cash current accounts which other banks also offer won't have the credit checks as they are very basic accounts so won't impact on credit ratings?
How long does it usually take to receive a debit card from a newly set up current account? OP suggests waiting for this to arrive. Any particular reason for waiting?
Thanks.
I'll pass thanks - no vote.
Exactly, also all the banks own each other so when you apply for a mortgage they'll remember that you pratted them out, cost them a load of money, etc.
But it is £500
Basic TSB account for a switch
and also a
TSB Classic Plus account which gives 3.91% net interest on balances up to £2000 per year which is a rather good savings rate.
most of the processes are the same as HSBC now but their systems allow them to do a lot more and because they don't have branches ( you can use an HSBC one in reality) the staff are trained to do everything.
HSBC training was one of the best iv ever had and all the staff are great. they were just limited by the system HSBC brought in.
first direct still use the old one and its much quicker.
both are great but I prefer FD as there's no automated service.
You'll need to set up another current account for a switch to one of these deal accounts if you do not want to lose your existing account.
Like others though, would recommend putting the warning about Credit Scores close to the top (if not at)
:laughing:
Perhaps a good 'donor account' to begin with if doing this with a partner/friend etc.
Love the OP
I have been really lazy around gaming the bank account offers - but will definitely start this in the new year when have a bit more time
Heat to the OP, who doesn't like free money?
My girlfriend don't like the app so asked for the banking key rather then the mobile app. Its the same one used by HSBC where you have a credit card sized keypad to generate a one time password.
As far as I'm aware I have a great credit score as I haven't ever missed any payments for anything, and
Never in my overdraft.
Question is, if I give this a go over a couple of months, could my mortgage application be affected?
"If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure."
The only problem I perceive with this is that it would not resolve the fact the credit reference agencies have recorded missed payments.
Yes it is essentially the same bank. Yorkshire is just a trading name of Clydesdale which itself is owned by National Australia Bank.
The OP said they are investigate the possibility of benefiting from the switch incentive at both.
Also not sure what to think of your idea of "playing banks in their own game" either. What game is that?
Cold for me.
Regarding credit scores. I am an old fashioned sort and hence deal in cash whenever I can for the simple reason that I want to keep banks OUT of my life as much as possible. Luckily I have reached a position in life where I have no mortgage and I haven't used a credit card for years. For those reasons I couldn't care less if my credit score was zero.
So for people like me it seems almost too good to be true. I will start asap !!
Also re earlier question, is a switch to both Yorkshire AND Clydesdale possible?
An application often means a credit search on your report, an overdraft means a new credit account.
Yes, you can transfer the money in and out; back to your main account via a Faster Payment.
There's also collective information on MSE's main page: http://www.moneysavingexpert.com/banking/compare-best-bank-accounts
'Several accounts' DO NOT require active Direct Debits; only the Co-Op requires it out of the 5 banks. This is mentioned in the OP.
Plenty of £1 DDs can be setup either via Radio Times subscription offers, £1 magazine subs, £1 Tesco Bank DDs or even DDs for charity.
I have done most of these switches, many of them can only be done once (eg FD once ever, Halifax can not be repeated if you have had £100 since 2012 etc), others you may be able to repeat having closed the account to switch elsewhere. The jusy is out on whether you can get 150 from both Yorkshire and Clydesdale. I tend to try and make sure I don't do more than 4 credit searches pa for any purpose so like each one to net at least £100 profit, scaling this back if it is close to remortgage time.
If you like a bank you will like to call a lot.. go First Direct, if you like to use online banking like me go elsewhere.
You must have paid at least £1,000 a month into your bank account for six months and have not tried us before. Someone forgot to pay in £1000 every month ??
Like I said before.. their telephone stuff is great but their website is like so far behind every other bank it is embarrassing. I use Santander, Barclaycard along with sites like YourWealth and Money Dashboard and can tell you that First Direct badly needs to get some guys to revamp their website and add some functionality. They might have been one of the first proper online banks, but they haven't done anything since then and First Direct are badly lagging behind.... they know this hence why their telephone system is great.
Don't get me wrong... if their online banking service was the same as their telephone banking they would be the best bank in my opinion... but it isn't and telephone banking (like telephones) are a dying tech... I recommend First Direct to older people who don't like to bank via a PC or an app.
(P.S their mobile app is a bit pants too... but I won't go there...)
P.P.S I am still a customer.. but will be leaving them soon :-)
Rant done.... now where is my PS4 money Paypal!!!!
How can I save this deal? I am not just ready for all this hassle untill the new year. There used to be an option save deal or Email deal I can't see neither?
Otherwise great post for the effort and beating the banks at their own game.
Each lender looks at the content of the report (provided by one or more of Callcredit (who own Noddle), Experian and Equifax) and decides if they want to lend to you.
I presume they have their systems set up to automatically score you on the various aspects contained in a reference file eg. available credit, utilised credit, whether you are set to make minimum payments, on the electoral roll etc. and then decide if they want to lend.
The key point is the scoring system will vary from lender to lender so while you may be accepted by one provider no problem another might decline.
They usually get a monthly feed from the agencies with your activity and if there is something they don't like or its credit limit increase time, they'll run a soft search.
Which is why sometimes people may find their credit card limits reduced dramatically. Banks get wind of their extra facilities elsewhere and want to manage their liabilities and reduce their exposure. Or they get panicked if they don't think you can service the amount of accounts/credit you apply for. Or feel you're credit hungry/desperate.
You really need to read up on what you agree to.
Ofc banks will sometimes run soft admin searches. These aren't hard searches. Does this make you happy? You really should pay attention to what permissions you give when signing up for stuff.
So I hope I've clarified it by going into specifics and not show you to be too much of a fool.
My original point you jumped on stands. Too many searches, new accounts, a drop in account length, etc, etc. Could make existing or potential lenders nervous. Which in turn could see dropped credit limits etc, potentially. Regardless of "score".
Have a good day
Anyone don't this needs to understand how data can not only effect potential lending, but current lending.
Got a spare TSB current account free. Time to put it to use :smile:
Is there a preferred order to do these in?
However, this might help you
- when applying for a new account, always select no overdraft option
- First Direct let me pass
- Lloyds allowed me to open a Classic account (but rejected me for a Current account)
- M&S rejected me
- Lloyds rejected me for the Current account
Didn't try any others, as I want to talk to Experian first to try to understand why I have such a low credit score although I have quite a good income and a steady job.
Great post OP, have some heat.
For the yorkshire bank does it matter if the account isnt my main account
It does not have to be your main account.
I heard that I could possibly set up a DD through Paypal but that would only be one right?
Otherwise Tesco Bank allow transfers via DDs; failing that a £1 magazine sub or a charity etc.
Others can be done online.
Also, deposits can be withdrawn within a matter of a second (for banks that need them).
Yep, they're all still on.
Go for Yorkshire or Clydesdale bank first though as their offer is due to finish in Feb.
if so,which one to go for?
thanks!!
:wink:
I have updated the OP and link to reflect this.
If so, are you SURE they can't ask for the incentive back? I understood you have to keep the account open for certain amount of time. To be honest, I would expect some form of time span for the accounts to remain open otherwise the banks are just giving incentives to accounts open for a few days ... I don't think they are that generous.
:wink:
This may, of corse, change in the future.
The 13 month period refers to payments to the old account and the fact they are forwarded to your new account.
As always, refer to the bank's T&Cs for accurate information.
Currently, there is no stipulation in Halifax's T&Cs re: account switch and reclaiming the incentive.
http://personal.firsttrustbank.co.uk/our-products/current-accounts/125-switch
Hmm, after looking at their site, I doubt they would accept people outside Northern Ireland, and they want to talk to you on the phone.
Seems to involve a phone call and I am wondering if they will need a genuine reason why you want to open an Irish account.
Agree
:disappointed:
T&C for Smile:
Is this also true for Yorkshire/clydesdale ? http://www.hotukdeals.com/deals/150-for-switching-clydesdale-yorkshire-current-account-2115101
We'll see tomorrow...
:smiley:
:smiley:
Second adviser said it's ok for non NI residents in the UK to apply...but should I need prove identity (if failed over the phone), then I would need to go in branch.
Failed the identity check myself, but other family members managed it ok.
I check my gift card balance every month or so and its all there.
If they did wipe the balance off then that would stealing, no?
Not really looking to have another overdraft as I have a massive one with Llyods, so something that's easy to open and without an overdraft is what I really want as my donor account so I can switch to Yorkshire get the incentive try em out for a while then maybe I'll finish off at first direct as so many people recommend them.
Any advice on the starting account would be much appreciated. :smiley:
If so, open a Lloyds classic account with them. Takes you 5 Minster apply online and it should be available for you to see on your online banking within seconds.
When closing that donor account, it will have NO effect on your Club Lloyds current account.
By the time the YB account is open, you should've received your Lloyds debit card and you fill out the paperwork from YB for the switch (you'll need to complete your Lloyds debit card details).
Take the £1000 out within a second if you wish...
You open the YB account over the phone. Can be done in branch too.
It does seem a bit funny to call a NI bank from the UK I guess. Aren't they based on Euro?
Apply for this account: http://www.lloydsbank.com/current-accounts/classic-account.asp
Then log in at the end of the application after having submitted it.
Dont suppose you or anyone else knows how long it takes from paying in the £1000 to getting the £150, they say within 60 days anyone know how long it took them to get paid?
P.S. I'm considering doing the Halifax one as well, seems a decent offer I thought I saw something about once the transfer is complete it takes 3 days for them to pay you the £100 is it that simple or is ther some other terms?
I have found them totally useless. The application is approved but the account isn't set up. Been waiting about a month now. They're useles on the phone too. Pointless questions. I've never had to call a bank and tell them what bank I've applied too. Bloody stupid. Closing this account straight away as soon as I'm paid. Anyone else had problems with them?
I have added First Trust Bank to the OP and their £125 offer. Anyone in the UK is eligible, but their branches are only based in NI. If you fail their ID check then you have to go in branch to sort it out.
I have also added TCB and Co-Op Bank for the £40 cashback offer.
I have also added a note of thanks at the bottom of the OP to everyone who contributes.
Don't think there's anything else to update.
Oh...I can also confirm you can apply for both a Clydesdale and YB account AND get £150 for both.
You can also apply for more than one account with either Clydesdale or YB AND get another switch incentive.
:wink:
Sweet if confirmed! :smiley:
I've just completed the m&s switch. I've checked the terms and conditions but I don't see any additional conditions like having a balance of £1000 or anything. Can anyone confirm this is the case, no direct debits or amount needs transferred in?
"You can also apply for more than one account with either Clydesdale or YB AND get another switch incentive".
Can anyone confirm that the incentive REALLY would be paid again please. Presumably you would need a good "excuse" for opening multiple accounts. Anyone actually tried it??
There's a thread over on MSE which confirms multiple accounts/switch incentives being paid.
Just say you need a 2nd/3rd/4th account etc. for wages, another for bills expenses, another for emergency funds etc.
Rumour has it that YB/CB and the Aussie group that own them are just trying to gain tens of thousands of customers before selling it off...
It really depends on your financial circumstances and what your current credit score is. Do you have any mortgage applications in the next year? Loan applications? Credit cards?
So currently is there any banks that give you money if you open a new account with them ? already with hsbc,barclays,natwest. Thanks
If there are any banks who allow partial switches with incentives then please let me know.
It's all drivel, but for those who are fretting about their "credit rating" chill out.
I'm going to change to Co-op.
Good luck if you try.
I would appreciate if people share their experiences regarding which banks out of above have relaxed account opening criteria. I have recently done the yorkshire bank and want to move to the next one. I know first direct have a strict policy so may try cooperative. Any suggestions welcome :smiley:
1. Halifax have a new offer of £125 rather than £100 (but no cashback).
2. Reports that First Trust Bank is not the easiest current account to open if you're a resident in England, Wales or Scotland (although it's open to anyone within the UK).
3. You can open multiple Yorkshire Bank or Clydesdale Bank current accounts and get multiple switch incentives - this has been confirmed and is working. The reason is that there is no clause in their T&Cs that state 'one incentive per person'. Some telephone advisors even actively encourage you to open more to get more switch incentives.
4. Strong rumour the YB and CB are extending their switch incentive offer until end of March.
As always, thanks to everyone.
