halifax ultimate reward account

54druids

Upgraded to this account a couple of months ago but as yet have not got around to activating it. I have just applied to switch my bank account to santander. Question is - if i take out mobile phone or household insurance or rac cover (some of the benefits of this account) will i lose all of these when i switch. If I take out the household insurance i am meant to get 20% off with the ultimate reward account but what happens after it closes? Should i quickly sign up to all the benefits before the switch is made?

flyingjock1

Druids

The minute you close the URCA all benefits stop on that date. You are only covered for the insurances whilst you pay the £12.50 monthly fee.

jambosans

54druids wrote: »

Question is - if i take out mobile phone or household insurance or rac cover (some of the benefits of this account) will i lose all of these when i switch.

Switching is irrelevant, you would only loose the benifits if the account was closed (as flyingjock1 says) or downgraded. If you are transferring to Santander, at the end of the switching process simply don't provide the template letter (provided by Santander) requesting closure. Your new bank cannot force you to close the Halifax account, they need a signed document from yourself to do so.

54druids wrote: »

If I take out the household insurance i am meant to get 20% off with the ultimate reward account but what happens after it closes? Should i quickly sign up to all the benefits before the switch is made?

The only condition you may be subject to is from the Ultimate Reward Current Account Terms & Conditions, Section 2, Pg. 37:-

URCA_T&C's wrote:

p) If you close your Ultimate Reward Current Account or transfer to another of our accounts in the first year of opening your account there may be a fee to compensate us for the cost of providing the Account Benefits Package to you.

This would normally be applicable if you have used the benefits (i.e. claimed on the mobile phone insurance). I don't think however it's a heavily enforced policy, merely protection from those who abuse the account benefits over short periods of time.

54druids

Thanks for your answers, I think I will not take up the insurance - sounds too risky