Multiple banks accounts

chilly1

I have been reading about and this is my plan can it be done?

I have one current account that has no benefits but would still like to hang on to it.

I was thinking if I can open a second current account with this bank, transfer over the two direct debits that I have to this account and then setup so 1st acc pays in £750 to 2nd acc.

Then go to Halifax to open the £5 reward account with switching service to get £100 for switching. The account I want to close and switch is that 2nd one that I just opened. Can this be done? It will just close that one account without touching the 1st?

If this can be done then I will open another reward account with Halifax with 2 direct debits and transfer £750 from 1st Halifax to 2nd Halifax to get another £5 reward. Have read you can have 3 accounts. So can get £15 reward per month.

Then I will open the 123 sandanter account and get the 3% interest

Your views and thoughts please.

anselld

Halifax reward is 1 sole, 1 joint.

dr_adidas01

No you can now only have one sole reward account, and a joint reward account.

They changed the rules on how many reward accounts you could have over a year ago.

Its now also the same with Santander and their 123 account

Gentoo365

To clarify

You have an account that is NOT with Halifax. For the purposes of this lets imagine it is with HSBC.

You plan to open another, second, account with HSBC. Change some direct debits to go from the new account, and also set up some standing orders to go between your existing HSBC account and your new HSBC one.

Then you plan to open an account with Halifax and switch your new HSBC account.

With the end result that you have two accounts. Your existing one, and the new Halifax one.

I imagine all the above is possible, but it seems like a lot of faffing about for such a small gain.

moneysavinggirl40

if you have opened a halifax reward b4 jan 2012 and mine still exists with 2 dd, you can still open another halifax reward account with incentive for switching. i haven't set up dd with second halifax rew acc as i just wanted £100 for switching.

moneysavinggirl40

anselld wrote: »

Halifax reward is 1 sole, 1 joint.

Just wanted to point out that in my case this isn't the case.

YorkshireBoy

Gentoo365 wrote: »

You have an account that is NOT with Halifax.

Nor with Bank of Scotland.

colsten

moneysavinggirl40 wrote: »

if you have opened a halifax reward b4 jan 2012 and mine still exists with 2 dd, you can still open another halifax reward account with incentive for switching. i haven't set up dd with second halifax rew acc as i just wanted £100 for switching.

Why open another account when you can transfer into an existing account?

moneysavinggirl40 wrote: »

Just wanted to point out that in my case this isn't the case.

What is the case in your case? Are you saying that Halifax do not enforce their T&Cs that say (for new applications)?:

You can hold one Reward Current Account in your sole
name and one in joint names

When did you open your reward accounts?

colsten

Gentoo365 wrote: »

Change some direct debits to go from the new account, and also set up some standing orders to go between your existing HSBC account and your new HSBC one.

this sounds like a lot of completely unnecessary faffing about as you need neither direct debits nor SOs to receive the Halifax switching incentive.

moneysavinggirl40

I am saying that it excludes customers who have had this incentive since jan 2012 I had my incentive before Jan 2012 so have switched again since then and hold 2 reward current accounts and have benefited in 2 x£100.

SuperHan

moneysavinggirl40 wrote: »

if you have opened a halifax reward b4 jan 2012 and mine still exists with 2 dd, you can still open another halifax reward account with incentive for switching. i haven't set up dd with second halifax rew acc as i just wanted £100 for switching.

If you don't have any DDs you probably don't have a reward account, you probably just have a second Halifax current account (which is allowed).

The reward account is the one that pays £5 per month. When I switched for the original £100 offer, I switched to a standard current account because I didn't get paid the required £1,000 a month at the time. When I got my full time job I was automatically upgraded as I then met the criteria.

If you're not meeting the criteria, I think they downgrade you to current account, which is why you have got away with two, I imagine.