Switching

FrankR

Hello.

I have two bank accounts - a Lloyds classical account, and a Halifax Student account. The Lloyds open I opened last week online. The student account I opened in 2013. I have £5000 in savings.

My questions are as follows:

Could I switch Lloyds Classic account to a Halifax Reward account, and receive the £100 switching bonus? As I have a student account with Halifax, is this not possible?

Could I switch the Lloyds account to a first direct account, receive the £100 switching bonus, deposit the £5000, then immediately close the account after receiving the bonus?

Thanks.

grumbler

" switch into a new or existing, Reward Current Account, Ultimate Reward Current Account ... or Halifax Current Account...
...
You are not eligible for the offer if you have previously received any other offer or benefits for switching to a Halifax bank account at any point since January 2012 or if you're a Bank of Scotland bank account customer switching to the Halifax."

IMO this clearly indicates that having an account with Halifax doesn't exclude you from getting a switching bonus.
Why Rewards? I think (make this sure) that you can get a bonus for switching to your existing account.
Why close? Upgrade your student account to Rewards, then switch to it, then keep getting monthly fivers.

How can you switch Lloyds to both Halifax and FD? And, IIRC, you don't need to deposit £5K to FD.

And yes, if you wish you can close the account immediately after getting a bonus, but why would you do this instead of switching it for another bonus?

FrankR

Isn't Lloyds owned by the Bank of Scotland place, so I won't be able to switch between Lloyds and Halifax?

I'm also looking at the Yorkshire Bank switch offer - it says you must have at least two 'active' direct debits to quality for the switch bonus?

What is an active direct debit? Is it the same as a direct debit - if I switched to the Yorkshire a Bank account, then made the direct debits, would that count?

Thanks.

FrankR

What do you mean by upgrading my student account to a rewards account then switch?

Is it actually possible to upgrade a student account to a rewards account?

If I do upgrade to a rewards account, then switch to FD or Yorkshire bank, would I be able to switch back to Halifax reward account from my Lloyds Classic account?

I'm new to switching but you are very helpful.

Thanks

grumbler

Is it not easier just to read the T&C?

Lloyds bank, Halifax and BOS are members of the same group. However, the T&C explicitly exclude switching from BOS to Halifax. If they wanted to exclude Lloyds they would have clearly said so.

grumbler

FrankR wrote: »

Is it actually possible to upgrade a student account to a rewards account?

Sorry, I assumed you have graduated already. If not, I don't know.

If I do upgrade to a rewards account, then switch to FD or Yorkshire bank, would I be able to switch back to Halifax reward account from my Lloyds Classic account?

Why upgrade to Rewards before switching to FD and then opening a new Rewards?

I'm new to switching but you are very helpful.

Take this slowly then. There are accounts that you don't want to switch, e.g. Halifax Rewards. Switch in a sequence instead of closing and leave good account(s) to the end of the chain(s).

>> Active Direct Debit?

FrankR

Right...

So ignoring the Halifax student account, which I'll probably close anyway.

I should start with the Lloyds, switch to FD, then switch to Yorkshire, then switch to Halifax rewards.

Or...

I open a second donor account with somewhere like TSB, and then switch to Halifax rewards. At the same time, I'll be switching from Lloyds, to FD then to Yorkshire, while getting the £5 with the Halifax rewards

I'll have two chains instead of just one?

Westie983

You can switch lloyds account to Halifax as they are two separate bank liciences under the LBG umbrella.

FrankR

Or really I could just open as many donor bank accounts as is needed to receive all of the switching offers from the participating banks?

Looks like I've come in late, and missed some of the best switching cash bonus offers

grumbler

FrankR wrote: »

... Halifax student account, ...I'll probably close anyway.
...
I open a second donor account with somewhere

What's the point in closing an account that most likely can be switched (or switched to it) and opening a new account?

chrisbov_2

My elderly and infirm aunt is housebound. We live 3 hours away. She wants to switch her Halifax Instant Saver and ISA accounts to HSBC but Halifax tell her she must either visit a Halifax branch to do this or give me Power of Attorney. Is this right?