Another question re switching accounts for bonus
r2015
Posts: 1,136 Forumite
I have a Halifax Reward account that I only use to get the £3.00 a month reward with 2 direct debits for £1.50 a month feeding 2 Tesco savings accounts.
Given that I could get a £250 bonus by switching to Clydesdale bank would the fact that I only have 2 £1.50 direct debits and a zero balance preclude me from switching the Reward account to the Clydesdale bank?
I will of course be able to pay in £1,000 within 31 days of the switch completing, and another £1,000 in the 31 days after that, and log in to internet or mobile banking within that time.
Then could I close it when I get the £250?
After all it will take nearly 7 years to make that with my Reward account.
Given that I could get a £250 bonus by switching to Clydesdale bank would the fact that I only have 2 £1.50 direct debits and a zero balance preclude me from switching the Reward account to the Clydesdale bank?
I will of course be able to pay in £1,000 within 31 days of the switch completing, and another £1,000 in the 31 days after that, and log in to internet or mobile banking within that time.
Then could I close it when I get the £250?
After all it will take nearly 7 years to make that with my Reward account.
over 73 but not over the hill.
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Comments
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Provided the account you switch (and subsequent conduct) is compliant with the offer Ts & Cs (sounds like you've familiarised yourself with these) then there shouldn't be any problem - as ever with Ts & Cs, what they don't say is as important as what they do, so if there is no exclusion of zero-balance accounts or low-value DDs then that tells its own story.
Or you could of course just open another, sacrificial, account with Halifax or elsewhere, add a couple of DDs and switch that without losing your Reward account with its monthly £3....0 -
Or you could of course just open another, sacrificial, account with Halifax or elsewhere, add a couple of DDs and switch that without losing your Reward account with its monthly £3....
Never thought of that.
Getting to old for all of this :drool:over 73 but not over the hill.0 -
You don't need to have 2 DDs to switch to qualify for the £250.
If you set up 2DDs on the new Clydesdale account and have them pay out within 62 days of completing the switch and meet the other conditions then you qualify for the £250
http://www.ybonline.co.uk/resources/e6ff10a6-1b40-4e44-82bb-c58130a1a538/149904_250_Cashback_DU250TCS.pdf
"The account must have two Direct Debits, both of which meet all of the
following criteria:
a. They are transferred as part of the switch or set up in the 62 days following the
completion of the switch;
b. They must be paid from your account within the 62 days following the
completion of the switch; and
c. They must not be cancelled before we have made the payment of £250 into
the account."0 -
Glad I saw this. Just open a dummy account with Barclays (took seconds). Will be applying for this as soon as I decide on a couple of direct debits. Given that only need to keep it open a couple of months. Will be a nice bonus in the new year.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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When it says deposit £1k in first month and then £1k the month after, does it have to stay in there or can I transfer it in and leave for 1 day and then transfer it over to another account?0
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You can do what you like with it as soon as it is in the account.Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.0
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hemophobic wrote: »When it says deposit £1k in first month and then £1k the month after, does it have to stay in there or can I transfer it in and leave for 1 day and then transfer it over to another account?
As in all these cases (well according to my experience!) the £1k has to touch base to qualify. Just let it visit and be on its way elsewhere!
It doesn't even need to be in a lump sum- could in fact be £250 x 4Being polite and pleasant doesn't cost anything!
If you found my posting helpful please hit the "Thanks" button!
Many thanks
-Stash busting: 337 in 2022
Stash busting: in 2023. 120 doggy duvets, 24 shopping bags, 43 dog coats, 2 scrunchies, 10 mittens, 6 bootees, 8 glass cases, 2 A6 notebooks, 59 cards, 6 lavender bags,36 crochet angels,9 woven bones, 1 crochet knee blanket, 1 lined bag,3 owls, 88 pyramid pouches = total 420...£119.50 spent- £114.50 earned= total spend £5. Total earned for 'Dogs for Good' £546.82
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