I started out thinking most wouldn't give me the accounts, but I haven't been turned down yet, and opened/closed about 15 accounts (incl donor accounts).
My credit file isn't great, and I Just checked my Noddle credit file and the 'score' has not been affected.
I was previously with Co-Op and would recommend either bank.
Saying that, my credit score dipped for a short amount of time, but 3 months later I've been offered a £280k mortgage!
It obviously didn't put the lenders off that much.
Likewise 4 x £250 etc.
The balance is transferred over automatically as part of the switch. You're old account is also closed.
To get the £5 per month, you need to deposit £750 and have 2 x Direct Debits debited from your account per month.
I created a Tesco Savings account which gave me one.
2. Credit card.
3. Tesco Bank - Internet Saver.
4. Tesco Bank - Instant Access
5. Charity DDs
it would be nice if people comment on what's the best (if there is one) "route" through banks to get less hassle / best value out of this
6. Post Office Savings
I opened the Nationwide account last year with £80 Quidco (no switching required) and just got my cashback recently so switched to First Direct for the £125. Nationwide only switched last week but have deposited the £1000 required and £60 from the Nationwide popped on top. Opened up their e-Saver with £1 to doge the £10 monthly fee and set up a Regular Saver at 6% also.
Their iPad and iPhone apps are really good, their customer service is great too. Don't want to switch from them to be honest, they have been really good. Smart debit card too, kinda like private banking.
Don't want to leave RBS either and don't want to open up another donor account but struggling to resist more free money ha!
Thank you -
Have pondered over this for a while and will be taking a step ... Will look back on this and be like ... What was all the fuss about lol
No problem with funding the accounts or setting up DD. Have no financial transactions going through that would affect my credit rating. Just want to switch and ditch.
Anyone tried Yorkshire Bank via telephone service?. What questions do they ask?
Thanks
The other 5 banks don't require this.
As mentioned a few comments before yours, you can use PayPal, a credit card, Tesco Bank, donate to a charity, Post Office account etc to create DDs.
Add to that a mobile phone contract, phone/broadband/TV package, gas/electric bill, council tax bill....
No IVR! No waiting in queues.
Excellent bank.
This reminds me of the days before the building society demutalised (though I didn't get in on that - know someone who took a week off work to drive round the country opening accounts!!)
First Direct don't need any DDs.
So it's still only Co-Op Bank who require you to have DDs to gain the switch incentives; the other 5 don't.
I did have one bank - and I can't remember which one but could have been Halifax or Nationwide - who said they could not do the switch because there were no direct debits in the original account. Having enought dd to cover the accounts can also be a problem but don't forget you can set up dd to pay off your c. credits cards or donate a set amount to charity.
Good luck
Jane
2 DD is only mandatory for Halifax Reward where they pay you £5 reward every month if you pay in £700 every month.
Wrong. Well it is if you use the switching service, it automatically closed it down.
I moved from santander to first direct, and as expected once transfer date was complete account was closed.
On another note. First direct have been ace. Very polite and UK call centre.
and since you can do Yorkshire/Clydesdale multiple times, can you go from Donor > Clydesdale > Halifax > Yorkshire > Co-Op?
Free £200-300 over a couple of months cant be bad
Open an account with Barclays. They give you your sort code and account number immediately after applying! :smiley:
I've already opened one Yorkshire Bank account and I've made an appointment to open another, so that'll be two lots of £150 coming my way soon. I'll probably apply for a Clydesdale account once the second Yorkshire Bank one is in the bag. :smile:
The manager confirmed that the offer is being extended to at least March so there should be plenty of time.
Thanks to the OP for the post.
I would like to apply for Clydesdale now but I an nervous that they will know I already have 2 accounts with Yorkshire.
Other than wanting the switch incentive what possible reason can I give for wanting 2 more current accounts? Do they ask a lot of difficult questions about why you want multiple accounts? Can someone who has done this please advise.
2. Salary payment.
3. Emergency fund.
4. Holiday fund.
5. Savings for a car.
6. Failing that, be honest and say you would like another switch incentive. My advisor was a right laugh and let me open 3 knowing it was for the switch incentive.
All YB/CB are trying to do is gain as many customers as possible so that the Aussies can sell the bank to someone else.
This article was published around the same time when YB/CB started to offer the switch incentive: http://www.theguardian.com/business/2014/oct/30/national-australia-bank-sale-yorkshire-clydesdale
Afterwards, make sure you transfer the correct amount of money into the account (and promptly withdraw it if you want).
It does help a lot if you decline any overdraft when it comes to opening a current account. Every single account I've opened; I've declined, and I believe that's why my credit rating hasn't been affected.
Also, can I ask aswell, do you know if the Nationwides £80 cashback offer from TCB can be used in conjunction with their refer a friend scheme?
:wink:
Has anyone else managed to get both?
Try a different telephone adviser.
:wink:
I arranged a call back nearly a month ago for a specified time. They didn't call at that time but during the day while I'm at work. So I called them back to be put on hold to be told 'we will phone you back ASAP'. The call back was always the next day during work so I go through the I'm busy, I'll call back, they can't answer so they'll ring me back ASAP (which was always the next day!) rubbish. So I get a call, they said it is all set up and they will be sending me the paperwork to sign.
Now I just get a phone call from them saying yet cannot verify my details over the phone so I have to go a branch to show my ID. Oh your closest branch is 90 miles away in Central London...
Everything about them is a joke. And what kind of bank has an 0845 number in this day and age!
She was happy to open another Yorkshire Bank account for me though.
I was completely honest with the adviser saying I already have 2 Yorkshire accounts open, but convenient for me to have another account to save for holidays and another £150 switch bonus would be nice.
Easier than when I opened the other 2 accounts as he pre-filled a lot of my previous details.
I have a good credit rating and did not ask for an overdraft. Maybe that helped?
Good luck!
I have just gone through Halifax's T&Cs and joint accounts are eligible.
However, it does state it's one incentive per person, which is why you've not received it for the joint account.
Thanks time to switch somewhere else now!
Quick question, I had a First Direct account about 10 years ago & closed it down, I noted part of the criteria is must not have had an account previously, has anyone else whose had an FD account before managed to switch and get the wedge?
I'll start the ball rolling with First Trust on Monday, but would be nice to close the deal with FD beyond that one.
If my middle name was included with one bank but not the other, will this cause problems with the switch even if first name/surname are the same?
As long as first and last name match, DOB, address etc. then it will be fine.
My £42 for opening a Co-op account are showing as confirmed in my TCB account.
But reading your answer, you seem to make a connection between the TCB cashback and a switch.
If I am not mistaken, there is none, you don't have to switch to Co-op to get the £42 cachback.
Am I wrong?
Why did you switch to account to them? I think you can only get the incentive once.
The good news though is that you should have at least until end of March to set one up because I was told that they're extending the offer, though I notice the website still says 28th February.
There are some hitting the 20-odd mark on MSE.
If so, then they have a FlexDirect account with no fee. Instead you get 5% on up to £2500.
Having said that, their FlexPlus account is very good for £10 per month. You get mobile phone insurance and travel insurance for you and other household members, car breakdown cover with home start, relay etc. You also get 3% interest on up to £2500; so it becomes a £6 monthly charge.
Nationwide, Santander, Halifax and Co-Op have all paid out the cashback via TCB/Quidco, even though I never used their respective switch services.
:wink:
I don't think they check properly.
Now, Quidco is only £50 for any of the accounts, still quite a good way of making £50 in just a few minutes I guess.
I should also make use of the friend referral scheme they offer.
EDIT: hmm, seems like they want you to switch to them!
"for an approved and opened new Nationwide FlexDirect account when you switch to Nationwide from a non-Nationwide current account using their full Current Account Switch Service"
Terms and conditions say one incentive for joint accounts. No mention of one incentive per person for sole accounts.
It could be 750 payments of £1 or 1 payment of £750 and everything in between!
Just thinking about opening another donor.
Won't know 'til they update their website.
It's not best to phone them and say 'I've got 3 accounts to switch'. You also probably got an anxious adviser.
Just open 1 YB account and start the switch.
Then phone them again and say you'd like to open their current account for reason x, if they ask 'have you got an account with us already?', just say 'yes' and explain it's for holiday/car/savings/retirement fund etc.
Eventually, you'll come across the right adviser who will allow 2/3 accounts to be opened.
Thanks for the reply karlie88. I've requested about 5 call backs from Yorkshire, but used the same info. Do u think they will call me again or will they just over look me as I have already tried to apply?
I tried cramming three in at once as I thought the offer will end this week. All or nothing attitude, but I will try it ur way. I just hope they extend the offer. Thanks again.
My sister had no problems opening 3 accounts at once but I think it really is down to the advisor.
So I've opened my Barclays Donor account. Is there a minimum period of time to wait before switching to another account?
Its seems the most amount needed for incentives is £1000. Shouldn't be a problem as it's just moving money around.
With the DDs though, I'm not so sure how to go about it. Since we're using Donor accounts, we can't transfer over an actual DD from main account. So do you just find something random to buy that can be paid by DD, set it up on the Donor & continue it until the whole process is complete? I've noticed some one off payments can be paid by DD, would that count? I'd imagine it has to be active? I guess paying a few quid for something is worth it to get the incentive.
As for the DDs; only co-op require them for the switch incentive to be paid. Halifax doesn't require it for the switch incentive, but it does require it for the ongoing £5 monthly reward.
Tesco Bank allow you to create DDs from your savings account; so the money always belongs to you. :wink:
Try these numbers instead:
0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank.
Next woman, my reason was for a funeral fund. She tried to get me to open an instant saver instead. then said I hadn't been operating my accounts as I said I would.
I hung up as she was peeing me off lol.
Has anyone else had this, and are all the assistants cracking down on multiples?
Yes, I feel it is becoming more difficult to get multiple accounts. They're likely wisening up to the whole situation.
They can probably see on their screens the accounts you already have. Those that opened the account, put £1000 in, then out within the same minute, have a zero balance, £150 credited, then out again etc. are far less likely to be able to open multiple accounts.
Treat it as a normal current account, have a decent credit balance, the odd debit card transaction etc....and you never know...
:wink:
Guess I'll just have to keep trying. I do have money in my 3 accounts sitting there, but the woman didn't seem to think it was enough. I just transferred a few 000 more.
Do you think they make a note on their system that they think you're not a 'proper' customer?
Thank you.
Thread starter.
I will probably do yorkshire bank next and then set up the direct debits whilst with them so they can transfer to the co op
Did I get a bad advisor, or are they getting strict now knowing we are playing them at their own game? What is the correct answer to the question as I was a bit flummoxed at such a stupid question (and didn't want to lie). She said she needed the answer to get her through that bit of the application (yet my answers weren't good enough?)
What do you want the bank account for? Er, banking...?
What do you want the account for? I'm not sure that any of your business.
I think those would be the normal replies to those questions, your meekness is probably arousing suspicion.
They offered a savings account.
When I said putting money aside separate they said I could do it with my other accounts, same with bills.
They def keep all info on their systems as the bloke repeated my reason for opening previous accounts back to me, but I hadn't said that on this phone call, but had earlier.
Beginning to think I have no chance now and they are stopping multis.
Jane
Don't bother with the callback option.
Try these numbers instead:
0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank.
I Waited for the second callback. Yorkshire bank rung this morning, got accepted to switch 3 accounts in one call. I tickled her with just the one account and then plunged straight in with the other two at the end of the call. Didn't take long, 10 minutes :wink:. The advisor was very helpful, if I could see her face to face I think I would have to kiss her. U too karlie88 for posting this awesome thread. x
I hope they haven't dropped it early as I've got a meeting today to open another account.
But it got 2 likes anyway :smiley:
During the application, it didn't once ask for info on my existing account so I cancelled the application.
What have I done wrong?
Is there a sensible order to do this in or does it not really matter?
I do hope not they have been a nightmare and can't wait to switch from them
But yes, as per the T&Cs, they have up to 60 days providing you follow their instructions.
As soon as you've got your account details (given at the end of the application), complete this online form:
https://secure.form.halifax.co.uk/application/account_transfer.asp
Lets just hope I didn't do anything wrong.
Massive thanks for Karlie88 - I've thought about these incentives before, but never wanted to move my account. Feel rather silly that I didn't think of the Donor account, but thank fully you did - I owe you a drink!
