£100 to move current account - is there a catch?

[ThePartyArtist]

A few banks now offer you around £100 to move your current account to them. Also today I had an email from my bank saying if I nominate a friend, they and I each get £50. Does anyone know if there is a catch? As far as I can see the direct debits go with you and there's rules about how much you deposit (e.g. you must pay £750 per month into the new account). Other than that, anything I should know?

Nope, as long as its a free account carry on.

I've swapped both our personal accounts to halifax this year & the joint to the co-op.

I'm waiting for M&S to launch their rumoured free account with £100 M&S vouchers so I can put some light fittings in the lounge.

no catch - in fact a journo has written an article somewhere on how to up your interest rate by doing this. Lots of current accounts paying 3% at the moment so there are ways to get money.

remember that £750 doesn't need to be salary - you can set up standing orders to shift money around between accounts.

do watch for charges on the account which may blow any income.

I tried to do this, but was told I don't have enough direct debits (only have two). Has anyone managed it with two direct debits? Don't really want to start signing up for mobile phones etc. just to get a current account bonus...

well there are certain "catches" - current accounts can be very different and you need switch to one that suits you.

If you are in or around your overdraft all the time - halifax won't be great as they charge £1 a day if you're in your overdraft.

First direct is good for people who are in or around there overdraft as they have a free overdraft upto £250 but offer 0% interest on any credit.

If you're an online banker it can also be very difficult to understand how good the online banking service of your new bank will be.

you need to do your homework - it could end up costing you more than £100.

if you need extra direct debits, spend two minutes online and set up a donation to a charity for a fiver a month. They get all the money (unlike justgiving etc).

Well the deal at Nationwide looks pretty good.
@Quite Quietly - you only need 2 direct debits for that.
Would anyone be interested in me nominating them for the Nationwide deal, where you'd get £50 and so would I? Don't worry you don't have to give me your bank details, it's all done through Nationwide, I just nominate you?

The PartyArtist I'm already with Nationwide, otherwise I'd be interested. We should set up some sort of chain referral thing.

How do you only have 2 direct debits?
Water, electric, council tax, broadband, mobile phone, gym, credit card, kids savings accounts, pet insurance, life insurance, tv licence, can't even remember what the others are!

Splatt

I'd be pushed to find anymore than a couple of dd, I try to keep money in the account