£450 for nothing?

nottinghamtiger

I've looked with interest at the seemingly 'free cash' Halifax and First Direct are offering to new customers.
At the moment, I have no interest in properly moving my day-to-day current account (123 Account). However, could this work?
1. Open a random current account (say with Natwest). Deposit £100 and set up 2 small direct debits to a charity (£2 each).
2. Switch to Halifax and claim £100. Both direct debits would switch so as far as I can see this would meet the criteria, in the small print it says that 2 DDs have to be transferred.
3. Switch to First Direct and claim £125. As a new customer, there would be no fees for the first 6 months and again I would meet the criteria by switching 2 DDs.
4. Close the First Direct account (I wouldn't get the 'leaving bonus as I won't have paid into the account every month).
5. Show the wife how to do the same.
6. Spend my £450.

SG27

You have to have your salary paid into the account too I believe.

YorkshireBoy

nottinghamtiger wrote: »

2. Switch to Halifax and claim £100. Both direct debits would switch so as far as I can see this would meet the criteria, in the small print it says that 2 DDs have to be transferred.

You're the second poster I've seen make this statement tonight. Where, in the £100 switching offer T&Cs, does it mention direct debits...let alone two of them?

nottinghamtiger

It says that any credits have to be transferred, but not that there has to be automatic credits. Been self-employed I don't have my 'salary' paid into my account by a particular company.

nottinghamtiger

YorkshireBoy wrote: »

You're the second poster I've seen make this statement tonight. Where, in the £100 switching offer T&Cs, does it mention direct debits...let alone two of them?

Thought I'd read that this is what Halifax use to determine whether the account is 'active', which is part of the criteria for switching.

Archi_Bald

You won't get a penny from FD if you don't use their switcher service, and if you don't pay in £1,000 within 3 months of opening the account.

liamcov

nottinghamtiger wrote: »

1. Open a random current account (say with Natwest). Deposit £100 and set up 2 small direct debits to a charity (£2 each).
2. Switch to Halifax and claim £100. Both direct debits would switch so as far as I can see this would meet the criteria, in the small print it says that 2 DDs have to be transferred.

This is what I'm planning to do, although there is confusion from the t&c and this forum over how many DD or even if that's needed at all.

But to be safe I'm going to set up a charity one, not losing anything and for a good cause!