Close joint 123 account, switch to who?

forgotmyname

I have the Halifax reward account that pays £5 a month, Recently opened a joint 123 account with my wife who for some odd reason couldnt open an account before? (possibly name mixup on the electoral roll)?

Would it be possible to switch the 123 account to the Halifax and still earn the £5 and get the switch fee? Would it work if we took my name off the account?

We dont earn enough to warrant paying £5 a month on the 123 account. I forgot to put the £500 in this month, oops. Even if i setup a DD to pay the money in its borderline.

Suggestions?

Thanks.

jimjames

Nationwide 5% account, you'll also get £100 for joining. If someone you know has an account they'll get £100 too for recommending you

Westie983

forgotmyname wrote: »

I have the Halifax reward account that pays £5 a month, Recently opened a joint 123 account with my wife who for some odd reason couldnt open an account before? (possibly name mixup on the electoral roll)?

Would it be possible to switch the 123 account to the Halifax and still earn the £5 and get the switch fee? Would it work if we took my name off the account?

We dont earn enough to warrant paying £5 a month on the 123 account. I forgot to put the £500 in this month, oops. Even if i setup a DD to pay the money in its borderline.

Suggestions?

Thanks.

Yes you can switch your 123 account to your existing halifax reward account if you remove your name from the 123 first as you cant switch a joint account into a sole account.

If you remove your name from the 123 and you havent had an incentive from halifax since 2012 then you can switch to your existing reward account and pocket the £100, (new offer) and still keep getting the £5 reward payments.

No need for DD/SO just acceptance to switch and close account.

forgotmyname

No incentives, one thing i am lazy about is my bank accounts.

We only opened the 123 account last year to get a bit of cashback on the bills. The Halifax account worked out better for us as a bill account.

Do the Halifax have a clause where internal transfers do not count towards the £750 you need to deposit each month?
So no transferring money from one to another?

I would ask the banks but you guys/gals seem to know more than they do

Thanks.

mspritch

I have my salary paying into the Halifax, then from there a standing order to Santander. I'm hoping to change this soon with a few extra (new) accounts in between Halifax and Santander to grab interest there as well.

If you can't manage the minimum and think that ping-ponging money between the two to make up your minimum input looks dodgy, then it may be worth getting another account such as a Tesco one. Transfer say £250 from Halifax to Tesco, then Tesco to Santander, Santander to Halifax, Halifax to Tesco (again) and Tesco to Santander (again). Each account bar Halifax has now had income of £500 that month, just by pushing £250 round in a ring. If you want the money to wind up back at the Halifax where it started then one more £250 transfer would do the trick. Run the ring again and Halifax has had its monthly £750 without you paying in a penny.

Westie983

forgotmyname wrote: »

No incentives, one thing i am lazy about is my bank accounts.

We only opened the 123 account last year to get a bit of cashback on the bills. The Halifax account worked out better for us as a bill account. Do you not get enough cashback to keep the account, or is this due to the fee increasing?

Do the Halifax have a clause where internal transfers do not count towards the £750 you need to deposit each month?
So no transferring money from one to another? you can do internal transfers no clause

I would ask the banks but you guys/gals seem to know more than they do I work in a bank so I suppose you are asking the banks :-)
Thanks.

See above :-)

YorkshireBoy

forgotmyname wrote: »

I would ask the banks

Please don't do that!...otherwise they may consider doing what Santander, Nationwide, et al do. And that'll cost those of us with multiple Reward accounts a lot more time each month.

forgotmyname

Westie983, It will not be worth it when they increase the fee to £5.

Thanks for info on transfers. Thats good to know.

You work in a bank, can you ask other staff members the same
questions and see how many different answers you get


YorkshireBoy, oops a bit late see post number 6

Westie983

What else do you want to know? the answer wont change, internal transfers to count!