Best Bank Account article discussion

yvonnent

Hiya moneysavers

I sometimes need my overdraft but should be okay for the next few months. What would happen if I opened the Halifax account, got the £100, then switched to A&L Premier Direct (for the year's free overdraft)? Would they let me switch or would I incur charges?

regularsaver1

Up to you what you do after

Galstonian

The article states that Halifax will pay 6.17% to new customers. They will in fact pay this to existing customers too. If you already have a Halifax account you should ask them to redesignate it as a High Interest Current Account. The same terms and conditions apply but obviously since you will not use their switching team you will not be eligible for the £100 bonus payment.

regularsaver1

Conditions for the £100 switching incentive:

1. To qualify for the £100 switching payment you must open a new Halifax current account between 5th February 2007 and 23rd March 2007. All account openings are subject to acceptance.

2. You have to use our Switching Team to transfer Direct Debits and standing orders from your existing account elsewhere to your new Halifax current account.

3. Our Switching Team must receive your completed switching instruction forms by 30th April 2007.

4. You must make payments totalling at least £1,000 every month, into your new Halifax current account.

5. The £100 switching payment will be paid into your new current account by the end of the month following the month in which you make your second payment of £1,000 into your account. The second £1,000 payment must be received by 30th September 2007.

6. Payment applies to first account opened only, whether sole or joint. Joint account qualifies for one payment only.

7. The £100 offer is subject to change and may be withdrawn at any time.

8. The offer is open to new current account customers only and not available to existing Halifax current account holders. New customers opening a joint account with an existing sole account holder will not qualify for a payment.

9. Our Student Current Account is not eligible for the £100 switching payment.

10. This offer is not open to employees of HBOS plc.

Sussy_2

I went into Halifax last week and they said you get the £100 specifically for switching your direct debits. Which was great until they then confirmed that the account has a £10 monthly fee. No thanks. They tried to sell it to me saying that the account comes with lots of extras. But I don't want or need RAC cover etc, i just want a bank account. Certainly when I last looked I can't find any mention of the £10 monthly fee anywhere on the website.....

Moonbeam

Sussy wrote:

I went into Halifax last week and they said you get the £100 specifically for switching your direct debits. Which was great until they then confirmed that the account has a £10 monthly fee. No thanks. They tried to sell it to me saying that the account comes with lots of extras. But I don't want or need RAC cover etc, i just want a bank account. Certainly when I last looked I can't find any mention of the £10 monthly fee anywhere on the website.....

They are talking about the ultimate account - it's due to be launched on Monday - go back to them and say you want the High Interest Account instead and they should be able to do that for you.... offers the high interest rate so long as you credit it with £1000 per month and no monthly charge...

Sussy_2

Thank you. I will go back to them. I did specifically ask for the High Interest Account, and then rang them up on the number from the website to make sure I wasn't misunderstanding them and both times they said there was a £10 charge relating to that account. At least I can go back to them now and specify the High Interest Account, "but not the new Ultimate Account". Thanks for your help.

n3phi1im

I just called Halifax to find out how solid this rate will be. Halifax told me it tracks the Bank of England base rate. When I asked for more info, ie. how closely it tracks and if the amount over base is fixed in relation to the base rate, she 'went to get her supervisor' and then cut me off.

regularsaver1

well the 5% was around since the account was launched a good while ago and then this month it increased to 6%

Chippy

My husband and I have held a joint account with Barclays for almost 25years...far too long of paying them to have OUR money...so the time has come to make the switch!!
Do you think it will be possible to open up 2 separate accounts with Halifax from one joint account....just to get £200....and then in a few months merge them into a joint account. Not sure if this will work because of the compulsory switching service...however we would have to share out the DD's between the accounts.
Any thoughts?