Switch Current Account (A&L to Halifax)

Peterix

Good Evening!

Over a year ago I switched my account using the switching service from Barclays to A&L. I got the 5% interest and the £100 for switching so all good. Now my interest rate on the current account has plummeted so I am very tempted in moving to Halifax to get the £50 switching fee and £5 a month (I earn over £1k/month).

As I have an A&L ISA do I need to keep my A&L current account open? If so I presume I need to carry on getting my Salary paid in (otherwise I believe they charge!)?

I'm wondering how you would recommend I do this or even if it’s worth doing opening a third current account?

I could in theory switch from my Barclays account (which has two DD still coming out)? Or switch from my A&L account.

Then set up a monthly payment of say £1200 from my A&L which would meet the £1000/month or does it have to salary?

Would there be anything wrong with having 3 current accounts? Has anyone done anything similar? Would it be worth closing either the Barclays or A&L account?

Thanks for reading,

Peter

rb10

The answer depends on the T&Cs of your ISA - does it state that you need to have an A&L current account? If so, then you'll need to keep it open, but otherwise you can close it.

There wouldn't be a problem in having three current accounts. Just make sure you don't leave any forgotten payments on one account that could send you overdrawn.

scragend

Peterix wrote: »

Would there be anything wrong with having 3 current accounts? Has anyone done anything similar? Would it be worth closing either the Barclays or A&L account?

There's no problem having three current accounts - that's what I have, with Nationwide, A&L and Halifax.

The first one I had was Nationwide, then a year or two ago I opened A&L to get my £100 and free travel insurance. When the Halifax Reward came out I opened one of those too, to get my £5 a month.

My salary goes into Nationwide, then is paid out to A&L and Halifax to meet their funding requirements. My direct debits go from A&L (had to switch them from Nationwide to get the £100), and my other payments, cash withdrawals etc. go from Halifax.

Once you get your system sorted it's no problem at all.

adindas

I am interested in opening a flexi a/c to get the benefit of free EU travel insurance. I have got the following info from their website:

"During the application process you must be offered a Visa debit card and:

• transfer all your Direct Debits and standing orders from an account with another bank or building society to your FlexAccount using our Account Transfer Service and be aged 64 or under.

When applying online, you will be given the option of transferring all your Direct Debits and standing orders during the application process.
On completion of your Account Transfer you will receive confirmation of your cover and the supporting documentation."

I am currently holding current a/c with A&L with few SO and DD (My salary is in another bank a/c).

Do you think it could work if

-I am using their "Switching Transfer Services" to close my A&L a/c and open a new flexi a/c with NW.
-After my new flexi A/c is open I will cancel some of DD and SO and keep my balance as minimum as possible.
- I believe there is no minimum monthly payment requirement for each month, am I right ?.
-There is no minimum balance, am I right ?.
- Is there any cash back incentive ?

Your valuable advise is very appreciated


Thank You
ADINDAS

Peterix

firstly, thanks for your replies rb10 and scragend, I will look into doing it tonight or soon I think.


ADINDAS: Afraid I've not even looked at NW so can't comment. Will say in T&C though. There is a minimum payment in A&L otherwise there is a fee for the account although no minimum balance.