How long do I need to keep account open after receiving incentive?

graspthenettle

Hi All,

Basically, I transferred my Santander current account to Halifax to get the £100 incentive in August 2014. (Santander closed my branch, it was their own fault!)

Now, I want to open a M&S current account so that I can take advantage of their regular saver with 6% interest.

I can do that, no problem, but I see that if I transfer current accounts I can also get a £100 M&S gift card (not £125 in vouchers as it says in Martins write up - not sure where that extra £25 came from).

Without wishing to be greedy (oh, what do I care? I've been good all my life ) can I now transfer my Halifax account to M&S to get the voucher or do I need to leave my Halifax account open for a year or something?

I have tried googling this question and looking on the Halifax site etc but I can't seem to find an answer. So if anyone knows, one way or the other, I would appreciate it if they could tell me, please.

Thanks for reading this.

Archi_Bald

graspthenettle wrote: »

I can do that, no problem, but I see that if I transfer current accounts I can also get a £100 M&S gift card (not £125 in vouchers as it says in Martins write up - not sure where that extra £25 came from).

it is £125 if you use this link: http://bank.marksandspencer.com/banking/mands-current-account/landing/exclusive-offer/?WT.mc_id=MASM_MSM_CA_125_0215

graspthenettle wrote: »

can I now transfer my Halifax account to M&S to get the voucher or do I need to leave my Halifax account open for a year or something?

Is there anything in the Halifax T&Cs that you agreed to that says you must keep the account for a specified length of time? There normally isn't but you may have agreed some different terms.

eastofeden

No you don't need to keep it open for any specific length of time after opening it and receiving the incentive. However, as you get a fiver a month for keeping the account in credit ( as well as other conditions, easily met, see T's and C's), it seems a shame to sacrifice this account. Could you set up a donor account instead? Plenty of advice on this in other posts!

graspthenettle

eastofeden wrote: »

No you don't need to keep it open for any specific length of time after opening it and receiving the incentive. However, as you get a fiver a month for keeping the account in credit ( as well as other conditions, easily met, see T's and C's), it seems a shame to sacrifice this account. Could you set up a donor account instead? Plenty of advice on this in other posts!

Thanks for the info, I haven't been receiving £5 a month so I guess I need to look into that. (I have just been and looked at that, I have to put in £750 a month and 2 direct debits, it's a nice offer but I think that is too much faffing about for me, thanks)

Or maybe that's another reason to give up on them, lol.

graspthenettle

Thanks for that link Archi Bald - much appreciated!

nearlyretired2004

Its not really THAT much faffing

Set up two different Tesco online savers - they accept DDS - for £2.50 each each month to collect your fivers - then a standing order into the account and out again same (or next day) for the £750

Some of us have been doing this with upto three accounts each for - lost count - about 5years?

Me and OH six accounts between us = £30 per month - £360 per year
= about £1800 (AFTER tax) of FREE money over the five years.

(Oh and my son has three accounts as well.....)

ricky_v

Open the Tesco savers for the DD facility as others have said. Once set up it's free fivers until Halifax withdraws the offer.

Plus you can use the 2 Tesco accounts to meet any DD requirements for other accounts (e.g Lloyds club and co-op bonus).

ricky_v

nearlyretired2004 wrote: »

Me and OH six accounts between us = £30 per month - £360 per year
= about £1800 (AFTER tax) of FREE money over the five years.

(Oh and my son has three accounts as well.....)

T+C states one account in each name only, and one joint only. How did you manage to get 6 and your son 3, or am I missing something?

colsten

ricky_v wrote: »

T+C states one account in each name only, and one joint only. How did you manage to get 6 and your son 3, or am I missing something?

It used to possible to get more sole accounts but they changed the terms. As you say, it's 1 sole and 1 joint only now per new applicant. Existing account holders can keep the extra ones.

Westie983

Hi I work for the bank in question and there is no time limit in which you need to keep the account open after receiving the incentive but as others have said you are missing out on £5 each month.
Two DD could be either tescos or actual DD lots of people use TV licience as its low figure and any charity payments.

In regard in the funding requirement of £750 this only needs to pass through the account so can be paid in via BACS or as per a standing order or faster payment, it can go back out of the account within seconds if needed, or remain in the account to be transfered back out as required.

As others have said a easy £60 a year for seconds of work....

Westie

graspthenettle

Westie983 wrote: »

Hi I work for the bank in question and there is no time limit in which you need to keep the account open after receiving the incentive but as others have said you are missing out on £5 each month.
Two DD could be either tescos or actual DD lots of people use TV licience as its low figure and any charity payments.

In regard in the funding requirement of £750 this only needs to pass through the account so can be paid in via BACS or as per a standing order or faster payment, it can go back out of the account within seconds if needed, or remain in the account to be transfered back out as required.

As others have said a easy £60 a year for seconds of work....

Westie

Thanks Westie (and for everyone else who took the time and effort to reply. I'm not sure how I missed reading the info about the £5 a month, but what I am now wondering is, if I start putting money into my Halifax account and doing the direct debit thing, will the £5 start automatically or should it have been something I did when I first opened it?

Spurious question thrown in while I'm here - when I was opening a Lloyds account (to replace my Natwest that they also closed, damn these people!), I was told that because I have so many current accounts - I like to keep my monies seperate for different things - I would be considered a bad credit risk. Why is this? I don't owe anything on them, they are all in a healthy state, albeit not a vast amount of money, why should the fact that I like to use different places for convenience count against me?