5% Savings Loophole

Yorkshire_Pud

junebaby wrote: »

I have been looking to open the Halifax Reward Account for some time to take up the offer of £5 per month but not got round to it. I now see they have a £100 offer for switching accounts but I do not have an account to switch.

HSBC also have an incentive at the moment of £120 for switching. My question is can I open both accounts and then switch them. Also can I switch them before I set up the funding and DDs necessary to fulfil the terms and conditions?

If you are new to switching then HSBC could put you off for life. Gruelling.

FirstDirect £150 easy peasy.

Get some accounts to switch and if they need DDs set them up ASAP.

While you are waiting for your switch from/donor accounts to be opened read up on individual T&C which should answer your questions!:)

HappyMJ

As above HSBC seemed to like writing a lot of letters with PIN's, password's and require a secure key to be able to transact on the account. From application to the £120 switch bonus being received it took me from early July to mid December.

Halifax took two weeks to open the account complete the switch and give me the switch bonus. Fastest ever switch bonus.

junebaby

Are there any accounts that you can recommend setting up as donor accounts. Perhaps ones that don't require DDs to be set up on them before transfer. Sorry been reading up and still finding it confusing!

colsten

junebaby wrote: »

Are there any accounts that you can recommend setting up as donor accounts. Perhaps ones that don't require DDs to be set up on them before transfer. Sorry been reading up and still finding it confusing!

Current accounts with any of the 40-odd banks participating in CASS will do, and easiest would probably be your existing bank. Whether you need DDs on a donor account or not depends on the requirements of your switching offer.

YorkshireBoy

junebaby wrote: »

Sorry been reading up and still finding it confusing!

You may have missed some of the articles on the main site and some key threads on the forum. If you could say which you've read so far someone will fill in the gaps for you by providing some links.

junebaby

Mostly this thread and anything I can find with switching in the title. I have set up quite a few high interest paying accounts Santander, TSB, Lloyds, BOS but have run out of funds to set up any more until a cash ISA I have matures in June 2016. My main bank account is with Nat West.

ceredigion

djpailo wrote: »

Someone posted a schematic of how all their accounts were linked together. Does anyone know where I can find that post again? The user also explained the best day to set up SO's and to o it every four weeks etc, but I can't find the post...

Do you mean this
http://forums.moneysavingexpert.com/showpost.php?p=69305709&postcount=9

caveman38

If I've got to satisfy a Joint A/C DD's too eg. Santander solo and Club LLoyds solo and joint. Can I use Tesco Savers for 3 DD's eg. Tesco 1 - 123, Lloyds solo & Lloyds joint and Tesco 2 - 123, Lloyds solo & Lloyds joint. Or can you only have 2 x DD's from each Tesco saver and have to open a third?

YorkshireBoy

caveman38 wrote: »

If I've got to satisfy a Joint A/C DD's too eg. Santander solo and Club LLoyds solo and joint. Can I use Tesco Savers for 3 DD's eg. Tesco 1 - 123, Lloyds solo & Lloyds joint and Tesco 2 - 123, Lloyds solo & Lloyds joint. Or can you only have 2 x DD's from each Tesco saver and have to open a third?

Do your Tesco savings account T&Cs stipulate a maximum number of linked accounts/DDIs that may be set up?

caveman38

You always come back with that one YB. You know I haven't read them properly (thoroughly) be a pal and just tell me - please.