Sign Indiana Banking IOU Now

Industry sign banking indiana iou now

hello so this is my march 2021 update of the best current accounts for you and your banking here in the uk i'll take you through later on my top accounts what you can get from the different banks including if you're only going to have five different accounts what five i think you should be going for plus i've got news of three new bank switching promotions which will give you some cash awesome freebies in exchange for moving your bank from your existing bank to one of these new ones and if you are an mns bank customer you've probably already heard the news they are going to close down every single one of their accounts and stop offering new ones to everybody in august of this year so that means if you already have an ms account what what do you do with that account i'll be sharing with you my top tips for that let's kick off with the bank switching news now last time last month i told you about two different promotions uh two of those banks are still offering promotions but they've changed what they offer plus there's a new one available and let's start with that new one because it's the top paying one in terms of cash and it's with hsbc bank if you open up one of their advance accounts and then transfer switch over to them from an existing bank and that means a proper full switch which means you have to close down the old account as part of that switch you can't keep access to anymore switch over and set up two direct debits or two standing orders and that's really interesting i'll come back to that in a second then you will get 125 pounds as a cash switching bonus now let's go back to that direct debit and standing order thing now if you do switch bank quite regularly you'll be used to this switching direct debits is often part of what they want you to do because they don't really want you just to open up an account and then not use it at all if you've got direct debits it means money has to go in there in order to pay those direct debits out so that's generally what they're doing with that and if you're a serial bank switcher like i am you've probably already got your direct debits tied up in an account that's going to give you some rewards perhaps it's that santander one two three light account where you get cash back on those direct debits or you might have already got them tied up to justify getting your rewards at your club lloyd's account or whatever it might be what's interesting about this hsbc advance account and this switching bonus is you can have standing orders instead of direct debit so if you haven't got any spare direct debits obviously if you do then that's fine you just use those it's not a problem but you can set up a standing order and all a standing order is is moving money from one account to another on a set basis a set amount it can be quite simply if you wanted 50 quid to move from your new hsbc advance account into one of your other current accounts or into a savings account or into your partner's account and they can just send it back you don't actually have to pay any money it's just transferring money around so that means really there's no reason not to go for this the only one thing about this hsbc advance account is they do have a very high minimum payment to be eligible for this account i think off the top of my head 1 750 pounds now that's actually for most people we took average earnings in the uk that could be their salary so that's not a problem um if you could obviously if you don't have that amount of money you can go for the old trick of transferring in 500 pounds take it back out transfer 500 pounds back in take it out until you've hit that magic number that minimum i'm pretty sure it's 1750 for the month but also you only need to do this until you've got your cash bonus after that if you're not going to be using this as an ongoing account and i would suggest you don't use it as an ongoing account this is literally just a switch to get the money then if you don't keep paying that money in the worst that's going to happen is they downgrade you to a kind of pretty simple basic account but they can't take that money away and you've still got that account sitting there ready for the next bank switching promotion you want to get now another switching criteria which often means you can't get hold of these is about if you're an existing customer so if you already have an hsbc account right now tough luck i'm afraid you can't get this bonus but if you've previously had an account and it's subsequently you've closed it and you open that before the 1st of january 2018 then you can apply for this and get the switching bonus so that's good news if you've had one in the past and it's closed right now as long as it was open as i say before the 1st of january 2018 you can get it now hsbc is also kind of uh runs the banks for first direct and mns banker and we'll get to those in a second and you can actually still open up and get this switching bonus if you do have an m s or a first direct account already but again it applies that same date as long as those accounts were opened before the 1st of january 2018 and i think you get the money pretty quickly within kind of three weeks i think it's 20 days of all the things being met the criteria met you'll get that money in your account so that's one the other one which is offering cash which is new i'm saying you i mentioned it last time first direct last month i told you about the offer they had and it was if you closed your account after six months but before a year was up and you switched away to somebody else they would give you a hundred pounds to go bit of a weird one i guess they're banking on the idea there that you go there you love them so much that you're not going to go you want to keep your banking with them rather than move on or you just forget to claim that money well they've gone back they've switched around to what they've had in the past and now it's a hundred pounds for switching into first direct and you get that money within i think 28 days of meeting the minimum criteria and that minimum criteria no direct debits no standing orders with this one you simply have to pay in 1 000 within the first three months so you could pay that in in day one and in theory three four