Swapping DD's from Halifax Reward Account

HHarry

Through an NHS benefits scheme I have the oppurtunity to open a Co-op current account and receive a £100 cashback - which seems like a no brainer.

One of the conditions is that it needs to have 2 DD's or SO's set up on it, which must be done through their swapping service.
The easiest way for me to do that is to swap the 2 DD's I have on my Halifax Reward account, whilst being mindful that Halifax need 2 DD's set up on the 14th April to retain the Reward account.

So, does it sound feasible to;

Start the Co-op application process after the 14th so that the DD's are allocated to the Reward account.
Once swapped, set up 2 new DD's on the Reward account aiming to have them paid out in May (to get May's £5)
Retire to the Med on my £100.

I don't want to risk getting my Reward account downgraded, by not having the DD's set up as required.

Thanks, Jon.

innovate

HHarry wrote: »

I don't want to risk getting my Reward account downgraded, by not having the DD's set up as required.

You will, if you remove the DDs, if only temporarily.

Can't you set up another current account and 2 simple DDs, and then use this for the switch?

Easy DDs: https://forums.moneysavingexpert.com/discussion/4168667

HHarry

Thanks Innovate,

I could set up another current account, but that's another credit check, plus one for the Co-op account, plus the one I had for the Reward account a few months back.

I'll see whether you have to transfer all DD's, or if you can pick and choose a couple. Then I could set up another 2 on the Reward account and just transfer those.

YorkshireBoy

HHarry wrote: »

I could set up another current account, but that's another credit check, plus one for the Co-op account, plus the one I had for the Reward account a few months back.

I wouldn't worry too much over that, provided you don't have a bad credit history.

I opened 3 x Bos Vantage accounts in January, along with a Tesco credit card, and also had a search for an M&S card (which was declined!)...all in the space of a few days.

Just last week I applied for 4 Nationwide FlexDirect current accounts (3 accepted, 1 referred ["we need to do some further checks"]).

I now have 19 current accounts. Doesn't seem to make others not want my custom!