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    • masscrazy
    • By masscrazy 17th May 17, 2:26 PM
    • 136Posts
    • 27Thanks
    masscrazy
    Changing bank accounts
    • #1
    • 17th May 17, 2:26 PM
    Changing bank accounts 17th May 17 at 2:26 PM
    I've had my Halifax account since 2009. I'm getting £3 a month from the 'reward' account. I got 2 credit cards and loan with them too.

    However, I'm thinking of switching to the TSB to get the £130 switching reward and then opening a separate Nationwide FlexPlus @ £10 a month for the breakdown/insurance etc.

    Often in applications they ask how long you've had a current account (not sure why though) so since this is quite a common thing, switching, i assume there is no real negative affect of changing banks.

    I'm wondering if im missing anything and to me this seems like a no-brainer.
Page 1
    • badger09
    • By badger09 17th May 17, 3:42 PM
    • 4,980 Posts
    • 4,178 Thanks
    badger09
    • #2
    • 17th May 17, 3:42 PM
    • #2
    • 17th May 17, 3:42 PM
    I've had my Halifax account since 2009. I'm getting £3 a month from the 'reward' account. I got 2 credit cards and loan with them too.

    However, I'm thinking of switching to the TSB to get the £130 switching reward and then opening a separate Nationwide FlexPlus @ £10 a month for the breakdown/insurance etc.

    Often in applications they ask how long you've had a current account (not sure why though) so since this is quite a common thing, switching, i assume there is no real negative affect of changing banks.

    I'm wondering if im missing anything and to me this seems like a no-brainer.
    Originally posted by masscrazy
    Is Halifax your only current account?

    Most on here would advise having at least 2, with different banking groups, to avoid having no access to your cash eg during system failures.

    But it is also a good idea to have at least one long standing, well managed account as prospective lenders (mortgage, credit card etc) like to see stability.

    So - my advice would be don't switch your Halifax Reward account - and give up £3 per month for almost no effort Instead, open another account, either with Halifax or elsewhere. Make sure it has any DDs etc required for your switch incentive, then use it to switch to TSB.
    • masscrazy
    • By masscrazy 17th May 17, 6:40 PM
    • 136 Posts
    • 27 Thanks
    masscrazy
    • #3
    • 17th May 17, 6:40 PM
    • #3
    • 17th May 17, 6:40 PM
    Now thats a better idea.

    I have an HSBC account which i opened in primary school which is now very old but not used at all. Rather keep that as well though.

    So, best option to open another and switch. Does it need to have been opened for a minimum amount of time and have active DDs? Or can I just open it, setup the DDs and then switch straight away?
    • badger09
    • By badger09 17th May 17, 6:50 PM
    • 4,980 Posts
    • 4,178 Thanks
    badger09
    • #4
    • 17th May 17, 6:50 PM
    • #4
    • 17th May 17, 6:50 PM
    Now thats a better idea.

    I have an HSBC account which i opened in primary school which is now very old but not used at all. Rather keep that as well though.

    So, best option to open another and switch. Does it need to have been opened for a minimum amount of time and have active DDs? Or can I just open it, setup the DDs and then switch straight away?
    Originally posted by masscrazy
    Why do you want to keep an old unused HSBC account?

    To answer your questions - the account for switching does not have to be used for any specific length of time.

    If the switch incentive specifies active DDs, then it would be sensible to wait at least until newly set up DDs appear online in the account to be switched. Belt & braces would be to wait until they had paid out, before initiating the switch.
    • Vortigern
    • By Vortigern 17th May 17, 6:57 PM
    • 2,208 Posts
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    Vortigern
    • #5
    • 17th May 17, 6:57 PM
    • #5
    • 17th May 17, 6:57 PM
    I have an HSBC account which i opened in primary school which is now very old but not used at all. Rather keep that as well though.
    Originally posted by masscrazy
    You will need to use the current account switching service to benefit from any of the incentives on offer.

    The account you opened in primary school is almost certainly not a current account.
    • masscrazy
    • By masscrazy 17th May 17, 7:11 PM
    • 136 Posts
    • 27 Thanks
    masscrazy
    • #6
    • 17th May 17, 7:11 PM
    • #6
    • 17th May 17, 7:11 PM
    It is, it was converted I believe quite a while ago now, used it for quite a few years as one but decided on a new one (the halifax one).

    Is it possible to open a second halifax current account? And switch from it? How is it seen by the company youre switching to if you only just opened an account and then switch (from) it?
    • Vortigern
    • By Vortigern 17th May 17, 7:19 PM
    • 2,208 Posts
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    Vortigern
    • #7
    • 17th May 17, 7:19 PM
    • #7
    • 17th May 17, 7:19 PM
    That's why I wrote almost certainly.

    Yes, you can open a second current account with Halifax, and then switch it.

    The new bank won't care how long you've held the account being switched. Their objective is to gain a customer.
    • Katiehound
    • By Katiehound 18th May 17, 12:44 PM
    • 3,564 Posts
    • 36,119 Thanks
    Katiehound
    • #8
    • 18th May 17, 12:44 PM
    • #8
    • 18th May 17, 12:44 PM
    Although your HSBC a/c proves you have had a long term relationship with a bank it is also one of the banks that has had a great switching deal in the last couple of years. Think I gained over £200.
    One of the conditions has been that you must not have been a customer for x months -(Don't know what as I have never been with them.)

    So, at the end of the day you might decide to switch that......
    Last edited by Katiehound; 18-05-2017 at 5:55 PM.
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
    • masscrazy
    • By masscrazy 18th May 17, 1:28 PM
    • 136 Posts
    • 27 Thanks
    masscrazy
    • #9
    • 18th May 17, 1:28 PM
    • #9
    • 18th May 17, 1:28 PM
    So i've just opened another halifax current account, setup a DD to pay my credit card and will setup another DD in next few days in time for june payments. Then starting the switching process with TSB.
    • Katiehound
    • By Katiehound 18th May 17, 5:56 PM
    • 3,564 Posts
    • 36,119 Thanks
    Katiehound
    So i've just opened another halifax current account, setup a DD to pay my credit card and will setup another DD in next few days in time for june payments. Then starting the switching process with TSB.
    Originally posted by masscrazy
    Make sure that the DDs are paid out every month- I'm thinking that is one of the new conditions. (My TSB a/c is older with different T&cs)
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
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