Halifax Reward account switch ...and switch again?

SJshah

Hi, I have a question (or two) where the answer might be useful to other people in the same situation.

I've recently switched my bank account to Halifax's Reward account which had the incentive of a free £125(after tax) when switching and £5/mnth interest if fulfilling certain criteria.

I dont particularly care about the interest, the main reason I switched was the free £125. :A

I've obtained the £125 in my account yesterday :j and have the confirmation by post that the 7-day switch is complete. Is there any obligation for me to stay with them? Would I be able to 7-day switch my account to another provider right away without losing the incentive cash?


I'm aware of the footprint it would leave on my credit record - not worrie about that.

Thanks

colsten

SJshah wrote: »

Is there any obligation for me to stay with them? Would I be able to 7-day switch my account to another provider right away without losing the incentive cash?

Presumably you have read the switching terms that you accepted when requesting the switch, and they didn't specify anything about a minimum time to hold the account for?

YorkshireBoy

SJshah wrote: »

Hi, I have a question (or two) where the answer might be useful to other people in the same situation.

Your question seems to be asked many times a week on here.

The answer is always the same...if there's a minimum time you need to stay it'll be detailed in the incentive T&Cs.

I'm only aware of one institution that makes such a rule, and that's Nationwide if you open an account through their refer a friend scheme (you need to stay at least 3 months).

But don't take my word for it...go read your Halifax £125 switching incentive T&Cs again to satisfy yourself.

mum2one

once you have the money you can jump ship from the Halifax

badger09

But why not retain the Halifax Reward account?

£5 per month for virtually no effort.

Why not open another account specifically for switching?

Jennifer_Jane

badger09 wrote: »

But why not retain the Halifax Reward account?

£5 per month for virtually no effort.

Why not open another account specifically for switching?

I agree, absolutely. It's well worth keeping Halifax, and trying to get other accounts for switching. It's a good account, easy to administer, and just needs 2 direct debits and £750 a month to keep it going. It just ticks over and I've made far more than the £125 bonus on it over the last 3 years.