[Bank Switch] Monthly Income requirement

CashFortune

Hiya,

I'm interested in joining/switching to Halifax's current account, however I have noticed many switch offers require you to meet certain conditions, one of them being:

"£5 reward each month you pay in a minimum of £750, pay out at least 2 different direct debits and stay in credit."

My question is, if I were to transfer 750 gbp back and forth from my 2nd bank account, would that be seen as a monthly income of 750?

cheers

darkidoe

Which bank account are u transferring the £750 from? As long as it is not an account under the HBOS group, it should be able to meet the criteria. Most people do it.

grumbler

darkidoe wrote: »

As long as it is not an account under the HBOS group, it should be able to meet the criteria.

AFAIK, it can be even from Halifax, let alone the group.

CashFortune

Yes so, if I just sign 2 Direct Debits and keep moving 750 GBP between my accounts and never overdraw my account, I should be able to get 5GBP a month (after receiving the initial 100gbp for switching)?

@darkidoe: It would be a co-operative bank account

Westie983

darkidoe wrote: »

Which bank account are u transferring the £750 from? As long as it is not an account under the HBOS group, it should be able to meet the criteria. Most people do it.

You can transfer from any halifax account or any other account as long as £750 goes into your account.

It can be transferred back out if you require it elsewhere.

The DD requirement is two separate DD with its own mandate number, and remain in credit the previous month.

The reward is paid the second working day of the following month.

mrecs

Hi, I'm interested in switching banks, does anyone know if this trick will work at santander, i.e. transferring between a current account and a savings account, both held with them. Also, if it would work, is it possible to setup direct debits to do it automatically.

Canonshooter55

I do it with x2 TSB Current Accounts and x2 TSB Joint Current Accounts on the 1 st of each month to receive 5% interest on £2000.00 sitting in each account ( £27.00 ish each month depending if 30 day or 31 day month).
TSB only allow X1 of each current account though now to new customers.

chris_m

Check the T&Cs - ISTR Santander specify that the funding must be from an external source or a Santander a/c NOT in your name.
BTW, if you are able to do it you would need to set up standing orders, not direct debits.

ceredigion

mrecs wrote: »

Hi, I'm interested in switching banks, does anyone know if this trick will work at santander, i.e. transferring between a current account and a savings account, both held with them. Also, if it would work, is it possible to setup direct debits to do it automatically.

simple answer, No

Canonshooter55

Just keep an account with more than one bank and transfer between the two. Once the qualifying amount has transferred it can simply be returned back to the first bank.
I have a £500.00 qualifier set up by standing order from Halifax to TSB account. I then manually transfer INTERNALLY from one TSB account to the next and then return same back to the Halifax and this works perfectly. TSB pay full 5% interest on all 4 of the accounts

YorkshireBoy

Canonshooter55 wrote: »

depending if 30 day or 31 day month).

TSB work on billing periods, not calendar months, meaning (and taking into account weekends and Bank Holidays) there can be anywhere from 28 to 34 or so days in the period.

TSB only allow X1 of each current account though now to new customers.

...plus a joint.