Switching Current Accounts

capehorn

I am currently thinking about using Santander's switching service for the £100 bonus. I would be switching my Halifax current account which is currently pretty dormant - I do not have my wages paid into it, but I dripfeed £1000 in per month for the £5 reward (I don't trust Santander to handle my actual daily use current account). I have one direct debit set up on the account.

If I use their switching service, what will happen to the Halifax account? Will it stay open? Will all the money in it be transferred to Santander? If it does stay open will it still be eligible for the £5 reward?

Seemingly the £100 offer is ending today so I want to get the application in before 5pm.

Thanks a lot!

exel1966

The Halifax account will remain open unless you pass instructions for it to be closed. You'll still be eligible for the £5 as long as you pass £1k through the account each month. Any month you don't and you won't get the £5.

Routing £1k from Santander to Halifax is not easy as Santander only operates faster Payments up to £300 so you'd have to do 4 seperate transactions on 4 days or one BACS payment of £1k but thet will take 3 days to clear.

capehorn

Thanks for the information. I can still make a normal bank transfer online for £1000, just it will take 4 days to get there? That's fine, I usually do it several days in advance anyway.

Will the balance of the Halifax account remain there, or will it be transferred to the new Santander account?

exel1966

The Halifax balance will remain in situ, Santander cannot change/touch anything other than your DD's or S/O's as part of the switching process.

capehorn

Much appreciated.