weeks later you would get your 100 pounds paid into that first direct account now this one again once more it has that same criteria about existing accounts existing first direct customers no joy and similar you can't have opened up an hsbc or mns account since the first of january 2018 but if it's before that date then you'll be fine you'll be eligible to get it now the last banks which you offered which is again this is a changed one from what was available for is still with virgin money they've been offering free wine for your business since december of last year now the offer which ended uh in the middle of february was uh 18 no 15 bottles of virgin wine and they ranked that and rated that about 180 pounds worth of wine i think realistically you were looking closer to 120 quid really because if you went and bought wine yourself of a similar similar value and took advantage of special offers you could get it for less but still not to be turn your nose up pat if you can excuse the kind of the wine pun there they've changed it and now what you get is rather than 15 bottles of wine you get 12 bottles of white and essentially it's the same bottles but they've taken out the prosecco and you get one less of ones where you've got duplicates so if that was they say it's worth 160 i think they say now maybe 140 bit less because you're taking out three bottles of wine uh i would say you're probably looking at 80 to 100 quid mark for a similar thing okay so the value has decreased quite a bit however what they will give you as well and i like this a lot more than the wine offer actually as well as those three bottles of wine they will give you a 50 pound charitable donation via virgin giving they're trying to kind of tie in all their different brands and get you familiar with all their brands yeah make it sort of virgin sort of ecosystem but that to me i think is better i'd rather have given 50 quid to a charity than have three more bottles of wine so if you haven't already switched to virgin money and then you might want to look at that one and take advantage of it you also get access to the 2.02 interest on one grand kept in that current account and their linked savings account which currently pays 0.5 percent but that is going to drop to 0.35 in april more information on that over in my savings update for march 2021 so do watch that if you're interested in getting the best money best value for money the highest interest possible on your savings so there you go three different bank switching offers they're the only ones right now we've not seen any other banks kind of come on board i was thinking we might see the likes of halifax or lloyd's start to offer money because they are as we see every time the switching figures come along we see the banks who are offering cash take customers away from the other banks so the of a big bank so i was expecting some of that who knows by the time i give you this update in a month's time maybe those banks will be offering some cash incentives if you want to make sure you don't miss out on any of those updates then the probably the best thing for you to do is to subscribe to my newsletter this is be clever with your cash.com forward slash newsletter and i will link to it below and this goes out every single thursday and it is a combination of all my videos all the articles are right on the blog all the podcast episodes i do plus a selection of deals and promotions i've spotted in that week get that to your inbox so you will know if anything happens between now and my next banking update in a month's time you'll know before just in case that offer is short-lived and doesn't make it until next time now i want to quickly touch on the other big banking news story i mentioned at the top m s bank is closing down all its current accounts and also closing down its in-store branches now it's already stopped um new customers getting accounts okay so you can't get an account now if you haven't got one if you have got a current account or the linked monthly saver which was really popular for lots of people because it was giving a decent rate of interest they would all be shut down in august of this year now emails and letters have gone out for people so i'm pretty sure most people know about it already there's a huge amount of information on their websites telling you what you can and can't do but my top tip for you is switch i've given you three options just now where you might want to switch your money over and say as long as you open this account before the first of january 2018 your m s account before that date you can switch to the hsbc or first direct if not then it is just that virgin money one that's available to you but i would take advantage of it get the offers that are there right now if it's your only account you've got this is your only bank account then i would recommend you open up you switch to one of those and you open up a second account if you you know i did a video every week check it out i think you should have at least three different current accounts open up a second account so you switch m s one to another one which you get the bonuses for and then as i'll get into a second you take a pic of another account which you think is the best one for you in terms of helping you manage your money so you've got until you haven't got done after rush if you want to wait and see what other switching offers come along you can wait there might not be any more there might be some better ones you just don't know but you've got to do this because if you before august okay and the switch only takes seven working days so there's plenty of time to sort of think about it and do it but you've got to make sure you do it before then if you do nothing then your account will become frozen and you won't be able to get if there's any money left in there you won't be able to get it you won't let's get your bank statements anything like that you'll have to contact ms bank to pay you the money and that might take some time obviously it will leave you without a bank if you need some direct debits they won't happen if salary comes in that won't go in okay so it's really really important you deal with this you take action very very quickly on the regular saver that's attached to it i would normally cover this in my savings