I know a guy who got fired from T-mobile some 7 years ago, because a caller asked for his personal number, and they talked on occasion.
That's nothing compared to meeting someone the same day! Jesus, common sense. For even bothering to repeat that (whether you believe it or not) is stupid.
Again apologies for the misinformation and thanks for the correction!
What dds did you set up just out of interest?
Now, it’s important to note that these offers have some simple T&Cs that you must adhere to in order to get the incentives. For example, First Direct ask that you pay in £1000 before you get the incentive, Co-Op requires 2 x Direct Debits (DDs) to be transferred over plus £800 to be paid in and Halifax ask you to transfer 2 x active DDs and pay in £750 to get the £5/month; you DO NOT have to do this for the £100 switch incentive. M&S state that you must use their switching service to receive the incentive.
but they have either amended the terms or these didnt mater last time:
Offer excludes Business Current Accounts and anyone who has already received or is about to receive £150 for switching to Clydesdale or Yorkshire Bank since 17/11/2014.
and you have to switch two existing DD's also..i might have to set an account up in my partners name
Anyone having similar problems.
M
My switch date was completed on 9th January and the incentive was paid on the 11th February.
I did pay in £1000 on 13th January.
I currently have no Direct Debits on my account. I live in a company property which pays all my utility bills. The company also gives me a phone so I do not have to pay any phone bills...
I do shop online (ebay - amazon etc.) and have oyster card, etc.
Many thanks.
Good luck.
But how do you do that? ebay just seems to use paypal
It can be found under this tab::
Payment methods for Seller Fees
Automatic payment method
Direct debit
Good luck.
Cheers,
M
http://www.hotukdeals.com/deals/plumbing-drainage-cover-with-no-excess-for-only-50p-a-month-for-first-12-months-2167758
Thus you are asking Paypal to request funds (1p) via the active DD from your bank.
So I've updated the 1st post with the following:
1. New T&Cs with Yorkshire and Clydesdale bank - before you could get multiple incentives per person; this is no longer the case. Only one per person now. They have also added DDs to their switching requirements.
2. I have also added a small summary of DDs/payments in required for each bank at the end of the post. Additionally, I've added the length of time it takes for the incentive to be paid.
If there's any omissions/mistakes then let me know.
Thanks.
"earn up to £100.000+ MEGATHREAD"
£100.000 = £100
What you mean is £1000.00.
:smiley:
I've now edited to £800 to reflect the change in YB/CB T&Cs...no longer unlimited.
:disappointed:
Will send you a pm.
Happy days. Shall leave it a few weeks and switch accounts again. Extra spending money for holiday!
This clearly tops it by a mile!!
Chose First Direct. I'm not it notes it above, but they say there is a £10 a month charge but this is avoided when paying in £1000 a month, or keeping balance above £1000.
This shouldn't be a problem for any of us switchers anyway since we need to pay in the £1000 to get the incentive.
Completed their switch form, just waiting for the switch email & then I have to phone them to continue the switch.
Thanks again OP and thanks also to other contributers.
I ask because their T&Cs (http://bank.marksandspencer.com/pdf/CACass125.pdf#page=8 ) say:
and then:
So it looks like you have to make the account your main account for the £125 payout! :confused:
Not surprising, I guess.
They'll have a couple week grace period for you to send in switch forms after etc.
You've been notified....
Just got to get in there early and not hold off and think 'I'll do this after Easter' etc.
Reminds me of Tesco's overcharge policy several years ago...if you were charged more than the shelf label price, then you'd get a refund and get to keep the item. Once, Xbox consoles were priced at £179.98 but going through the till at £179.99. So people would get free Xbox consoles. Sadly, that policy no longer applies at Tesco.
Then there was Tesco's price promise where they would give you double the difference against Asda if your shop was more expensive at Tesco...so all you had to do was buy full priced items in Tesco that you knew were half price in ASDA (£10 in Tesco vs. £5 in ASDA) and you would essentially get the item for free. Again, after a few months that got scrapped.
Moral of the story with this? Get cracking with the switch incentives before they all disappear!
From what I read at the moment, no payments in are needed and no DDs are required. It's probably one of the best and easiest incentives out there.
:innocent:
So it has to be an active account with transactions and/or DDs and your salary/pension etc. being paid in on a regular basis to count as a "main current account". I wonder if they've recently tightened the conditions?
Edit: And they specifically state in the Terms & conditions:
So once you've switched your old account to them you have to make the new M&S account your main one by having your salary/pension paid in and paying bills etc. It seems quite clear from the T&Cs. So not a problem if you're switching your main account to them but if you're switching a donor account with no activity on it, you probably won't get the incentive unless you then start using the new account as your main account.
"Customers switching a Bank of Scotland bank account to Halifax are not eligible for the offer."
Does this include NatWest?
But I'd email them to make sure (so you've got something in writing):
https://www.halifax.co.uk/HelpCentre/online_support.asp
We've all received our gift cards.
Halifax is simply a trading name for Bank of Scotland, it's not a separate bank.
:smiley:
Has anyone else got an incentive payment by switching from an unused donor account yet?
I applied online but they don't tell you there and then whether you've been accepted, they send out forms to fill in apparently - I didn't have to fill in anything about the donor account which I found strange, it's like I only applied for the current account and that's it.
Did everyone else do this or have I messed up somehow (can't see how I could as I applied through the MSE link to get the £125). Anyone?
So for example first direct requires £1000, assume that is the total balance needed? So some money will be moved with the transfer anyway (eg previous incentives already paid) so I could just pay the remaining amount?
The Co-op does not count any transferred money received from closure as part of the min £800 deposit required.
Only thing I would say is a few terms and conditions haven't been displayed clearly, for example with the Halifax rewards account you need to pay in £750 p/m and have 2 DDs for the £5 reward (not sure about incentive) and for the £100 for leaving First Direct you need to leave after 6 months but before 12 months and have to pay in £1000 for 6 months.
You are corect about FirstDirect
I have an account with first direct already which is my main account. Well I have 2 current accounts and 2 saving accounts with them already. So does that disqualify me from trying to get any cash out of them ?
Would setting up a PayPal Business Account together with 2 DD work?
Cheers!
Just to let you know I'll do an update sometime next week. Thanks for all the contributions so far.
:smiley:
I was thinking of leaving it like that in case I need it for another switch. However, I see on the reverse of my latest paper statement "PRIVATE BANKING CURRENT ACCOUNT CUSTOMERS PAY A QUARTERLY FEE, DETAILS OF WHICH APPEAR ON THE FRONT OF YOUR STATEMENT". - but there are no further details printed anywhere. I don't recall anything about this when I opened the account. Has anyone had charges applied? Maybe I should close it completely. Any advice please?
Technically, I could set up standing orders so each months I have the required amount paid in and out.
Read the Ts&Cs and you would have avoided this problem, the amount required is already there on the opening thread post.
TLDR: Quit complaining and don't be lazy in future.
I did note that after a couple of weeks the previous two accounts were noted as closed and my report was now in the good segment..
I would prefer points, but am not sure whether to ignore the cash and hope for something better in the future. I may try ringing them up to see if they're able to change it to a points offer, but I very much doubt that would be possible.
Would love to receive 10,000 Clubcard points. £400 worth of vouchers would be amazing.
:smiley:
:wink:
http://forums.moneysavingexpert.com/showthread.php?t=5073569
Tesco Bank are gradually opening the offer to more customers...what I'm not a fan of is the variety of offers. Some are getting £50 gift cards, £100 gift cards, £100 cash, 5,000 CC points or 10,000 points. Guess it's still in their trial phase.
I got a HSBC switch incentive a few months ago for £100. Again this is a trial to see how popular it is...although they should really have the facts given First Direct's popularity with switch incentives. Post Office also offered a £100 One4All gift card a year ago - again that was a trial across the Midlands.
It's only a matter of time until more banks roll it out...hopefully Natwest, Virgin Money, Sainsbury's Finance, ASDA Money etc. will join in on the act.
:smiley:
Was thinking First Trust, but seems telephone only and not in the mood to go through all that!
Why they can't do it online like some of the others!
Tried to sign up for First Trust but couldn't pass the ID check.
If you do all the switch rewards you're looking at a year or so to space them out.
Thanks
On First Trusts website, it says the account can either be opened by visiting branch or calling them.
Checked all links are working. TCB and Co-Op still have their £40 offer as well as the switch incentive. Can't see any temporary £125 offers with FD or M&S Bank.
One main point to add is that some Tesco Bank customers are getting different offers to switch their current account to them - best offer is 10,000 clubcard points but other offers include 5,000 points, a £100 gift card or £50 gift card. Keep an eye out for emails/mail. Seems to be customers who already hold a credit card or savings account with them are getting the offer.
I just think it makes the switch look more 'genuine' if you have a little credit in your account.
:wink:
Add this one to the list as well
Thought Co-Op is better due to £40 cashback via TCB.
:smiley:
*This offer is not available to existing customers with a Co-operative Bank or smile current account who pay in on average £800 or more per month over the three months prior to 1 October 2014, or since the account was opened, if that is a shorter period.
†Any balance transferred from your old account as part of your switch does not count towards the minimum £800 funding requirement.
£100 will be paid into your account within 45 days from the date your switch is completed, if conditions of this offer are met. You will also receive information on how you can choose which of our designated charities you would like us to make a £25 donation to.
Offer can be withdrawn at any time.
You can only benefit from this offer once, and joint accounts will only qualify for one payment of £100
Applications to switch received after 3 February 2014 and before the offer ends will be entitled to receive the offer.
If a new account is opened online prior to the offer ending, an application to switch must be made via the telephone or in one of our branches, within 14 days of account opening.
In fact, there is no need to close your 'original' account, if that happens to be your main bank account then why not keep it open?
Some have mentioned opening it in this thread and others on the MSE thread.
HUKDer: I would like to take advantage of multiple switch incentives from this thread on HUKD.
Financial adviser: Great! I would advise to spread your applications out to minimise the impact on your credit score. Too much pub logic out there.
HUKDer: Erm, but that's already been advised in the opening post. Anything else you can advise?
Financial adviser: Let me have a read of the opening post. *Reads for a couple of minutes*. Nope, no further advice sir/madam.
HUKDer: Erm...thank you for your time? I guess...
Financial adviser: No problem! That'll be £150 please. I also accept M&S gift cards.
:confused:
Thanks again OP and good luck everyone.
Thanks. I keep checking my inbox as I have their credit card and an old savings account...fingers crossed!
Just to contribute with my experience, one problem I encountered was when switching an old santander current account the switch failed twice with apparently no reason. Turned out the old Santander 'donor' account had been frozen due to inactivity as it was a really old unused account. A quick call later, 3rd switch worked a charm.
This really is free cash... and YES we get it - this may impact your credit score. This has been mentioned over and over including in the OP. If you don't want to try it because you don't want to monitor your credit file then don't but this is a REALLY good idea. It has not impacted my score in any way.
Maximum respect to the OP for continuing efforts despite so many people with poor or negative contributions. Now where is another lightning cream egg deal...
:laughing:
To meet dd requirements take out a 3 issues for £3 magazine subscription or 2, easy
Anyone who states this does or doesn't effect your credit rating is talking out of their... hat.
this is totally incorrect, banks and other lenders do not use the likes of experian to search your credit worthiness, yes they share their data with noddle and experian etc BUT noddle etc just make their own assumptions based on that data as to how creditworthy you are, all the banks have their own criteria which they use which can and does paint a totally different picture
Making numerous credit applications can suggest to lenders you are reliant on credit and are not able to live off your income.
Credit Applications: The greater the number of credit applications on your credit report, the greater the impact on your credit score
My 'score' with Experian was directly affected by three bank account applications in the previous 6 months. Not disastrously, because of other positive aspects, but affected nonetheless. Anyone with a slightly 'off' record would almost certainly find it made getting credit much more difficult.
I did with Halifax. I don't plan to use it anyway. But why does he recommend not too?
Many searches (caused by multiple applications) and additional credit accounts (in this case an overdraft) are absolutely going to have a negative impact on your credit rating.
Simple solution is don't be greedy. If you have a good credit rating, apply for one now and another in a couple of months or something and leave it at that. Apply for them all in a day or in quick succession and of course it will do your credit rating no favours.
