Switching bank accounts

PrettyFlower90

Just a quick question, I have had a Halifax Reward account that pays £5/month for last 3 years. I was thinking of switching to another account that pays a bonus. What I want to know is, if I wanted to go back to having the halifax account, if I switched back in a year or so, could I still do this and get the £5/month reward?

Thanks

YorkshireBoy

Entirely possible, yes. But you'd be throwing around £60 away during that "year or so"!


Why don't you open another Halifax account and switch that one instead?

Robin9

Depends on the T&C of the account in 12 months time - the account may even not be available.

PrettyFlower90

Well I wouldn't be throwing away anything, as at the moment I'm getting £60/year with Halifax but I could get £100-150 for switching to something else for a year.

I don't really understand what you mean by opening another Halifax account and switching that one? =/

YorkshireBoy

PrettyFlower90 wrote: »

Well I wouldn't be throwing away anything, as at the moment I'm getting £60/year with Halifax but I could get £100-150 for switching to something else for a year.

I don't really understand what you mean by opening another Halifax account and switching that one? =/

Oh dear! If you open another Halifax current account and switch that one somewhere else for £100-150 you get to keep the £60 a year you're getting now on your existing Halifax account. If you switch the existing Halifax account you have most definitely thrown away £60.


Yes?

dggar

PrettyFlower90 wrote: »

Well I wouldn't be throwing away anything, as at the moment I'm getting £60/year with Halifax but I could get £100-150 for switching to something else for a year.

I don't really understand what you mean by opening another Halifax account and switching that one? =/

You are being asked why you would sacrifice a good bank account when you could just as easily sacrifice a not so good bank account.


Open a basic Halifax account and switch that.
http://www.halifax.co.uk/bankaccounts/current-accounts/current-account/

PrettyFlower90

Ahh okay I do get you! See I'm not that keen on having multiple accounts and having to make sure I remember to pay the min amount in etc each month to maintain them.. All my DD basically are from another joint account I hold for bills only, so I don't have the min amount needed to maintain 2 other current accounts that require DDs. I know you'd benefit from the money if you were savvy enough to do all this, but I think I can't be bothered at the moment as I've a lot going on. The one I am thinking of switching to is Clydesdale and it gives £150. But you need to pay in £1000 and 2 DD which my current Halifax one also needs.

colsten

If you can bring yourself to be a bit keener, you can make hundreds from switching, not just £150. There is a huge amount of info on this forum on how you can get extra DDs and how you meet the minimum monthly deposits.

PrettyFlower90

So basically what I could do is open a basic current account with someone. Then use this account to switch to another account that pays a bonus. I then transfer the min amount needed each month from my Halifax to the new current account to maintain both the Halifax reward and new current account reward?

PrettyFlower90

Also, if I switched a basic current account to the Clydesdale, I need 2 DDs. Do these DD have to have come from the account you switched from or can you just move DD from other accounts to this new account?

YorkshireBoy

PrettyFlower90 wrote: »

So basically what I could do is open a basic current account with someone. Then use this account to switch to another account that pays a bonus. I then transfer the min amount needed each month from my Halifax to the new current account to maintain both the Halifax reward and new current account reward?

What do you mean by "maintain the new current account reward"?


You just need to comply with the switching incentive T&Cs, whether this be paying in just once (as in the case of First Direct), or until the incentive payment is made (as in the case of CB).

Also, if I switched a basic current account to the Clydesdale, I need 2 DDs. Do these DD have to have come from the account you switched from or can you just move DD from other accounts to this new account?

Condition 2(b) of the incentive T&Cs answers this question doesn't it?


With all current switching offers requiring DDs, you need to transfer them from the old account as part of the 7-day CASS.