Halifax Reward Account Criteria

BargainButtons

Thanks to the great advice i have received on here i am in the process of switching 2 of my 3 Nationwide accounts to the halifax. One of the Nationwide accounts is purely a donor account and i opened it last week with the sole purpose of switching. I am going to open 2 tesco savings accounts and set up dds for them but my question is do i need to open the tesco accounts and set up the dds with Nationwide so that they are in place when when i switch or can i set the dds up with Halifax after the switch has taken place? Would the latter still qualify me for the £5 per month reward?

Thanks

colsten

Why are you switching 2 of your Nationwide accounts to Halifax? As you will only receive the switching bonus once.

You don't need any DDs for the the Halifax switching bonus. They are only needed for the monthly fivers, so you can set them up on your Halifax account, totally independent of the switch. If you prefer to set them up on your Nationwide account, e.g. so it looks like an account that is in use, you should only request the switch after the DDs show against your Nationwide account.

BargainButtons

Sorry, should have been clearer, i plan on having 2 halifax accounts so that i can get the bonus for each account. This is what I plan/am doing

Nationwide Flex Account (currently has several dds in place for all of our household bills) - switch to Halifax Rewards (will qualify for the £5 per month)

Nationwide Flex Account (no current dds) - switch to a second Halifax Rewards. I'd like to get the £5 reward so will set up 2 tesco dds - and from what you have said i can do this straight from the halifax account before i do the Nationwide switch.

Thanks!

colsten

Unless the accounts are in different names, I doubt you will receive more than one switching bonus.

BargainButtons

One is a joint account and one is my name only.

YorkshireBoy

By all means try it, but...

Whether you receive the incentive on your sole account first, or the joint account first, you will have received an incentive since 2012...and so would be prevented from receiving a second incentive.

At least that's what the switching incentive T&Cs say.

EarthBoy

I agree with YorkshireBoy. You can have two reward accounts if one of them is a joint one, and get the £5 monthly bonus on each one, but you can't get the £100/£125 joining bonus on them both.

BargainButtons

Ah ok. Still worth doing for the £5 incentive though :-)

Archi_Bald

BargainButtons wrote: »

One is a joint account and one is my name only.

In this case you should be doing three accounts - 2 in sole and one in joint names. That way you can get two switching bonuses, and £15 a month between the two of you.

BargainButtons

It's too late for us to get 2 switching bonuses with Halifax as I've already done the joint account switch :-/