And because it annoys me, affect/effect: It might affect your credit score or have an effect on it.
Thanks in advance :innocent:
Hmm.... I thought Ill open another current with smile, then apply to one these other accounts what pay you money for
switching... I use the smile account I have just opened to switch .... easy money.
*For clarity, I mean agree to the switch and sign the papers but organise the switch date for end of August for example, when you know the cashback will have come through
However, make sure you check out the T&Cs as I'm not talking from a position of knowing your exact case.
My first DD is paypal & I was going to open a Tesco Saver & pay into it by DD for the send.
The paypal account is linked & I've successfully made a transfer, but in my online backing, although paypal is shown under the active DDs, last paid & amount are blank. I'm worried this may not count as an active DD.
Has anyone done the same?
Thanks
I set up a Paypal DD with the Co-op and transferred £1, but it took 5 days to hit my account.
Its that under the existing direct debit lists, it doesn't show anything for last paid.
Had a few questions...
1- Do they have to be existing DD's on the "donor" account or can be set up when you switch?
2- Can they be standing orders (instead of DD's) set up to your main account?
3- If standing orders not allowed, how can you set up dummy DD's, please note not including ebay/paypal?
Any advise greatly appreciated, thanks:)
1 - Add the bank account to your PayPal account (you don't ever have to use it and you actually gain 1p for doing so!). You can have multiple bank accounts linked to your PayPal so this doesn't have to disrupt your regular account.
2 - Open a Tesco Internet Saver account, and setup a monthly £1 direct debit (obviously make sure you have some money in your bank account for the £1 to come out of!) http://www.tescobank.com/savings/flexible/internet-saver/index.html
Free money.
Now, which bank to hit next..... I'm thinking of going through them in order of payment processing so maybe M+S next for the £200 in vouchers.
Cheers OP.
just switched to first direct and want to know how long do they take to give you £100 switching bonus. Also, whats the best reason to leave them in order to get the leaving £100.
Thanks,
Thank you to everyone again.
...it's been suggested on MSE that you could, potentially, switch your current account away from them (to any bank) and then switch back to them to get the £100 and 5% credit interest.
You can only benefit from this offer once
It mentions nothing about new customers only anywhere?
Most have had this problem - although some non-NI HUKDers have managed to open a First Trust account over the phone.
You can only open a First Trust account in a branch - not worth popping over to NI for £125.
Can the 2x DDs be for credit payments? or do they have to be for utility bills etc?
So....If I have £1000 in Santander already I can just switch to first direct and I have meet the terms? you don't have to pay the money in after the account is open?
Thanks.
Most of mine are for utilities and not sure if I'd want to transfer these as I'd then need to ensure I remember to pay in the amount to the account before bill is due
overall for past xx years I would have said 10 out of 10 but last 6-12 months my opinion is the call center response time and transfer response time has dropped sharply
I am becoming increasingly dissatisfied with fd
-open a account with any bank . set up dds of 2
-full fill the requirements of the t&c and switch ! ??
i assume donor account mean just as normal account?
In the OP it says it doesn't affect the credit score. Are we 100% sure on this? I'll be looking to apply for a Mortgage in the next couple of years most likely. I currently have a rating of 'excellent'. Don't want to hurt this over a few hundred £ unless people are sure!
Thanks in advance.
I guess it depends on how much you value the mortgage/owning a house in the near future. Would 2 or 3 switches have an impact on your score over the next 2 years? Probably not. Would 8? It's likely.
Also, what if you apply for a mortgage with First Direct, but they notice a current account switch away from them and decline the application? Unlikely to happen, but you never know...
If it was me, I'd leave it for now; especially if you have an excellent rating. But if you need/value the £1000 more - then go for it.
this post triggers me to make noddle account just out of curiosity as i never had any intentions to use this switching deals etc but though lets check how good i am on credit history while thinking i must be fairly good if not excellent as i never done anything bad to my payments and accounts side keeping everything as best as i can.
now to my surprise i am 3/5 on noddle yet every account have all the green marks everywhere in details sections so i can't really figure that out how they awarded me 3/5
of course this pushing me to think, with no logic though, that if i check my experience report that would be significantly different/better, may be or may be not but this noddle, i don't know honestly.
I don't know how I am awarded 3/5?
I believe noddle is trying to sell their account extras such a Noddle Improve etc after giving you this free basic view with low rating for no reason, I can't believe I am 3/5 yet I know myself best than anyone else.
does the account you switch from need to have 2 Direct Debits set up already? Or do you set up 2 new direct debits in the TSB account?
Am I doing this right:
1. Open a donor account. Barclays for example. Deposit £1.
2. Potentially transfer two DDs (as going forward I made nerd those to swtich.
3. Then start switching....?
Fr3sh_M3at I opened an account last week with Barclays, but had to go into the branch with my ID, but the woman said that it should have accepted me online as I had been a previous customer as I had an ISA a few years ago. She did not even look at my ID, but she did ask a lot of questions. I received my debit card yesterday.
In my case the switch was completed on May 4th, I got the incentive next day.
I can say I like the 'Halifax' experience the most so far, from applying to getting started. Easy application, INSTANT result, you can instantly go on with the switch. Quick dispatch of Debit card / PIN. Contactless Debit Card by default (at least for the Reward Account). £6.25 monthly reward (net after taxes £5) Intuitive way to register new payees (verification with the Mobile app). No (hardware) secure key nonsense (all banks SHOULD have mobile app producing codes, not these cheap secure keys/card readers).
I don't quite like the web banking site layout-wise (I consider Co-Op the best), but doesn't lack functionality. Mobile app has its ups amd downs. Requires non-rooted device. (HSBC, RBS, Co-Op all worked w/ root access w/o cloak)
Is there any bank that their mobile banking app allows for paying in/scanning cheques?
Tried to Google it I can't seem to find anything...is it a future plan?
I know it's doable, but I have yet to find a UK bank with that functionality.
I don't know of one either. Just read a Daily Mail and Telegraph article on it...near future it seems...
I post my cheques as it's difficult to get to a bank at times.
https://www.hsbc.co.uk/1/2/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3gPI08LDwMTIw9_kyAXA8dAkyDfoDALYwNfQ6B8pFm8s7ujh4m5j4GBQZinq4GniZOJgamvm6GBpzEB3QW5oYoAeXGGKQ!!/
ta
I got mine after 28 days
The card comes in an envelope within an envelope for safety. It doesn't resemble the standard Debit card envelope.
Edit: Can anyone direct me how to do this, I cant find how to sett up a 1p direct debit in to my pay pal account.
Given that I'm sure I'm not the only one to judge a bank by the efficiency of the switch, why can't they streamline this? Still.....free money is free money. :wink:
Should still pay out.
I switched my electricity and gas to npower last year, only stayed with them two weeks before I switched again but they still paid out the cashback.
The cashback is for joining - not for staying.
I started 2 donor accounts, and am doing switches on both sets. I started in May and currently look something like this:
TSB -> Halifax -> Co-op -> TSB (back again now they are doing cashback!)
Natwest -> Clydesdale Bank (awaiting cashback)
On my to-do list is M&S, First Direct and anything else that comes along. Having two on the go makes the overall process quicker :-)
The amount of unused debit cards I have stacking up is hilarious :smile:
http://www.tsb.co.uk/legal/special-offer-mse-msm-terms-and-conditions.pdf
And then when I called their CS, they said the paypal which I setup to this account's direct debit does not count as a DD and that's why they didn't pay out. Does anyone know if that's true? A paypal's direct debit does is not taken as a direct debit?
If you're switch completion day was today, and you paid £800 in on the same day, then I'd say that's ok too.
I'd be emailing them a complaint.
I thought paypal DD is a DD and that's why I set that up. Anyone else got their incentive with paypal dd as one of their DD? Trying to figure out if they are fobbing me around or what...
They are. I'd be sending an email to their CEO. Lots of people did that on MSE.
I hope you are not too late.
You need to be recommended by an existing Nationwide account holder, make the switch with 2 DD's and you both receive £100 within 20 days the following month after the successful switch :smiley:
"We reserve the right to claim back the £100 from both parties if the recommended customer closes their account within 3 months of our crediting their account with £100. We will do this by debiting the £100 from both yours and their account."
Looks like it precludes a quick move onto the the next bank and incentive.
http://www.tsb.co.uk/cashback-money-supermarket/#
However, if you moved away from Nationwide 3 months and 1 day after the £100 was credited to your account - then they would have no right to reclaim the money.
Thanks Jane
Has anyone done this yet and if so do you know if the 1750 can be made up from tsfs in? I can make most with wages but not all so would need to do a tsf in for the rest. e.f I know First Direct used to need your pay in to coeem from wages
http://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance?WT.mc_id=HBEU_HSBC_Aggregators_Q3AdvanceAggs2015_Advance_Generic_DR_MoneySupermarket_MSE_1x1_5
I think that may have been the idea :wink:
Thanks Jane
Did anyone find Co-Op to be slow paying the incentive?
My account switched to them 10/06/15, sufficient funds have been transferred in & two active DDs were also transferred (although only 1 of the DDs has paid out after the switch).
I'm eager to move onto to my next account!
Switched nearly a month ago now but signed up soon as it started.
Have your 30 days passed yet?
I can see the instruction online, but no money has been taken yet and I am due my 2nd issue soon..:confused:
http://webcache.googleusercontent.com/search?q=cache:XUwxoe7F9_AJ:www.tsb.co.uk/cashback-money-supermarket/%3FWT.mc_id%3D1525338%257C107664715%257C280834869%257C0+&cd=2&hl=en&ct=clnk&gl=uk
https://drive.google.com/file/d/0B9q6VTHmBJzASFktX21QanhIeFhMcnY1N2RFU3lEcWQzZFZz/view?usp=sharing
- TSB have extended their switch incentive offer up to the end of this month. Same terms apart from 3 x active DDs required now.
- New HSBC switch incentive of £120 for opening their Advance account. No DDs required but 2 x £1750 payments in are required. Also an extra £120 for opening their ISA.
- First Trust Bank offer now finished.
- Quidco offering a better cashback rate for Co-Op (£50 vs. TCB's £40 rate).
- I have updated all links in the post for new/old offers.
- Also Noddle now offer your actual credit score for free - rather than a score out of 5. A nice bonus of their free service.
Thanks to everyone for your input again.
I've recently moved to them for the cashback and have never had any issue with my main bank (Natwest) that would want me to go elsewhere. It's actually the opposite so far in finding the First Direct mobile banking lacking compared to Natwest with it's Apple Touch ID and easier ways of managing money and making payments..
Genuinely interested what is so good about First Direct for a normal customer to want to stay.
I've banked with pretty much every bank in the UK - First Direct is on an entirely different level of service. A bit like comparing the Waitrose experience with the EE or WH Smith experience.
Short Term - Yes
Long Term - No, Thank you
I am on barclays.
I was thinking of moving my banking anyway so this gave me the push I needed.
I'll take my regulat banking to FD and start switching with Halifax happy days
i am on barclays too.
Apologies if somebody else has already said similar - I can't be bothered to wade through all 45 pages of comments ... :confused:
Has anyone really got that much time on their hands?!!!!!
Not sure whether to try - I got really impatient waiting for Co-op to pay & thats only 45 days where as HSBC is 100 days!
Can't do the Lloyds/TSB offer as already have an account with them.
they kept asking you to add a savings account and even asks you what you are planning to spend the £100 gift card on at m&s lol
DO NOT TRY CO-OP. They'll mess you about and refuse to pay out. I wrote about them a few pages back on how they screwed me out of paying out.
btw, Co-op screwed me and said the paypal direct debit that had money taken from was not considered a direct debit and hence I didn't qualify for the incentive. Skip co-op...
So far my track record is TSB donor account to Halifax, from ther to Cooperative Bank. Nationwide is ruled out as I bank with them as my main bank, I'm considering Yorkshire next too but the application is over the phone which is off putting.
Maybe gt the £100 in vouchers from M + S next, decisions decisions......:stuck_out_tongue:
Confused...:neutral_face:
http://www.hotukdeals.com/deals/new-switch-incentive-tsb-hsbc-limited-time-time-play-banks-their-own-game-maximise-2079867?p=23662977
I got rejected by HSBC, by the way, no letter, I had to go and waste my time in branch.
