Switching bank accounts

gax23

Halifax say they'll pay the £125 bonus 3 days after the switch is completed. Could I then theoretically switch to another bank and pick up another bonus? FirstDirect, for example. Or is there a time limit I have to stay with them for or they'll take it back?

Basically, I'm looking to maximise taking advantage of these offers either by switching bank accounts or by some sort of smart 'funnelling' of money through different accounts to maximise interest and cashback offers. Any help appreciated

kpearsoncj

yes u could but im sure it says they can claim it back with in a certain time period i would read all the terms proper first.

badger09

kpearsoncj wrote: »

... but im sure it says they can claim it back with in a certain time period

Really?

http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/?WT.mc_id=43700001846917726&WT.srch=1

kpearsoncj wrote: »

... i would read all the terms proper first.

So would I

Krash420

They wont take the reward, but it'll leave marks on your file that you've opened X many accounts in the past month (or in this case week).

Make the most of the situation, start off with FD (£150 bonus), stay for a month, and then (I can't remember if they still offer the leaving bonus) move to Halifax (£125 bonus, plus a possible £100 from FD for not being happy with them). Then stick with Halifax who'll give you £5 monthly for meeting their criteria.

That said, I wouldn't recommend opening a whole load of accounts just for the bonuses, just go for the ones that actually interest you, and accounts that'll be beneficial for you.

colsten

Krash420 wrote: »

Make the most of the situation, start off with FD (£150 bonus), stay for a month, and then (I can't remember if they still offer the leaving bonus) move to Halifax

Sigh. Why do you suggest what people should do if you can't remember how the offers work, and are too lazy to look them up? Suffice to say, [URL="[url]http://www1.firstdirect.com/1/2/banking/current-account?WT.ac=FSDT_Onsite_PWS_CUR_Acquisition_DontSwitch£125_DR_HomePage_HPPrimaryProsp_CUR2337[/url]"]FD do still offer a leaving bonus [/URL]but not after a month.

Krash420 wrote: »

That said, I wouldn't recommend opening a whole load of accounts just for the bonuses, just go for the ones that actually interest you, and accounts that'll be beneficial for you.

Aren't all accounts that pay a switching bonus "beneficial", simply for the bonus alone?

EarthBoy

badger09 wrote: »

http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/?WT.mc_id=43700001846917726&WT.srch=1

Line 4 under "more information" states:

"If you do not meet the conditions of the offer we may claim back the £125. We will do this by debiting £125 from your account."

I don't know what they mean by that, though, because if you didn't meet the conditions of the offer they wouldn't pay the bonus in the first place.

badger09

EarthBoy wrote: »

Line 4 under "more information" states:

"If you do not meet the conditions of the offer we may claim back the £125. We will do this by debiting £125 from your account."

I don't know what they mean by that, though, because if you didn't meet the conditions of the offer they wouldn't pay the bonus in the first place.

Yes, I did read that. I assume they mean "If you do not meet the conditions of the offer we may claim back the £125. We will do this by debiting £125 from your account."

If they had meant "If you close/switch your Reward Current Account/Ultimate Reward Current Account within xx days / months/years we may claim back the £125...." they would have written that:cool:

YorkshireBoy

Probably goes back to a previous incarnation of the offer whereby they gave you the cash* before the switch completed...long before!...and they haven't updated/removed the condition.


* I initiated a switch to an existing account in branch a few years ago and was given the option of £50 cash (there and then!) or £50 credited to the account later that day.