Halifax reward account query

tight_arze

I was completing the switching application for this account earlier there was a section which asked "How do you prefer to pay into this account". When you look at the info bubble it says "select this option if your employer or benefits provider pay directly into this account as we need to check how you will regularly pay into this account as this forms part of the credit check".

My salary isnt paid into the account I am closing and switching. It is just used for a couple of bills that are paid via direct debit and I move the money in manually to pay these. I was planning to move the minimum 750 per month manually to qualify for the £5.

What option is best to select in this scenario? The only other options to select are cash or cheque, neither of which I would use to deposit money into the account.

Thanks

colsten

Just select 'cash or cheque' The selection will not prevent you from making Faster Payments into the account.

tight_arze

Thanks.

I decided not to apply in the end because you have to provide too much personal financial information on parts of the application which I felt was unnecessary.

YorkshireBoy

tight_arze wrote: »

...you have to provide too much personal financial information on parts of the application which I felt was unnecessary.

Could you provide some specific examples? I seem to remember they may ask for total savings (which some may not wish to divulge), but which other "personal financial information" did you object to providing?

jacknight

You'll be fine transferring like you said, just make sure its from a different bank otherwise they can get a bit funny!

tight_arze

YorkshireBoy wrote: »

Could you provide some specific examples? I seem to remember they may ask for total savings (which some may not wish to divulge), but which other "personal financial information" did you object to providing?

They were also asking for details of monthly mortgage payments, how much you pay for childcare, your salary details, investment and savings income etc. I don't really see the relevance of that information for opening a current account.

YorkshireBoy

tight_arze wrote: »

They were also asking for details of monthly mortgage payments, how much you pay for childcare, your salary details, investment and savings income etc. I don't really see the relevance of that information for opening a current account.

They won't be alone in asking such questions though. So whichever provider you choose for your banking needs will ask the same? I believe its known as 'know your customer' (KYC) and has come about through regulation/legislation?

tight_arze

YorkshireBoy wrote: »

They won't be alone in asking such questions though. So whichever provider you choose for your banking needs will ask the same? I believe its known as 'know your customer' (KYC) and has come about through regulation/legislation?

If thats the case then I'l just stick with my current bank account then

Archi_Bald

tight_arze wrote: »

They were also asking for details of monthly mortgage payments, how much you pay for childcare, your salary details, investment and savings income etc. I don't really see the relevance of that information for opening a current account.

You don't necessarily have to answer all the questions they ask. They all would love to know all your financial details, for the simple reason that this will make it easier for them to sell you other stuff.

Only answer the mandatory Qs, and leave the rest blank.

mlp

Sorry to hi-jack this thread but seems silly to start a new thread with a related question:

I have opened a Halifax Reward account and added a joint name. I want to use the switching service to close my lloyds account and bag £125 in the process. However when I try to do the switch on-line it says you cannot switch joint accounts on line and must be done in branch.

Does anyone know if both a/c holders must visit a branch in order to initiate a switch, or can I do it alone?

trickydicky14

Can I also ask a question regarding my switch to Halifax, I have had a reward account for years and have just moved my Yorkshire bank acc to Halifax all has gone well switch went like clockwork but does anyone know how long it takes to get the £125 bonus paid into my acc? On the Halifax site it just says "When the switch has been done" my switch took place three days ago.
Thanks for any help.