I already have TSB accounts for the 5% APR, so cannot benefit of the TSB offer, but maybe some of my friends will if I tell them.
By the way Karlie, I maxed out the 2x TSB Classic Plus, where can I get similar interest for my money?
I have just done it and am awaiting to see if I get both rewards.
Lloyds do a 4% interest and Bank of Scotland do a 3% interest and you don't have to switch accounts.
It's a bit complicated to get the incentive for recommending a friend, as they have to switch, which seems complicated for most of my friends.
If you're looking for high interest rate current accounts then do it in this order.
TSB - 5% on £2k
Nationwide - 5% on £2.5k
Lloyds - 4% on £5k
Tesco - 3% on £3k
Bank of Scotland - 3% on £5k
Santander - 3% on up to £20k
Don't forget FD, M&S bank and HSBC all offer 6% regular saver accounts.
EDIT: yes, you are right, I didn't pay the £1000... damn... I wasted 2 months of interest...
"Access to 5% AER (4.89% gross p.a) interest on in-credit balances of up to £2,500 (fixed for the first 12 months). You must pay in £1,000 per month (excluding internal transfers) to get this rate. After 12 months the interest rate reverts to 1% gross pa./AER (variable) on balances up to £2,500. "
helping my gf do some switches and get decent accounts for interest. She's switching to both the TSB account and the Nationwide account. Can someone tell me if the direct debits need to pre-exist on the account prior to the switch? I think they're due to be added on the day of the switch currently and that seems risky to me if we can call and get the switch date pushed a few days.
Thank you!
edit: Well, rang them up and also had to have it processed manually. Received the £100 today.
Nationwide £75.75 at Topcashback
http://www.hotukdeals.com/deals/new-tsb-classic-plus-555-current-account-now-5-cashback-contactless-purchases-addition-2275350?p=25918852
Thanks to OP
Time for an update..... A follower of your MEGATHREAD <3 Thanks for your efforts :smiley:
Telephone and internet banking all setup, just awaiting card and PIN etc. in the post still!
Hi everyone. Done a few updates:
1. TSB no longer offering a switch incentive. They have launched a '555 current account' instead offering 5% credit interest on up to £2k, 5% interest on their regular saver and 5% cashback on contactless purchases up to £100 per month.
2. Halifax have increased their switch incentive to £125 (normally £100).
3. First Direct have increased their switch incentive to £125 (normally £100).
4. HSBC have decreased their switch incentive to £100 (was £120).
5. Nationwide still offering £100 via their refer a friend scheme (was £50) - also £35 cashback via TCB/Quidco
6. Santander offering £35 cashback via Quidco/TCB for opening their 123 account - haven't included this in the OP as it's not guaranteed unlike the switch incentive bonuses.
As always thank you to everyone for their contributions and please let me know if there's any inaccurate information.
Any questions then fire away...
I did this in May, with First Direct, I thought it was minimum of 3 months I need to keep the account active to get the £100 leaving money, but looking on there website it now says 6 months, when can I close the first direct to get the £100 leaving bonus ?
And how do I get it, just switch my First Direct to Clydesdale ?
It's not like you can just spend 1 hour in an afternoon and suddenly you've made £900.
There is no need to have multiple donor accounts, just have one and let the switching begin. Not going to have an argument if its worth it or not. I'll just take the £600 instead.
"You will receive your switch documents (listed below) by email."
"These documents will be sent in a password protected email, to the email address you provided as part of your 1st Account application. We will send you a password by text message by the next working day to allow you to access the documents."
Only the email still hasn't arrived. One about the accompanying ' e-Saver Account' did though (to avoid the £10 a month charge) so I know I provided the right details. Did it take a while to come through for you guys too?
In addition, to get the £100 for leaving, you have to stay with them for six months now and deposit £1000 a month. To the best of my knowledge anyway.
Anybody else found cheap direct debits?
Even if one or two banks want ID then I wouldn't mind attending a branch whilst I'm in town anyway. Unless you earn £100+ per hour?
Let me put it another way - if I posted a deal saying 'fill 2 online forms, phone a bank and *possibly* visit a branch for a total of 2 hours of your time and get a free PS4 or Xbox One console' - can you imagine how incredibly popular this deal would be?
Personally I'd rather the cash though.
What interest? Cream of the interest what interest. Your money is in for day how much interest can make on that. Your pathetic.
mattyh333,
Wow, you must lead a very sad life, putting so much effort into trolling a thread.
mattyh333,
Wow, you must lead a very sad life, putting so much effort into trolling a thread.
[/quote]
Not really? It's a comments section and people were replying to me? Should I lie and say banks can't be helpful enough and bend over backwards to give you free money?
I asked because not everyone needs pet insurance and might need a cheap direct debit that's not too important if something doesn't go to plan. Like the radio times sub someone mentioned.
To answer my own question, you could set up a lottery direct debit for £4/£5 a month.
As to working for hot UK deals if I did what difference would that make? Silly person
I never took anything to the bank they did it without me supplying any info.
I can see no logical reason, if your telling the truth, for them to refuse you an account. As you went to the ombudsmen they would have told you. Well? What did they tell you?
And yes there is free money. I have lots of it, from the banks.
http://www.bbc.co.uk/news/business-34246882
http://www.thisismoney.co.uk/money/saving/article-3235271/Gloves-Tesco-Bank-scraps-5-current-account-fee.html
If you have no intention of leaving, then of course that doesn't apply.
I should have added that I just want to use the account as a holding account for a couple years, the opening bonus beats any interest I could earn elsewhere.
ta
- to get the £150 switch incentive, you don't have to pay in and keep the £1000 in there. You can transfer the money back out within seconds. The money can also be transferred as several payments of £100, £200 etc. so you don't physically have to have £1000 to get the switch incentive - you could do 20 x £50 payments over a course of 20 days.
- you won't be charged a £10 monthly fee for the first 6 months of opening an account (so there is no need to pay £1000 in per month for all 6 months). But, if you want to get the £100 leaving incentive, then you do have to pay in £1000 per month for 6 months. Again, this can be done via 1000 x £1 payments, 1 x £1000 payment and everything in between.
- if you plan on keeping the FD 1st Account after 6 months, then a Regular Saver 6% does not count as an eligible product to make the 1st Account fee-free. The best thing to do is open an Everyday Saver and put 1p in it - that does count as an eligible product. That way, even if you don't have £1000 coming in per month you can be sure you're not going to be charged their £10 monthly fee.
I see. Well I guess it's handy just in case I forget to pay in £1000 for whatever reason (though obviously I don't plan to), or decide that I want to keep the FirstDirect account after 6 months but aren't able to pay £1000 a month in.
It brings about another question, I assume that the e-saver counts as a separate bank account? If so, could I switch this account and keep my main First Direct account should a decent offer from another bank come along?
http://www.topcashback.co.uk/shepherds-friendly-stocks-and-shares-isa/
£133 cashback for paying in £100 a month for 4 months by DD. You can withdraw your deposits as soon as you get your cashback.
I've just done this. So has the other half.
You're welcome.
Has anyone got the coop cashback successfully?
And this despite the original "You've received cashback in your TopCashback account!" email:
Hello,
Just a quick email to keep you up to date with your latest transactions:
The Co-operative Bank The Co-operative Bank xx Jun 2015 xx:09
I wonder who's cheating - is it TCB or the Co-op?
It want to move onto my next plunder, but am worried it will mess up my chances with TCB. :disappointed:
i'm thinking it seems like a good bet to try for three months. when you withdraw your money after you receive the cashback you effectively prevent yourself from having another share isa for this financial year. although you can have a cash isa.
Crucially, there's no penalty fee for withdrawals or closing your ISA.
As for losing the right to have another share ISA, if I had the level of savings that make ISA's worthwhile I wouldn't be scraping around for deals like this! :laughing:
i had a quick play on excel and with the deposit account it equates to the fees being applied annually. with the monthly saver it works out roughly correct if the fees are applied monthly. for £100 per month for three months it seems like fees can't be more than a tenner. i'd prefer if the bank could confirm it but asking the question kind of gives the game away lol
Even worse than Santander used to be - and some. I shall stay long enough to pick up the freebies, and then I'll be away - I need a bank like HSBC like a hole in the head!
Open a Tesco internet saver account (search this thread)
Just added the donor account to my paypal linked banks and applied for the Tesco internet saver account with £1. Thing is I have already asked CO-OP to switch my account at the same time and they've accepted, let's hope that the Internet Saver opens before the actual switch!
thanks
And yes I keep a very close eye on my credit score, and it has in no way been affected so far.
lol
I opened a donor tsb account a week ago and a Co-op account a few days later to save time. I linked Paypal to the TSB as a DD, aswell as applying for a Tesco internet saver account to as a 2nd DD at the same time. However, even with a perfect credit rating, Tesco has decided to send me a few forms in the post (notified by calling them) which still haven't arrived - a week later. I've just now received a post from the Co-op saying that my switch is nearly complete! Are there any fast options to setup a DD?!?! I've tried magazines but they take weeks to setup.
http://www.postoffice.co.uk/savings-accounts/online-saver
http://www.thisismoney.co.uk/money/saving/article-3262657/Earn-3-cashback-household-bills-Natwest-current-account.html
http://www.moneysupermarket.com/current-accounts/nationwide/
The link hasn't worked for me and I've been trying over the last few weeks
Also can I just ask how long the coop bank £100 takes to come through once you've done the switch and paid in £800? I am currently waiting for it to be paid
I've just got off the phone with coop they say that the £800 needs to be in the account for 24 hours so transferring it in then straight out doesn't work
There is no stipulation to keep the £800 for 24 hours. Potentially, you could transfer in and transfer out a second later.
The reason I called was the incentive was taking a while so I phoned to ask if I had completed everything I needed to and he said the 800 needs to be in 24 hours
1. Co-Op Bank have lowered their TCB/Quidco rates to £15 - although their switch incentive remains unchanged. Perhaps best to wait until it goes up to £50 again.
2. First Direct have increased their switch incentive to £150 (highest I've seen) and have their usual £100 leaving incentive. This offer is only available via MSE until Sun 1st Nov and will likely go down to £125 after this date. Link: http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#firstdirect
3. Halifax incentive down to £100. No doubt we'll see their incentive go up again especially with the other banks offering £150 so perhaps best to wait.
4. TSB offering a £125 switch incentive (until next week only - possibly will be extended as has been in the past). Their Classic Plus Account also offers 5% credit interest on balances up to £2k and you get 5% cashback on up to £100 contactless payments per month. One of the best fee-free current accounts out there, especially if you have £2k to save.
5. HSBC no longer offering a switch incentive. Although they do have an offer on their ISA - deposit £25 per month and they'll add £10 per month to your account. Equivalent 40% interest - madness. Must be a HSBC Advance customer - you can also get their regular saver with 6% interest.
If there's anything to amend/add, please let me know. Ta.
Have you got the link to this? Thanks
I would like to know the best way to go about this too hope some one can help thanks
1. PayPal DD
2. Magazine subscription @ £1 (Radio Times, Auto Express etc.)
3. Charity DD
4. Post Office account
5. Tesco Bank account
great if your not bothered about getting loans or credit
not so good if u plan any of the above as it will make it that bit harder
Tried applying for the TSB account last night; got through the checks and got offered the account at the end only to throw up an error. Tried applying again and it said I'd already tried applying for an account. Called them just now and it's an 'IT/Browser' error of some sort, odd considering Chrome usually handles everything that's thrown at it without issue.
Make a donor account to use for switching.
Having 2 bank accounts is not a problem.
Did I need to do anything else after that to qualify for this offer? I've received an e-mail saying what ID to bring in, but I'm just worried there was something else I needed to do, and there's no way of going back on to check without signing up again...
Think that should be enough time for my credit rating to recover.
Hahaha free banking being scrapped? Banking is free because the bank wants to hold our money. They pay interest and these incentives because, again, they want to hold our money.
Do you believe we are doing them some kind of favour handing over control of our money to them?
"Ohh please Mr.bank, please look after this £1000 for me"
Bank:"okay I guess I will but what a hassle to have control of your money and be able to invest it and earn money on it myself - such a chore - I hate having control of lots of money"
& noone's getting scammed here - people are very precisely adhering to the conditions of the switch so as to get the incentive. if they don't hit the conditions the bank won't pay.
