Bank accounts / Direct debits

marky.fitz

Hi All

Hope someone can help with the below.

I'm just about to open an account with First Direct to try and take advantage of there £100 signing up bonus (as long as you pay £1,500 per month). With this account you have to set up two direct debits from a previous account. I was wondering if it's possible to set up 2 small direct debits (say gas/electric and life insurance) and then set up another direct debit to pay £1,000 into a new Halifax account as they are also offering £100 signing up fee (as long as you pay in £1,000 per calendar month).

Does this seem feasible or has anyone tried doing this succesfully / unsuccesfully?

I've had a brief look through there T&Cs but can't see anything against doing this (although may have missed something)! Would it not be allowed due to money laundering and moving money between accounts?

Thanks in advance of any help.

Gromitt

I think you mean Standing order to Halifax rather than Direct Debit, but yes it's possible. However, Halifax was a bit strict last time, wanting to see credits from an employer rather than just FPIs of 1K. No harm in trying though!

Don't worry about money laundering, it's not like your trying to clean your money through the banking system. They have a full audit trail if they wanted to follow it (maybe if it was 10K, they might...)

heloid

I have never had a problem with Halifax or FD transfering money in and out to satisfy funding requirements. For a time I moved the same 500 quid back and forth multiple times.