How often can you switch bank accounts?

ujjain

I am thinking of switching to Halifax for £100 from Lloyds and then move around to the £100 reward banks.

Because you need at least 2 standing orders and pay in £xxx, I think I'd have to move my actual current account, because I don't think you can just move your own £750 in and out of the account every month.

Has anybody else considered doing this? Is this possible at all, do you have to stay at least xx months?

grumbler

ujjain wrote: »

... I don't think you can just move your own £750 in and out of the account every month.

You are wrong. Halifax account is the one worth keeping.

do you have to stay at least xx months?

No - unless the T&C say otherwise.

InsideInsurance

ujjain wrote: »

I don't think you can just move your own £750 in and out of the account every month.

Has anybody else considered doing this? Is this possible at all, do you have to stay at least xx months?

If that were the case then the self employed couldnt ever benefit from the account. You can fund the £750 however you want, many of us bounce the same money through several accounts to qualify for all bonuses and interest rates etc.

Read the terms to see if there is a qualifying period or minimum retention period, for most there arent beyond the timescale for the process of switching etc to go through.

EarthBoy

ujjain wrote: »

Because you need at least 2 standing orders and pay in £xxx,..

You'll need two direct debits if you want the £5 per month. Standing orders don't count.

crumpetman

I don't think the £750 even needs to be in one single transaction just so long as you have deposited £750 or more in a calendar month.

d123

grumbler wrote: »

You are wrong. Halifax account is the one worth keeping.

Grumbles, I'm looking to move accounts and was considering the Halifax Rewards account, why do you consider it to be "the" account to keep? Is it just the £5 a month? Or is there something else to it?

grumbler

No, I meant just the monthly fiver.

d123

grumbler wrote: »

No, I meant just the monthly fiver.

Thanks, I was just checking I hadn't missed anything. It does look like the best option with the £100 + £5 a month.