These incentives have been around for ages and people still aren't switching in great numbers. If banks want more custom they are going to have to up these incentives not scrap them. (or, alternatively, they could actually offer attractive long term rates of interest ... but that would be LUDICROUS behaviour).
Also it's pretty obvious but in case you haven't realised the people doing activites as advised by this thread are such a small group as to be 0.0% of total uk bank customers - the vast majority as mentioned just sit there with the same old rubbish current account for 10 years (likely 'losing' many £100,£1000s vs if they had a competitive account) and while I wouldn't call the exploitation of their apathy and laziness by the banks a scam I'm not going to shed a tear over these same banks paying out incentives to customers who may not actually stay for a long term (not that they have any obligation to).
We've never had 'free' banking, strictly speaking. If you've got a debit balance, then you're paying fees (unless it's an interest free overdraft). If you've got a credit balance then the banks are earning money from your money.
Besides, we've had numerous articles about 'free banking ending soon' over the years:
2006: http://www.thisismoney.co.uk/money/news/article-1600945/Free-banking-will-be-axed.html
2007: http://newsvote.bbc.co.uk/1/hi/business/6375063.stm
2011: http://www.moneysupermarket.com/c/news/the-end-of-free-banking/0011698/
Nearly 10 years on and nothing's changed in that respect, I doubt anything will happen for another 10 years.
The main idea with these switch incentives is to grab you as a customer and then 'sell' you a loan, a mortgage, a credit card, packaged current accounts, overdrafts etc. That's where they make their money.
http://www.express.co.uk/news/uk/411832/Meddling-EU-strikes-again-Free-banking-to-be-scrapped-under-new-plan
LOL, good old EU. "I hope we stay in, we'd be lost without it". Anyhow, I digress. Thanks OP for update.
I find it incredibly amusing the amount of people on this thread saying too much hassle or cant be arsed... it's a thousand pounds for collectively half hour to an hour work!! Seriously folks, get a bit more financially savvy please.
TSB Donor -> Co-op (£100 & £40 TCB) -> TSB (£100) -> M&S (£100 + £10 voucher)
Natwest Donor -> Halifax (£125) -> Yorkshire (£150) -> First Direct (£100) with an extra £100 to come later on when I close it after 6 months.
Also Shepherds Friendy ISA (£133) which will take around 3-4 months to get for only £300-400 outlay.
That's £958 earnt within 6 months for around 10 minutes admin per account.
Noddle scores you out of 5 at the top of their site but also gives you a more precise number for your credit score. From what I've seen, I would guess the following is roughly correct:
0-199 1/5
200-399 2/5
400-599 3/5
600-799 4/5
800-999 5/5
My Noddle score started at "4/5" (610), dropped for a few months to "3/5" which got me worried slightly but actually the score was 591 at its lowest which is only just in the 3/5 category, and has now come up to 611 "4/5" which is higher than when I started and I still have both switching accounts open currently.
Noddle shows all accounts other than the ones that are open as closed and settled in full.
I still have my true "main" bank account untouched of which I have credit facilities and history with them of over 20 years.
In my experience this activity has only slightly reduced my credit rating and on a temporary basis. I think you need to be sensible and not open credit facilities with the accounts (overdrafts) to reduce the risk. Remember - I was doubling up and doing 2 loads of switching at the same time!
Others in different financial statuses may have difference experiences of course, I am not a financial advisor and do not consider this advice, just my own experience!
I'm doubling up by doing each switch for me and the wife. Of course, I'd be much better off if I just sent her packing, but she does make a cracking Sunday dinner.
Let me just begin by explaining that their are two main types of credit searches; a soft search and a hard search. A soft search leaves zero print on your profile, nada, nothing and nobody can see those searches except yourself. A hard search (often performed when you are applying for credit, i.e. an account with an overdraft) will be performed to ensure you meet the criteria. That will be visible on your credit history to all and doing too many hard searches will have an impact on your credit rating. By logical thinking, I suspect a lot of people here who have had their credit affected have an overdraft on their account, or the bank they are switching into unnecessarily performed a hard search. If your applying for a bog standard account, most banks will perform a soft search to verify your identity and make sure there are no county court judgements and other obvious nasties on your credit. As you won't have access to credit on your account, they have no reason to perform a hard search.
If someone has anymore information on the inner workings of these credit agencies or building societies I will be happy to be corrected, but with my experience with banks and credit agencies, the above has always be the case.
I've been playing this bank switching game for a few months now and can see the searches on my credit report, normally one which says "administrative review" and a second one as "anti-money laundering" - both from the same bank.
It does however seem to be a known fact that having multiple credit searches in the past 3 months can temporarily reduce your 'rating' to some lenders, so it's a matter of timing really. I wouldn't recommend opening multiple new current accounts if you're planning on applying for a loan or mortgage in the next few months. The affect should however only be temporary.
I've setup 2 new current accounts for maximising interest over the past few months and my latest Noddle report is still 5/5. Be mindful that lenders don't just use a 'score' given to them by the credit reference supplier, they will use their own metrics using all your account history. You could be 1/5 to one lender and 5/5 to another, regardless of what CallCredit/Experian (etc) think.
28 days of the switch completing and register a minimum of 2 active Direct Debits."
Does this mean that i have to have my donor account with 2 direct debits set up to switch over or once the donor account has been switched to the TSB that i then set up 2 new direct debits. Hope that makes sense....
I guess people here are calling "donor" account because many are setting up the 2 direct debt required to donate to charities.
A minimum monthly deposit of £500 is also a requirement for the interested to be paid.
its called a donor account as most of us started a new bank account at the begin and used this to transfer and get incenvtives, thus leaving our main bank account as it was.
These banks are both part of Lloyds Banking Group so I presume it wouldn't qualify for the incentive. Is this correct?
I opened an account before 2nd Nov and am about to put the switching in motion before the 23rd Nov date
Should definitely wait for Quidco - before switching again, yes?
I want to switch to clydesdale and their intro offer expires at the end of this month so am not sure how best to proceed.
I suspect they will jump at the chance to decline quidco if i leave them.
Do co-op intend to pay out quidco in the end?
That's two accounts (self and wife) just being kept open until the TCB's paid. Cunning move by the Co-op, but it's backfiring because my hatred for the Co-op grows as the wait continues. :smile:
From my situation it pains me to wait as it's a possible £60 quidco vs probable £150 for Clydesdale (with more effort)
I figured in branch would be easier than having to post ID but the appointment I've made may take "up to 90 minutes" and when I phoned to book I got a grilling on the phone about how many current accounts I have etc.
PSA: If you need to create direct debits, the easiest 2 you could have are a paypal and a £1 a month direct debit to your own tesco internet saver
Will phone if I have the energy as it was a bit of an ordeal first time round
When ML puts something in his weekly newsletter or TV show, you know it's going to have an influence - good or bad.
Anyone remember Tesco accepting manufacturers' coupons even if you didn't buy the item in question? That got stopped a few weeks after a newsletter feature. And the same happened for competitor coupons.
Just heads up really for people to speed things up, if they wish to of course.
Does anyone know - if I leave this account I've just applied for open, and when they offer another switching incentive, wait until then to switch - will I get the next incentive (should there be one)
or
do you have to both open the account AND switch when an incentive offer is on in order to qualify?
I have money in my savings account (Club Lloyds) earning 4%, Naitonwide (5%), Santander (3%). The banks can't earn a risk free return as high as 3% therefore these banks are all subsidising me.
Also, I have 0% money borrowed from tesco bank and halifax via their credit cards. Again, it costs them more then 0% to get hold of the money to lend me.
Whilst many in the UK don't get free banking, I and many like me do.
http://www.tescobank.com/credit-cards/#credit-cards-product-range-3
Wondering if I can also refer myself as a joint account holder at nationwide when we both already have individual accounts?
Have all offers been stopped now? Other than First Direct (which I was a customer of previously so cant get the £100) and M&S.
There will probably be new offers in the new year.
So far it's still showing as confirmed, but not payable, and Topcashback are up to their usual trick of blaming other people.
I think M&S bank staff are just shop cashiers - they were utterly unprofessional (e.g. the young lady cahsier was chewing gum with her mouth open...)
http://www.topcashback.co.uk/the-co-operative-bank-current-accounts/
£150 switch to First Direct is on via Moneysupermarket
http://www.moneysupermarket.com/current-accounts/
http://www.topcashback.co.uk/the-co-operative-bank-current-accounts/
Will probably do a big update in 2 weeks. Thanks to everyone again.
Another thing to take care about is First Direct - if they find any record of you ever having had "a relationship" with FD in the past - you won't get a payout! I clarified this on the phone with them yesterday and they confirmed that because I had an ISA with them 8 years ago I wouldn't get anything.
Cold due to the stupid title of the deal.
Keep watching as they often come back.
Or there is £150 available from First Direct.....
http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/12093289/Co-op-Bank-to-pay-current-account-customers-4-a-month.html
Just waiting on my £125 from HSBC, and extra £100 for leaving First Direct after 6 months :smile:
Also, my partners credit, and therefore my credit history keeps showing up on my in laws report, as they have a similar name. I don't want them seeing, and also I've only bin applying for stuff in my name. What should we do?
Just open a FlexAccount, FlexDirect or a FlexPlus account AND complete a full account transfer using the Current Account Switch Service - This will close your old account. A minimum of two Direct Debits must be transferred as part of the switch.
£100 will be put into your current account by the 20th day of the following month.
p.m me your full name, the email address you will use to apply for the account and your d.o.b and i will refer you. You must complete switch within 90 days of referral to receive the reward.
Latest updates:
1. Yorkshire/Clydesdale Bank have returned for a 'limited time' with their £150 incentive.
2. M&S Bank now offer up to a £220 M&S Gift Card.
3. TSB switch incentive back again.
4. No direct incentive from Co-op Bank, but they're offering £80 via TCB (was £150 a few weeks ago).
5. First Direct increased incentive via MSE (varies between £100-£150 at any given time).
6. HSBC offering £120 on their standard current account now (used to be their advance account).
7. Nationwide offering £100 via their refer a friend scheme (via existing customer). You can also get £75 via Quidco. Both offers can be combined by any new applicants i.e. £175 in total.
Thank you.
I tried the TSB one the other month but the online application just didnt seem to work correctly.
I believe it's a useful place to see all current switch incentives along with any cashback offered. I shall continue to update where I can.
I got halifax current account and easycash
Both got different account numbers.
I am going to set up 2 dd on easycash and transfer to lloyds.
Does it affect my current account with Halifax?
Therefore if you like to do your banking online then DO NOT GO WITH FIRST DIRECT!
But the additional levels of security they introduced a year or two back have made a lot of pretty basic transactions very time-consuming. So much so, in fact, that it's now one of the most awkward banks to use online - when it used to be one of the easiest. The staff know this, and are of course delightful in handling all the complaints. The official line, of course, is that they're protecting your money, In reality, of course, and in law, they're protecting their money.
I do wonder how many customers this once excellent bank is losing as a result of the changes.
Credit scores are garbage.
I know someone who defaulted in a big way on FIVE cards, then received a guaranteed acceptance on a card.
For a joke and not expecting even a reply, he told them he was a Rocket Surgeon or similar and got a ten grand card. :confused:
Marks (100 gift plus 10 month on gift card)
Tsb (100)
Yorkshire (125)
Coop (100 plus charity)
HSBC (100)
Back to first direct or whichever one you liked the best
Probably have some of these wrong, see money saving expert bank switch
Eg I'm planning on setting up a donor account. If it transfer from my normal account, transfer to donor account say £750 or whatever the figure to the OFFER account then transfer back out -
How long does the money have to sit in the account with the OFFER account before I move it out again??????
Can't see anywhere this is clarified
Thanks
Ryan.
Donation to prostate cancer at £1 a month
Doesn't matter what anyone says, it's the T&Cs that dictate the incentive being paid or not. Never listen to a bank's telephone advisor, majority of the time they know less than you.
If you can point to me where it says in the T&Cs that the money has to be kept in your bank account for 24 hours then I'd be happy to be proved wrong.
As I said, the money only has to be in for a second and that includes Co-op Bank. Myself and other family members have done this countless times and have kept the money in for a maximum of an hour, certainly not for more than a day. All incentives have been paid without problems.
Of course, it's your money so do whatever you want. I'm just stating the facts as per the T&Cs.