video but it's relevant to now because i know a lot of people they got that current account just to get that savings account what they've said is they will give you the full amount of interest as if you carried on paying on it for the whole year so you shouldn't lose out so they assume that you're putting 250 quid into it every single month until it finishes now these are locked for 12 months pretty much that's how long they last so you could be a month 11 you could be a month one okay whatever it is but they'll give you the interest based on that they'll give more details soon about exactly how that will work but there you go that's the big money news this week three new uh bank switching promotions and sadly the closure of another high street uh bank they are i should say going to carry on doing credit cards and loans and other savings products it's just current accounts that are going to go and that linked regular saver that will disappear okay let's talk about my top accounts right now the ones i think you should go for the number one account again i think you should look at as i've said many times before is i think you should have an account for your spending and i think this should be one of the new sort of fintech challenger banks say that they've been going around for three or four years now starling is my number one pick but monzo is also really worth a look these just have a really great banking experience within the app you know they're very very very intuitive they help you analyze where your money's going really good sort of things you can do to help you uh save if you're not great at saving extra features which other banks are copying that let you do things like check your pin on your phone and all that kind of stuff so i would definitely think about one of those as your spending account you might not want to put your money in there your salary in there but i would transfer like i've got this month i've got 800 pounds 2 000 pounds whatever it is you know you're going to spend that month transfer that in and then use it for all your different transactions that's the first one i would go for next i would go for the one that's going to get you the most interest on your savings and it is the aforementioned virgin money account you cannot beat that 2.02 percent only on a grand but that is better than nothing and better you're going to get anywhere else and it's also a really great place that let's say something goes wrong there is an emergency you can't access your main account or you can still open up that virgin money account get into there and you'll still have some money in there 1 000 emergency port just to get you through a few days or whatever if for some reason you can't get into your main account now the third account i think you should go for is a switching account one which you have just to switch my pick right now is the tsb spend and save account this is not a great account i'm not a big fan i've had a request to do a review of it so i'll put that on the list there's a long list of videos but i'll put on the list and maybe i'll give you a bit more detail about it i wouldn't bother about the features it gives you the reason i would open this one up to switch is because quitco offers cash back on this just for opening it yes you have to have it open for three or four months yes you have to pay in a certain amount of money in that time and a few other hoops to jump through but it's all manageable you can do that it's no big issue and once you've got that so yes we're talking about say four months before you can get that cash back and then switch again then you switch it to get the other promos and you keep switching and switching and switching if you aven't already got one of these then i would get one and that's what i would go for because you're not going to lose out at all if you then switch it away beyond that i would look at getting some reward accounts i would look at the santander 123 account this is for cash back on your bill so long as you're the person paying the bills in your home your council tax your energy your mobile your tv double check that those providers are actually in there then you can type it into the santander website and they'll tell you yes we'll give money back on that and you're going to get between 30 40 whatever it quid back from that it's well worth looking at that one okay we're talking about over a year here not a huge amount but it all adds up the more expensive your bills the more money you'll get but obviously i'd still rather you try and trim your bills down and earn less cash back because you'll save more money overall or the other one my other top pick from those reward accounts is probably right now in particular is the halifax rewards account you will get five pounds a month every month if you jump through the hoops that come with that now the hoops there are that you have to pay in a certain amount every single month to make sure you don't pay the fee and you have to use your debit card for 500 quid the trick here if you want someone like me who uses the cash back credit card for everything use a halifax debit card to pay off your credit card okay so you know additional spending going on you're not losing out by spending on that rather than your american express or whatever the reason that's my top pick a because it's cash you can get it but also the club lloyd's which i do love and i think it's a great account uh the things they're giving away movie tickets cinema still aren't open and movie rentals there are no new movie rentals really coming through because there have been no cinema releases so really right now they're not great accounts to go for that's my big summary obviously i have everything on this all the updates over on the blog be clever with your cash.com and i'll link to it below and up here so you can click through and just see if anything's changed since i recorded this video if you have found it useful if you think i've saved you some money or helped you you know find better ways to manage your money please do hit that like button again don't forget that subscribe and notification bell means you won't miss any of my future updates my name's andy webb thank you so much for watching until next time cheers i hear a couple more videos you might find interesting