Current Accounts

[ZeroG]

I've had my current account with Clydesdale bank for 17 years now. Initially opened it for my student loan to go into and I've kept it ever since and I've not really thought about it. I've been thinking of switching recently and just seen an advert for Halifax where you can get £125 for switching to them and their reward account you get £5 each month. You only have to pay in £750 each month, pay out 2 different direct debits and stay in credit.

My current account doesn't give me any benefits, the only good thing about it really is I have a Mastercard debit card with contactless payment option.

Anyone have any experience with Halifax or are there any other better alternatives out there?

 

[ZeroG]

The thing I do Mrk is use old dormant second accounts (open one if you don't have any!) then just use the switch service for the £100+ incentive, you don't actually have to use the new account

When I cba to get around to it I'm going to do the same with 1st Direct, and then leave after a few months just to get both amounts

Doesn't this mess with your credit rating? Does opening new accounts go on your credit rating even if you don't use them?

I was looking through the list on MSE and First Direct did stand out along with Halifax, but to get their £5/month I would need a 2nd DD, atm I just have a DD for my mobile.

Is there such a thing as switching too much? can a bank black list you?

 

[ZeroG]

I've never used an overdraft so it's not really a consideration at the moment.

 

[ZeroG]

It depends what you need and want from a bank, there is no one answer fits all in my experience. For me it isn't about joining bonuses, interest on current accounts, overdraft limits, free insurances or the fact I get some nice people in a call centre and a once a year 'free' banking review with a 25 year old.

What is important to you, surely it's more than a £125 'windfall'?

The main things would be decent support if it's ever needed and a decent online system as I tend to do things pretty much online. I currently have a Mastercard Debit card which is very useful. So either Mastercard of perhaps Visa equivalennt would be nice.

 

[ZeroG]

I think the automatic switching process you go through to qualify for the switching bonus closes your old account at the end.