£1 direct debit for each - setup online.
Pleasant surprise! I've just received the £60 Quidco cashback for opening a Co-op account 6 months ago.
This is despite I am no longer being with Co-op as I switched from Co-op to Clydesdale immediately after Co-op having paid their £100 incentive and I was sure I would never receive anything from Quidco.
When I do a switch from the donor to an insensitivised account, does the donor account get closed down automatically?
My neighbour is trying to apply via the Quidco link, they get transferred to the Nationwide website and click on 'apply'. Then they get a 'loading your application' status and it just stays on that (this is for the FlexDirect account). I've even tried applying myself to see if I could load the application via Quidco for the FlexDirect account and get the same problem on Chrome and Internet Explorer.
Anyone else having the same problem? Thanks.
Has anyone successfully completed such a quick turnaround with Halifax and not lost their £100?
Any advice appreciated.
Thanks in advance :smiley:
Also, when the switch happens is your old bank account shut automatically, or can you still use it (for savings or perks etc)?
Nationwide is the only bank that stipulates that you have to say with them for a few months if you earn an incentive via their refer-a-friend scheme.
How should I proceed?
- open a donnor acount with barclays
- change main barclays account to TSB and keep it (deadline is 9 feb and I think it's a good deal)
- start doing the donor - new bank process for extra cash.
Is this correct? or should it be
-Switch my main account to TSB
-Then open a donor acc with TSB
-Continue with switching donor account to all other banks.
Please consider that TSB is expiring soon
Then would open a donor account with one bank which do not offer incentive, like Lloyds, then would start playing the switching game with this one account.
Have you tried another web browser?
Ive done the following:
1.Completed the switch with 3 direct debits from old account within the 31 days.
2.Paid in 1k in the 1st, 2nd and 3rd month.
3.Register for online banking.
It says you need to keep 2 direct debits for this period. Does this mean two active dd or do dormant ones count too? During the 1st month one of the dd was active, while in the 2nd month 2 dd were active.
So should I be eligible for the money?
Cheers
edit:
So apparently Yorkshire are saying they only switched over 1 direct debit at the time. This is despite my previous account having 4 direct debits linked to it and 3 actually being active on my Yorkshire account. Such a ball ache. Is it worth chasing up or should I just look for my next switch?
1.Completed the switch with 4 direct debits from old account within the 31 days.
2.Paid in 1k in the 1st, 2nd and 3rd month.
3.Register for online banking and mobile app.
The first month I've paid 2 DDs (moved the other 2 to another account)
The second month I've moved the other 2 DDs to another account but generated 2 new ones to leave in their place.
The third month one of the new DDs wasn't paid for some unknown reason, even though it was saying it was active.
So after 80 days of the switching date, no incentive was paid. I phoned them and the lady explained I didn't fulfill the criteria. According to her, the DDs to kept active should be the same ones the were switched from the old bank. I tried to argument that this didn't make sense because the criteria should be 2 active DD, not necessarily the same 2 throughout the qualifying period but she was firm this was clear in the T&Cs so I gave up.
But to my surprise the incentive was paid today - 95 days after the switching day. Not sure if as a result of my phone call, though.
So I think it's worth chasing.
Now I have used all of the possible switching incentives and Clydesdale was the worst banking experience after Co-op. Both their internet banking are just awful.
Also which account should be my donor account, I have a main one at Barclays, so should I setup a donor on a Natwest account? Any idea which bank doesn't have good incentives so that I should setup a donor there?
Alternatively, should I wait until I am at uni, get a student account at Santander, and open a donor account, THEN proceed to uce the switch incentives on my donor?
Now we also have a Santander joint acct which I assume can be switched? But it has no dds nor incoming monthly amounts, ao how can I grab an incentive for this?
Fyi willing to pay in and set up dds if that helps
However, they require that you pay in a minimum £1000 in the first month after the switch (which you can move out the next day). Also have in mind that you fail to pay in £1000 each month, there will be a £10 monthly fee.
There are many other banks paying incentive at the moment but make sure you read the T&Cs regarding switching joint accounts.
Have a look at this: http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#firstdirect
Re the First Direct switch. It states 28 days for the incentive to be paid. Is this counted from the date of opening the account/funding the £1000 or is it from the date of switch.
Many thanks
Just moved from natwest which i liked because you can get money out of an atm with your phone if you lose/forget your card.
I just opened a donor account and am worried that I won't receive the debit card in time to switch to first direct by 29 February?
Great thread by the way And great comments
One last question - once the £150 bonus is received, can you close the account?
The only place that I can see it being stipulated is regarding nationwide's referral scheme where they say a minimum of three months is required
:disappointed:
1) Open First direct account and ask to switch from another account
2) Start switch process
3) Transfer £1000 into first direct account
4) Next day Withdraw £1000 out of first direct account (cos I dont want to leave it in there) one day later
5) Put £1 into a first direct e saver account (so I wont incur the £10 fee)
6) Wait for the £150 incentive
7) When incentive paid into the first direct account - withdraw £150 incentive and close/switch account
Would be really grateful if some of the seasoned switchers could confirm this is correct to get my incentive and avoid the monthly fee. Thanks
Thanks
I also recently switched to Yorkshire Bank but somehow the didnt transfered my paypal, just canceled old dd and createt new and now worry about my switching bonus.
I don't understand how this counts as a direct debit - which is usually a regular automatic payment?
Am I doing something wrong?
You are allowed to have more than one tesco internet savings accounts.
Thanks all for your help?
PS great thread karlie - and an update re: M&S - it expires on 5th April and Halifax expires 22nd March.
I don't want to switch again. Just want to withdraw money (can do online) and close account.
http://www.dailymail.co.uk/money/saving/article-3494078/End-150-bribe-switch-banks-Halifax-Clydesdale-Yorkshire-Banks-Direct-ditch-incentives.html
- YB/CB ending their £150 switch incentive at the end of this month
- Co-op Bank no longer offering a switch incentive/cashback
- First Direct offer has gone down from £150 to £100
- Halifax £125 offer ending on 22/03/16
- TSB no longer offering a switch incentive
- HSBC no longer offering a switch incentive
- Nationwide's cashback rates down to £35 via Quidco/TCB
Looks like offers are drying up, hopefully they'll come back.
And for those needing some inspiration:
'I made £800 switching bank again and again.' Is this Britain's biggest bank tart?
I've already switched to and from YB but I'm wondering if I switch to Clydesdale whether they'll pay out. Just because their T&C's say you can't do it doesn't mean their automated systems won't pay you a second time.
Is the extra £100s worth f*cking up credit rating for?? Not for me thanks..
What I'm asking is do YB/Clydesdale actually check whether you've previously held an account with them and received a switch incentive?
EditIf you have already taken advantage of a previous £150 switching offer from us, either on your own or with a joint account, since the 17th of November 2014, you can’t benefit from this offer. You can only benefit from this offer once, joint accounts are only eligible for one payment of £150 and the offer doesn't apply to Business Current Accounts.
Thankfully, a lot of sensible folk have transferred their money out of their ISAs and have been earning 4-5% interest via current accounts and 5-6% via regular savers over the past few years. Even after basic rate tax deduction, it's a better earner in terms of interest. Additionally, most people won't have to pay tax on their interest in a couple of weeks time, so it gets even better.
With the Bank of England interest rate staying at 0.5% for the past 7 years, don't expect cash ISA rates to rise for another 3-5 years. And when cash ISA interest rates rise, it won't go up to 5-6% overnight, it will take several years. Over that time, you'll be able to transfer your money back to a cash ISA by increments of £16k+ every year.
Dont the tax rules change soon which makes current ISAs not worth it anymore?
Agree with mcormack on this one. It's even more idiotic as firstofficer posted a deal on a iphone contract that was worth more than £1k. Cos that's going to have a great impact on your credit score!! Unless firstofficer has been capitalising on switch incentives, he or she has no proof that it has an adverse effect on a credit rating, so can't really comment, and I'm no psychic but judging by their tone, they haven't taken part in a single switch incentive. I've been playing this game for years and it has had no negative impact on my score. Switch every 2 or 3 months, don't apply for credit cards with the bank, don't get an overdraft, keep you accounts in credit when switching, keep your main current account with the same bank blah blah. It's common sense! And for those saying it's had a significant impact on their score, you don't know their full story. Maybe they applied for an overdraft, maybe they applied for a couple of credit cards, a loan, a mortgage OR maybe they bought an iphone on a hideously expensive price plan!!
Just double check before you withdraw or close any ISA..
I've made a separate thread about Shepherds Friendly as this has recently paid out for me and it's a no brainer!
Get £100 for 3 x £30 outlay - more than double your money!
http://www.hotukdeals.com/deals/shepherds-friendly-stocks-shares-isa-cashback-100-250-available-for-very-little-2417466
I'll take advantage of any offering they want to give me that I can profit from thanks!
http://www.hotukdeals.com/misc/taking-back-items-a-shop-bought-elsewhere-1021475
All I'm going to say mate is that we all have a line and where that line is will vary from person to person. Personally, I think your problem crossed that line. If you are abiding to the terms of the offer, then I don't see any problem. You could say the same about airplane delays, PPI claims, blah blah blah. If the law and terms allow you to do it, then do it. Banks could very easily stop this 'abuse' by putting a simple clause within their terms, but they choose not to. Until then, it's game on. Of course you're entitled to your opinion just as much as mine.
Had my account about 4 years:
I think the statement at the start of this thread was play the banks at their own game, it could not be further from the truth.
"Banks could very easily stop this 'abuse' by putting a simple clause within their terms".
Banks expect to have a small percentage of new accounts opened as a direct result of their incentives closed shortly after the incentive is paid - they will build this into their plans. If the actual percentage is lower than they planned for then they're all happy little bankers. And I for one hate the idea of a happy banker, so I do my bit to make sure their performance targets for new accounts are not exceeded - the greedy little blighters would probably be paid a bonus if they were!
Dear Mr XXXXX,
Thank you for your enquiry. The offer is for customers who submit their application before the closing date therefore you will receive the £150 incentive as long as all the criteria is met.
I hope this resolves your query. If you require any further assistance, please do not hesitate to contact us again.
Yours sincerely,
Yorkshire Bank WebCare Team
Ps Hsbc was the worst switching experience-did not actually switch within the seven day period. I had to chase them up
I did this around a year ago - my memory is it being around a month after the switch date (i.e. a perfectly reasonable time period).
(No I can't see it being answered elsewhere)
Unfortunately we can no longer offer cashback with this merchant. Please browse our alternative merchants or search above.
http://www.topcashback.co.uk/the-co-operative-bank/
In fact the Topcashback link doesn't make it clear how many direct debits but we can assume it's two I guess from their previous switching offer
But yes, I agree, I'd go off their previous 2 DD requirements.
Any way around this, getting them to boost it up etc?
Nationwide Select credit card is currently one of our top picks, but it's only available to Nationwide current account holders. It pays unlimited 0.5% cashback on all UK spending (paid out annually in December). You'll get this cashback on top of the Simply Rewards cashback at retailers. Plus, any Nationwide current account customers applying for a Select card before 31 March 2016, will get a 'free' £25 when they spend at least £25 within the first 60 days of opening the credit card.
I missed out! :disappointed:
Fee increase. From 11 January 2016, the monthly card fee increases from £2/month (£24/year) to £3/month (£36/year). Customers who also have a 123 current account will continue to have the annual credit card fee waived for the first year, as log as they take out the credit card before 11 January 2016.
Overseas transaction fee waived. From 11 January 2016 to 31 December 2016, Santander will waive its foreign transaction fee on purchases – it's currently 2.95% of the transaction. This won't however apply to cash withdrawals made overseas.
For those who get the 123 credit card from 16 September onwards, cashback will also be capped at £3/month on each of the card's three spending categories; supermarkets, department stores and transport.
Existing customers will continue to earn 1% unlimited cashback at supermarkets, 2% unlimited cashback at department stores, and 3% cashback up to a maximum of £9/month on petrol, national rail and Transport for London.
:smiley:
6 weeks since last update and there have been the following changes:
- Yorkshire Bank/Clydesdale Bank no longer offering a switch incentive.
- Co-Op Bank now offering £150 plus there's £50 cashback via TCB - one of the best offers ever seen. Do note their requirement of 4 x active DDs. :laughing:
- M&S Bank has withdrawn their monthly £10 gift card top-up. Now it's just a plain and simple £100 gift card.
