Best Bank Account article discussion

regularsaver1

No I'm afraid this will not work

you can't transfer from a joint account to a sole. - the names must match on the account. Its more to do with the existing bank not agreeing to switch as the new account does not hold all account holders on it.

you can switch sole to sole, sole to joint and joint to joint, but not joint to sole.

it also would not work in that you can't select certain DD's to go to one account and the other, as Halifax get a list of all the dd's from existing bank and switch them all.

and if it was possible to do this you would only got the £100 if each account was funded with £1000 a month. So not this won't be possible

ernie-money

I have read the whole thread and I guess you must be fed up trying to explain everyting a thousand times, but I still have one more question...
I have had a current account with the Halifax for years and my oh has one with Lloyds TSB. We decided it was time to open an account for joint funds and thought we'd do this in his name using the Halifax £100 offer.
As I am the financially more responsible of the two of us, all of our direct debits are coming out of my account and oh therefore have none on his account. I thought about transfering some to his account to have them switched, but all bills are in my name, so not sure if this would be possible?
We have every intension of using the new account and fund it regularly, but we don't really want his old account closed, as that was going to be "his own" account and the new one for joint outgoings.
Even if I manage to sort out some standing orders to go from his account - would he be able to keep the old account open, or would it have to be closed to qualify for the £100?

regularsaver1

They don't close your account. That is your choice

The only way your partner would get the £100 is if he has a standing order on his account elsewhere that he could switch with, and he could fund the halifax current account with £1000 a month

n3phi1im

Chippy wrote:

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?

I think that when I signed up, it said you could have one sole account and one joint account per person.

They also asked 'how will you fund the account?' It seemed that they were not too bothered about the source of the £1000/month - salary, savings, grants, anything goes, so long as it comes from outside the HBOS group.

You could potentially open one account each and a joint account. Then each month, each transfer £500 back to your old accounts and then transfer it again to the new halifax joint account. Though this seems like a lot of hassle for a £100 bonus.

Still, you could always close the joint account once you have had the bonus money, I guess it depends on how much of a float you keep there.

n3phi1im

One more thing (said Columbo)

I have just started to open one of these (I applied online) and I have this morning received a letter saying I will need to credit the account with £100 to "ensure it is fully open". It may be this is standard operating procedure or equally it may be special treatment for folks with questionable credit histories.

I'd like to hear from folks as to whether they have been asked for the £100 credit.

thumshie

n3phi1im wrote:

One more thing (said Columbo)

I have just started to open one of these (I applied online) and I have this morning received a letter saying I will need to credit the account with £100 to "ensure it is fully open". It may be this is standard operating procedure or equally it may be special treatment for folks with questionable credit histories.

I'd like to hear from folks as to whether they have been asked for the £100 credit.

In the branch they ask the same. Basically until the account is funded with £100 the 'computer says no' to sending out your debit cards....

drzoidberg

hi, i'm just back from the bank of scotland/halifax having had an hour long new customer review, only wanted to open a high interest current account with them! anyhow, now have the high interest current acc, paid £100 into it to activate it as they asked ( they did say i could withdraw it tomorrow ) however i was planning getting them to switch all debits etc from my other bank's account to qualify for the free £100 but they said i could not leave the old account open which is what i want to do as still want my pay paid into old acc so a bit peeved! i thought i could have old acc open even if i use the hbos switching service, anyone know am i wrong?

n3phi1im

n3phi1im wrote:

You could potentially open one account each and a joint account. Then each month, each transfer £500 back to your old accounts and then transfer it again to the new halifax joint account. Though this seems like a lot of hassle for a £100 bonus.

Still, you could always close the joint account once you have had the bonus money, I guess it depends on how much of a float you keep there.

My bad. I just read this...

Halifax

Conditions for the £100 switching incentive:

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

maggienjim

Hoping to help my son reclaim charges from Nationwide and am trying to find another account to open before we start.Problem he is only 20 and only averages £800 a month at present and needs an overdraft facility as he frequently overspends !!! Any ideas welcome

n3phi1im

maggienjim wrote:

Hoping to help my son reclaim charges from Nationwide and am trying to find another account to open before we start.Problem he is only 20 and only averages £800 a month at present and needs an overdraft facility as he frequently overspends !!! Any ideas welcome

Look at the Alliance & Leicester Premier Direct Current Account*. It was Martins 2nd place recommendation.


______________________________________

LINKS THAT HELP THIS SITE (all have a * in above article)