Do I have to close both my accounts to switch?

Saver-upper

I am looking at opening a Halifax Reward current account.At the moment I have current account and a savings account with Natwest.
I was wondering if I need to close both these accounts?I looked on Halifax website,and it says you need to "transfer and close your old account".
Due to payments that are received into the savings account,it would be easier if I could keep this,though no big problem if I can't
Thank you.

HappyMJ

Saver-upper wrote: »

I am looking at opening a Halifax Reward current account.At the moment I have current account and a savings account with Natwest.
I was wondering if I need to close both these accounts?I looked on Halifax website,and it says you need to "transfer and close your old account".
Due to payments that are received into the savings account,it would be easier if I could keep this,though no big problem if I can't
Thank you.

Open another natwest current account from online banking which you'll get straight away and switch that account.

xylophone

Open another natwest current account from online banking which you'll get straight away and switch that account.

Are DDs required on the switched account to qualify for the offer?

Futuristic

Check terms of savings account and whether it requires active current account. Or simply do as suggested above and open a new natwest account and switch that one (or old one if you wish to move main banking to halifax as well).

Saver-upper

Thank you for the replies-much appreciated.I will have another look at the details of Halifax,but I thought it had to include a couple of DDs.If not,simply opening another Natwest account sounds like the easiest option.
What I would eventually do is set up a couple of different accounts and cycle money through them to get rewards/interest each month.I will spend a lot of time looking through the many threads on the subject first,though.I just thought this would be a nice easy way to start-£100 join reward, and £5 reward each month.

planteria

if you need to transfer an active account, open a 2nd account and then transfer the 1st?
it may be that you can keep your NatWest Savings account open on it's own..but i wonder how useful the account is:think:

Futuristic

Saver-upper wrote: »

Thank you for the replies-much appreciated.I will have another look at the details of Halifax,but I thought it had to include a couple of DDs.If not,simply opening another Natwest account sounds like the easiest option.
What I would eventually do is set up a couple of different accounts and cycle money through them to get rewards/interest each month.I will spend a lot of time looking through the many threads on the subject first,though.I just thought this would be a nice easy way to start-£100 join reward, and £5 reward each month.

You need 2 direct debits before or after you switch, they don't have to be from your switch account. I am not sure whether it requires dd payments but it must be active within 30 days of account opening.

I also question your natwest saving account, what is the interest rate? You can put £6k in a 3% tesco current account (open 2 with 3k ea) and there are no requirements for dd or pay in

Saver-upper

Thank you Futuristic.As I say,I do need to sit down and do the reading-it is only this week I realised I had enough money to cylcle through a couple of accounts.I assumed the DD's needed to be transferred immediatley with the account.
I am sure the Natwest is not paying mucg interest.Tomorrow,when I hacven't got 4 children running around the house,I will sit and read-up.
Thank you

jonesMUFCforever

The switch system only covers current accounts (and or ISA's).

If you want the savings to be sent you need to transfer it into the current before the final switch date and then transfer it to a new savings account.

colsten

On a slightly different matter: OP, what is the interest rate on your Natwest savings account? Aren't there many places that would pay you a lot more than Natwest?

colsten

jonesMUFCforever wrote: »

The switch system only covers current accounts (and or ISA's).

ISA transfers have been around for 15 years and have nothing to do with the current account switch service.