- Halifax has reduced their incentive from £125 to £100.
Thanks to all contributors.
Few other options in the meantime:
- TSB offering 5% on £2k
- Nationwide also have a 5% regular saver
- M&S Bank/First Direct both have 6% regular savers
- Lloyds offering 4% on £5k
-
TCB also has £48 cashback for opening a smile account
Also, the 4 direct debits condition is nasty of them. Anyone would think they're trying to deter us lot! Time to hit back by sharing some easy to set up and cheap DD's. I'll go first with Tesco Bank's Internet Saver account at just £1 a month.
Tesco online saving account
Post office online saving account
PayPal direct debit
Prostate cancer charity
If the T&Cs have always included the £800/month bit then fair enough, but it's quite different to every other bank for cashback (at least via tcb), and worth bearing in mind for people considering switching just for the cashback.
http://www.smile.co.uk/currentaccounts
Co-op = Smile
In progress with setting up some DD's to switch to co-op from FirstDirect. I had a nagging desire to check with them on "active" DD's and glad i did. According to the chap i spoke to an email clarifying what "active" means came out last week and its DD's where at least one payment has been requested. I have 4 DD's set up but need to wait until the 6th June for all of them to pull from the account, so hope co-op dont pull the plug on the incentive before then! Lucky i checked as i wouldn't have metthe criteria otherwise, which would have been a pain.
Cheers
I have a M&S account that I didn't perform a switch on, I opened it to get the 6% saver which I have now had a year and has matured. I can't open another 6% saver as I haven't switched to them.
I plan on switching this account to First Direct, get the £100 incentive then open a 6% saver with them.
Thanks Jane
There's a thread already on here about the account offer.
Link here
http://www.hsbc.co.uk/1/2/current-accounts?HBEU_dyn_lnk=MobileOptimised_Homepage_CurrentAccounts_Link#cas
Thanks Jane
http://www.thisismoney.co.uk/money/currentaccounts/article-3617749/HSBC-tempts-switchers-200-sign-bonus-need-high-earner.html
I have 2 a/cs with Nationwide too
I tried the Clydesdale offer, but was told on the phone thatI would have to go to their nearest branch to open the account. Which is in London. And I'm about 10km away
Also, I got a text yesterday, I dont know who from, which says " banks are refunding customers who have paid a monthly fee on packaged accounts"
Is there any truth in this? Not that I have any such accounts, but there is a number to txt back presumably to stake a claim. Is it a scam?
So what happens if I don't pay in this amount? (not just in terms of the switch incentive)
Is it over now?
The only requirement for the £100 bonus is that you TRANSFER 2 active DD as part of the FULL SWITCH process. That means that those 2 DD should be already setup on your old (to be switched) bank account, before you apply for the new Nationwide account and initiate the switching process.
But if you pick the Nationwide FlexDirect account (the best option as its free of monthly fee), which pays 5% interest for 1 year (then 1%) for amounts up to £2,500 (that is £10.05 x 12 = £120.60 for the first year), you have to fulfill a monthly requirement of paying in £1000
For more info, send me a PM.
- Co-Op Bank have a £150 switch incentive and you can get £50 cashback via TCB
- M&S Bank still offering £100 gift card and also have an ongoing £10 added per month for 12 months
- First Direct continue with their £100 join and £100 leave campaign
- Halifax still offering a £100 switch incentive
Also, for those wanting a little inspiration - Britain's biggest bank tarts revealed: 'We made £1,565 switching'.
I opened a new account in March, switched my current account (with 2 direct debits active and paid in £500 per month to qualify for the £120 on offer at the time).
The opening and switch process was a bit of a pain compared with other banks and I have still not received the £120 which is supposed to be paid 70 days after switching.
FTFY
so id like to open a new current account with. bank that never offer incentives and then start using that for switching again !
hopefully that ramble was understandable and someone can offer advice!
http://www.tescobank.com/current-accounts/
I think it's only online the account and not instore but someone will know for sure on here.
Some of mine are active but quarterly?
Janr
Simple economics?
Thanks Jane
Not that I care about my credit score, but I checked it on Experian (a couple of weeks ago) and it was around 970 out of a maximum possible 999 marks. The high score was down to living at the same address for over 10 years and closing accounts without going negative. Additionally it helps being on the electoral register.
However, First Direct also give you £100 for switching to their current account.
Are you saying there is a limit to how much you can save in these accounts, similar to Santander's 123 account where the maximum you can get interest on is £20k?
Thanks
Their associated 6% savings account has a monthly limit on how much you can put in (£250/300) so no you cannot put more than the limit each month.
If not, what period of time do you wait until you move onto another bank for their incentive?
I ask because, there is usually always a question that asks, 'how long have you been with your current bank'? If you state one or two months, they may see you as a flipper, just joining for the incentive, then on to the next bank. Also, if your turn around is that quick, will that affect your credit score?
Some banks, however, have a time limit which you will need to keep the account with them, otherwise they will debit the incentive back if you decide to switch. If I'm not wrong, Nationwide and Co-op do this.
as replied previously, state the time details about your main account, not the account you're switching from.
Couldn't you open a current account with the bank you have the savings account with and then use that current account to switch ...it is up to whether you keep the savings account or close that as well
Jane
has anyone successfully switched from First Direct to HSBC and getting the incentive?
I understand that they are related in some way but wonder if that is redundant with regards to switching incentives?
thanks in advance
I moved from Barclays a couple of years back to First Direct.
I was with them for just under a year and was tempted to move as First Direct would have given me £100 for leaving in the first year and also the new bank would have given me £125, but First Direct are very good so I did not want to leave (even for the £225).
I'd like to move to them from TSB since after the cashback deal ends and the interest rate shrinks it should be a better account.
Any ideas how long i should wait to make switch application to Halifax for my £100 reward ?
Thanks in advance :smiley:
https://www.hsbc.co.uk/1/2/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3gDd-NQv1BDg2AXA1-PEE9zD_9AAwgAykeaxTu7O3qYmPsA-WGergaeJk4mBqa-boYGnsYEdBfkhioCAGI8ZY4!/
Thanks jane
Thank you for the reassurance... Jane
Thanks ..this is the first switch I have done and thought it would be faster than that...jane
- Co-Op Bank no longer offering cashback via Quidco or TCB - although their £150 switch incentive remains.
- Nationwide offering less cashback via Quidco/TCB - now £20 but used to be £35.
- Halifax will be decreasing it's monthly reward from £5 per month to £3 from 1st Feb 2017.
- Some people reporting that they've received an offer of 2500 clubcard points for switching their account to Tesco Bank.
I mean can you transfer an amount to your bank account, and then a few hours later transfer it back to another bank?
Also, there was this info about 10quid per month if I will not pay in 1000 monthly or keep balance over 1000. I know I have to pay in 1000 to get the incentive, but then I'd like my money back :smile:, so I have to close it quickly?
The other banks normally require a long phone call for the actual switch.
http://www.tsb.co.uk/cashback-money-supermarket/?WT.mc_id=1525338%7C140009158%7C312256538%7C0
"If you don't have enough money in your account to cover the total, just pop a little more in. It's better if your account closes with money in it, as we'll transfer anything left over to your new account and it'll make sure your credit rating won't be affected."
Can anyone confirm this? Keep some cash in all accounts while switching and it'll alleviate credit score worries? I have £30 in there I was going to switch with anyway.
If I create a donor account then obviously it will have no direct debits coming out. Most of these switch offers require you to switch 2+ direct debits in order to qualify for the money.
How are you guys creating Direct Debits for this donor account?
I don't want to have to switch bills DD from my main account as that defeats the purpose of my donor account.
Whenever I try to set up a dd the bank say I can only set up a standing order and that only organisations can set up dd...
Could you told me how you did it and which bank you set it up from
Thanks jane
Nat west maintain that an individual can only set up standing orders not dd, I have also had the same response from Halifax today...
Jane
To create a Direct Debit, you will need to contact the company/other bank/charity (like your mobile phone or internet provider, gas, electricity, council tax, etc.) that you will be paying money to and basically authorise them to contact your bank and create the Direct Debit.
The other alternative is what was suggested about opening a saver account from Tesco or the Post Office. Once you have one of these saver accounts opened, you can go yourself on your internet banking from their website website (Tesco/Post Office) and set up (authorise) a direct debit to take money from your Natwest account on a regular basis, say £1 per month.
It's a bit too late for TSB as their offer is due to expire in 10 days time so go for Halifax.
I've switched to all these banks. In my opinion the worst (customer service, internet bank, app etc) by far is Co-op.
The others are somewhat similar so I still have accounts with some of them which offer some perks, like good interest on balance.
Good luck.
Serial bank switcher... tick
Flamedeer here?... cross :disappointed:
Thank you very much for your detailed explanation I will give it a go
Happy Christmas jane
u don't need perfect credit score..even with fair score u can get mortgage or load easily.
it's worth for £100\200.
there's no totally free money :smiley:
my credit score is still above the national and local average!
plus searches get deleted after 2 years.
I've got a normal halifax account account currently, which I'm happy with and don't really want to close unless really necessary.
Is it best to open a 2nd halifax current account, do a standing order into it from 1st account and set up some d.ds to it. Then use the 2nd account as a donnor one? Are you able to have 2 halifax current accounts??
thanks in advance
....
Changes to note:
- Co-Op Bank offering £110 (was £150 in the past)
- M&S Bank offering up to £170 in gift cards (was £220)
- FirstDirect offering £125 (was £100) via MSE link
- Halifax still offering £100 but this is due to go down in March to £75
- TSB offering £125 (no offer in recent months) via MSE link
- HSBC offering up to £200 (no offer in recent months)
- Nationwide not on Quidco/TCB anymore, but they still offer £100 if you're referred by an existing customer
Thanks to everyone again.
The account was opened immediately, visible through the mobile app and online banking.
The switch is in progress. regular emails and text are being sent to keep me updated of progress. they promised to give £100 by 3 days of switch. but they have already credited that amount to my new bank account, even before the switch date has arrived!
lovely banking service, would hate to leave them!
Any help or advice would be much appreciated on this
Many thanks
If you're worried it wont work ring them and ask them to confirm the offer is showing on your account.
October 2014 - Halifax - £100
January 2015 - Yorkshire Bank - £150
March 2015 - Santander - £36.75 TCB
June 2015 - M&S Bank - £150 gift card (I think!)
August 2015 - Co-op Bank - £125
November 2015 - TSB - £125
July 2016 - Nationwide - £100 + £34 TCB
October 2016 - HSBC - £150 (+£50 to follow end of this year)
Today - First Direct - £125
£1145.75 - not bad!
I've not been targeted for a Tesco bonus sadly but will definitely hop when one is available for me. I'm also hopeful that the 'B' account will have one at some point (and not exclude YBS/Clydesdale former recipients) and maybe Virgin Money too.
YBS/Clydesdale was *by far* the most faff with the stupidly long 'telephone appointments' and reams of paper to sign and return.
M&S, HSBC and First Direct are ridiculously slow at processing stuff and sending stuff out.
The Lloyds online banking system (used by TSB and Halifax) is definitely the best one I find. Feature complete and no complicated log in procedure. Nationwide and Co-op are pretty good too. HSBC's (used by FD and M&S) is a bit of a rigmarole.
Props for the thread karlie88!
Jane
Thanks jane
This probably isn't representative of most cases though
Jane
Check moneysavingexpert.com out
Changes since last time:
- Halifax's bonus has gone down from £100 to £75
- FD still offering £125 if you join them via MSE link
- M&S Bank offering £125 and an ongoing £5/month for 12 months (previously was £50 and an ongoing £5/month for 24 hours)
- HSBC no longer offering a switch incentive
- TSB no longer offering a switch incentive
- Co-op's offer remains the same
I have several accounts and do this every month. The money end up in an account which pays me some interest.
Cheers
i imagine most should allow complete switch online. Good luck!
HSBC & First Direct require a lengthy phone call but normally no need to go in branch. However, they do send paperwork in the post which need to be signed and returned.
Nationwide might need you to go in a branch if they need to confirm your ID.
Co-op definitely needs a branch visit to complete the account opening.
If anyone wants to be referred to join Nationwide for £100 each then feel free to message me :smiley: