halifax account 0% for 6 months and £100

sjh101

I have noticed this offer to switch bank accounts from my current to this one. It is on the money saving expert website. I have a few questions I'm hoping people might put straight for me.....

1) is it possible to apply to switch and keep my current (now) account still open?

2) the account I'm wanting to switch from is my own personal account with non of the income from our jobs linked to it or any of the direct debits....they are all in the joint account. Its basically to put my pocket money in from the joint when we get paid and she does the same with hers. Anyway on reading in more detail about the new account it says you need a min of 2 direct debits to transfer.......the problem is even the phone bill comes out of the joint, so was wondering if setting up a direct debit or standing order from my own account to pay my mum and then she sets one up to transfer it back?? Would this count as a regular payment going out?

3)Can anyone confirm if say i was £190 overdrawn in this new account with an ARRANGED overdraft with a limit of £500 I wouldn't pay a penny unless I went over the £500 or was still in debt after the 0% 6months are up. Have I got this right?

4) There would also be a lump sum of money coming in each month from the joint when we both get paid. I transfer some into mine and she does the same with hers. Would this count as income? It states that you don't actually need a monthly income to apply though so that should be OK.

I don't plan on being overdrawn and don't particularly like it but its just how its turned out to be recently. Ive worked it out I should be back to normal within about 6 months which is why this account fits the bill plus you get £100 which would help.

If someone could clarify these questions for me I would be very grateful.

Thanks

iAMaLONDONER

sjh101 wrote: »

I have noticed this offer to switch bank accounts from my current to this one. It is on the money saving expert website. I have a few questions I'm hoping people might put straight for me.....

1) is it possible to apply to switch and keep my current (now) account still open?

I'm interested in this answer too, so I'll be watching this thread

Plus I think you can just make 2 direct debits- to saving accounts or credit cards for the transfer..

dr_adidas01

sjh101 wrote: »

I have noticed this offer to switch bank accounts from my current to this one. It is on the money saving expert website. I have a few questions I'm hoping people might put straight for me.....

1) is it possible to apply to switch and keep my current (now) account still open?

2) the account I'm wanting to switch from is my own personal account with non of the income from our jobs linked to it or any of the direct debits....they are all in the joint account. Its basically to put my pocket money in from the joint when we get paid and she does the same with hers. Anyway on reading in more detail about the new account it says you need a min of 2 direct debits to transfer.......the problem is even the phone bill comes out of the joint, so was wondering if setting up a direct debit or standing order from my own account to pay my mum and then she sets one up to transfer it back?? Would this count as a regular payment going out?

3)Can anyone confirm if say i was £190 overdrawn in this new account with an ARRANGED overdraft with a limit of £500 I wouldn't pay a penny unless I went over the £500 or was still in debt after the 0% 6months are up. Have I got this right?

4) There would also be a lump sum of money coming in each month from the joint when we both get paid. I transfer some into mine and she does the same with hers. Would this count as income? It states that you don't actually need a monthly income to apply though so that should be OK.

I don't plan on being overdrawn and don't particularly like it but its just how its turned out to be recently. Ive worked it out I should be back to normal within about 6 months which is why this account fits the bill plus you get £100 which would help.

If someone could clarify these questions for me I would be very grateful.

Thanks

1. Yes you can apply and keep your current account open, just don't tick the box that says close my account.

2. There must be a minium of 2 direct debits set up on the account, direct debits are different to standing orders and standing orders are not a direct debits and wont count towards being classed as a direct debit.

The easiest way to get around the 2 direct debits would be to open say a tesco saving account and a newcastle building society savings account as these allow direct debits to be used to pull funds into these savings accounts. Set it up so that it takes £1 each month to these accounts, and voila you have two direct debits set up.

You will need to set these up on your old account first so that they can be transferred to the new one with Halifax.

3. If they give you an overdraft and that depends on whats on your credit file. Then as it says on the site the overdraft is fee free for six months, however if you went over the limit they give you then you will be charged for going over that limit as it states in the T&C's which will be £1 per day for however many days your over your limit.

Also after the six months it no longer is fee free and you will be charged the daily fee which depends on how much your into your authorised or unauthorised overdraft you are.

4. Depending on which account you open there is can be a minimum amount funding amount that must be met each month. The normal current account doesn't have one. However if you chose the reward one then its £750 per month to qualify for the £5 reward payment each month. And the same goes for the Ultimate Reward one though you pay £15 or £10 a month for the benefits this account gives.

Any money you pay into these accounts is classed as an income of sorts, so you should be OK just transferring the money from another account to the Halifax one.

Oh and had you done a forum search for this you would have found your answers as its been done to death in the last 6 Months!!!

sjh101

That's excellent, thanks for the info.

Just one last thing.........I think it was the reward saver I was looking at so when you say 'depending on which account some have a minimum amount of funding that MUST be met.' Is that must be met in order to receive the £5 monthly reward payment or is it must be met to actually keep the account open and not pay any fees for not meeting the say £750 a month? As I'm not fussed about getting the £5 really and all that would be being paid in is £200 a month not £750.

Thanks again

dr_adidas01

sjh101 wrote: »

That's excellent, thanks for the info.

Just one last thing.........I think it was the reward saver I was looking at so when you say 'depending on which account some have a minimum amount of funding that MUST be met.' Is that must be met in order to receive the £5 monthly reward payment or is it must be met to actually keep the account open and not pay any fees for not meeting the say £750 a month? As I'm not fussed about getting the £5 really and all that would be being paid in is £200 a month not £750.

Thanks again

Yes to get the £5 reward you must pay in £750, if your not that bothered about the £5 then just open the normal current account.

Though I would open the reward one, and transfer the £200 back from one account to the reward one 4 times to get the £5. If you do this every month you'll get the £5 which is £60 a year for doing very little.

Willornot

Just one little point - should you go over your authorised overdraft you will be charged £5 per day, not £1 per day for every day you are over. That is unauthorised lending and therefore charged as such.
One more point - sjh101, why not pop into your local friendly Halifax branch and ask the lovely ladies who know all the facts!!

dr_adidas01

Willornot wrote: »

Just one little point - should you go over your authorised overdraft you will be charged £5 per day, not £1 per day for every day you are over. That is unauthorised lending and therefore charged as such.
One more point - sjh101, why not pop into your local friendly Halifax branch and ask the lovely ladies who know all the facts!!

That's a bit sexist isn't it Ladies in a branch, Don't women work in Halifax branches? They certainly do in my local branch!!!!

Plus you don't need to go into a branch all the charges and fees and facts as you put it are on the Halifax website!!!!

easylife73

Have just completed the online application and didn't see a box to tick to choose whether they close your old account or not. Hope they don't as I wanted to keep it.