changing banks. [santander to hsbc]

al4x

so i have a halifax and hsbc bank account,

my salary is directly paid into my halifax account to get the £5, then i moved it over to the santander account to get the 5% interest

bow the 5% interest is over so i want to move over to hsbc for the 5% savings and £75 reward

what i need to know is that does the salary have to go into the hsbc or can i do what i did before and just transfer money from halifax to hsbc?

thanks

realaledrinker

Even if it does it would only take 5 mins each month to move £1000 to/from HFX to get the reward.

al4x

i was kind of hoping to keep my salary going into halifax and transfer it to hsbc [hsbc have the savings account with 5%]

rb10

HSBC's T&Cs of the switching offer are here.

The requirement is simply that you switch standing orders and/or direct debits, so what I would suggest is:

1) Set up a standing order for £1.00 from your Santander account, going to Halifax
2) When you open the HSBC account, say that you want to switch from Santander. They'll then move across this £1 Standing Order from Santander, leaving your Halifax account and salary untouched.
3) Wait until you get the £75, then cancel the standing order.

There appears to be no requirement to switch your salary.

Make sure you remember to transfer £500 from Halifax to HSBC and back again each month to avoid being charged by HSBC.

Finally, if you are under 35 and do not own your own home, look at the Santander First Home Saver (also a Regular Savings account, paying 5%, but with no current account requirement).

al4x

i do have a direct debit i can change over going from that account for a mobile contract, sounds like itll work then

another reason is santanders terrible 'not so fast' faster payments