Halifax Offering £100 To Switch To Them

Penny_Farthing_2

Penny_Farthing wrote:

Thanks both

Yes - good point. We will just keep the longstanding account open.
Just to clarify further - will the Halifax accept a transfer of some DDs from a sole current acccount with Nat West (I know!!) in my husband's name to a sole High Interest account in my name? Otherwise, I'll have to go to the trouble of opening a sole account with Nat West in my name, transfer DDs from my joint account and the open a HI Halifax account. A faff, but worth it for £100!

Just in case this is useful to anyone else - I called the helpline and they said we could swap some DDs from Nat West joint to Husbands NW sole account then open 2 sole accounts with them. We could transfer the DDs from his NW sole to his Halifax sole and the DDs from the NW joint into my Halifax sole and get the £100 each.

This seems to contradict what Regularmoneysaver has said about transferring from a joint acc to a sole acc but the lady on the phone said it was fine, they just couldn't pick and choose DDs, they had to come as a lump.

We'll see.

YorkshireBoy

iwbus wrote:

1 - When does the interest get added? Is it 31 Dec?

Interest is paid every month.

2 - What is the interest percentage OF, how is it worked out as obviously the amount in people's accounts will be different each day (and indeed different PARTS of each day)

Interest is calculated daily, based on your closing balance, using the following formula...

Daily interest = CB x 6.00% / 365 x 0.8

where
CB is closing balance
0.8 is the multiplier for 20% tax deducted

At the end of the month, the sum of all the individual days' interest is added together and paid to the account.

EagerLearner

Just to confirm (sorry if I am causing a collective groan) - it is £1,000 in total throughout the month that's needed rather than a one-off payment of £1,000 per month? I am self-employed and get paid weekly, so no more 'normal' salary payments at the end of the month anymore.

catz747

EagerLearner wrote:

Just to confirm (sorry if I am causing a collective groan) - it is £1,000 in total throughout the month that's needed rather than a one-off payment of £1,000 per month? I am self-employed and get paid weekly, so no more 'normal' salary payments at the end of the month anymore.

Yes, £1000 in total

plzhelpmesave!

Hiya

any one know if the £1000 has to stay in for any length of time?

Hubby wants to transfer from Abbey and his salary will go in. I have about £400 a month going into my account, so could he transfer £610 into my account and then i transfer it back into his a day or two later?
thanks

lemonade_money

We have one joint current account that everything goes into, and everything comes out of. I also have an (empty) current account that I do not use. Is there any way we could open up separate accounts in order to claim £200, and then after being credited with the £100 incentive, cancel one account and make the other account into a joint one (knowing that we would not then get any further incentives)? Or would it simply be easier to just switch our current joint account to the new halifax account (again as a joint account) and get the £100 (which is still a bonus!)

I can't seem to make sense of this in my head so does anyone have any wise words of wisdom for me please?!

lipidicman

Arghh. I knew I should have kept my old second lloyds account. I assume they will transfer ALL SOs from the account you give them?

regularsaver1

Penny_Farthing wrote:

Thanks both

Yes - good point. We will just keep the longstanding account open.
Just to clarify further - will the Halifax accept a transfer of some DDs from a sole current acccount with Nat West (I know!!) in my husband's name to a sole High Interest account in my name? Otherwise, I'll have to go to the trouble of opening a sole account with Nat West in my name, transfer DDs from my joint account and the open a HI Halifax account. A faff, but worth it for £100!

no, if you transfer a sole account from elsewhere, the names must match the new account

regularsaver1

Generally regarding balance of initial overdraft - they will ask you if the £1000 covers your direct debits as these will be transfered over first. If not it can be increased for that time scale only of 120 days

regularsaver1

Penny_Farthing wrote:

Just in case this is useful to anyone else - I called the helpline and they said we could swap some DDs from Nat West joint to Husbands NW sole account then open 2 sole accounts with them. We could transfer the DDs from his NW sole to his Halifax sole and the DDs from the NW joint into my Halifax sole and get the £100 each.

This seems to contradict what Regularmoneysaver has said about transferring from a joint acc to a sole acc but the lady on the phone said it was fine, they just couldn't pick and choose DDs, they had to come as a lump.

We'll see.

This is wrong I'm afraid. They can not do a transfer from your joint to your sole. I have done these transfers time and time again, years and years . Sorry