Should I switch from Natwest to Halifax?

jen245

OP, I bank with both Natwest and Halifax. I use Natwest as my main account and have a day to day savings account with them, with a decent balance, and use my Halifax Reward account to fund my Halifax ISA (for long term savings), and as my general monthly spends account.

Now Ive only been using my Natwest as my main account for about 10 months (switched from Santander), have been very good with my account, pay at least £2000 through it, never overdrawn, all dd's paid, always has a small credit balance etc and for the first 6 months, I was like you, no other messages on my online banking except for savings and investments, then all of a sudden in March I started getting adverts for loans, then in April I started getting adverts for their Classic credit card and mortgages and in May, and for the last few weeks, I have had an invite to apply for the Platinum card (as well as loans and the other ads). Now none of these ads say pre-approved, however, I do think they give an indication of what you would be eligible to apply for, or what you may be pre-approved for. The fact that you have only had a current plus account since January, it may be too soon for them to have set pre-approved amounts, as I think they like to see good account conduct for at least 6 months.

As for Halifax, I pay at least £1400 through this account each month, and always leave a small balance of about £100 to avoid dipping into the overdraft I have on my account, pay a minimum of £500 into my ISA with them, use my debit card pay the odd bill out of it etc so Im not just paying in the £1000 and sending it back out again. I havent had any guaranteed offers yet, although Ive only had the account for 6 months, but have invitations to apply for their credit cards and loans on my online banking.

So there is no reason why you cant have and use both accounts. I like both banks but for different reasons. I like Natwest as I have a branch near me, and their online banking is fab, and their FP are very reliable, and I like Halifax because they have great offers for existing customers, and great savings rates. I'd recommend opening one of their ISAs a better home for your savings as you get 3.2% for having a Reward account. Hope this helps

James129

That was really helpful Jen.

Quite like the idea of using both accounts. I am going to keep Natwest current plus as my main salary account with 2 dds and couple of standing orders to ISA and e-savings account.

Will move 1 direct debit to Halifax rewards account and use it for mianly for atm cash withdrawals and few direct debit purchases.

Roughly what is considered a decent balance to leave in current account? I have always kept minimum balance of £3000 all the time in current plus account

jen245

I never keep as much as that in my current account, you'd be much better off sticking that in an ISA, as you are getting no interest on it. At the end of the month, I normally have between £200-£300 in my current plus account, which as soon as I get paid, goes towards the Halifax SO I have set up, and goes into my ISA (along with a few hundred ££ from my salary).

heloid

I've been offered a credit card in Halifax online banking and I got declined (with perfect credit record the since moving to the UK 3 yrs ago). Wouldn't read in to it too much...

rb10

heloid wrote: »

I've been offered a credit card in Halifax online banking and I got declined (with perfect credit record the since moving to the UK 3 yrs ago). Wouldn't read in to it too much...

They have different types of online offers.

Some are just blanket adverts - they go to everyone. Just as on TV, you can see an advert, it doesn't mean you've been accepted.

Others are targeted towards specific people, and will say 'Guaranteed Offer'. This means that you are guaranteed to be accepted, and they won't carry out a credit check.

chanz4

Natwest dont give approved offers online, they are just adverts. Been honest the sooner the step account is closed the sooner your internal score increases. If you have any unsettled defaults you wont get anything. Halifax is ok, although you dont really get offers much, but better bank by far

huw01

James129 wrote: »

Just a bit of background, I am orignally from States. I have been on electoral roll

How are you on the electoral roll if you are from the States ? As American Nationals do not have any voting rights in the UK. I take it that you must have British Nationality status or orther Commonwealth nationality status as well or otherwise you can't be on the electoral register on the basis of being an American national alone

YorkshireBoy

James129 wrote: »

Quite like the idea of using both accounts. I am going to keep Natwest current plus as my main salary account with 2 dds and couple of standing orders to ISA and e-savings account.

Will move 1 direct debit to Halifax rewards account and use it for mianly for atm cash withdrawals and few direct debit purchases.

If this is to be done for the £50 switching incentive in branch (as mentioned above) then you'll need at least 2 regular payments (SO or DD will do) and a salary switch. But be careful...

I was told they'd get a list of DDs and SOs from my other account and send it to me for my approval. However, they then went ahead and transferred all regular payments without sending the list to me.

It wasn't a problem for me because I'd just recently set up 2 SOs purely for the switch, but for anyone like yourself just wanting two regular payments transferred it could be a problem.