Switched current account

tonymcs

Thank you very much for this post. It throws up some interesting ideas.
Firstly you are correct....I don't have a BANK OF SCOTLAND Reward Current Account..it is indeed a HALIFAX Reward Current Account. I must apologise to the other posters who queried this. Having said that.. I still cannot find any mention of closing restrictions whereby i might lose my £100 switching incentive. (I suppose I could just phone them and ask)
My reason for wanting to switch from the Reward account to the M & S account was to get £220 in the first year. My Reward account is the only account where I have (2) direct debits...However you mentioned setting up accounts with token Charity Direct Debits. This sounds like an interesting idea. If you have the time could you explain how this works.
My BOS Classic accounts have no DDs so I can't use them for switching...
So thanks again for your advice

YorkshireBoy

tonymcs wrote: »

I don't have a BANK OF SCOTLAND Reward Current Account..it is indeed a HALIFAX Reward Current Account.

Oh dear!

I still cannot find any mention of closing restrictions whereby i might lose my £100 switching incentive. (I suppose I could just phone them and ask)

There have never been any Halifax conditions prohibiting moving on without forfeiting the incentive payment.

On the subject of calling, the written word always trumps the verbal word (from ill-informed call centre staff).

And see...if you'd provided accurate information at the outset, this thread would have run to only 3 or 4 posts!

However you mentioned setting up accounts with token Charity Direct Debits. This sounds like an interesting idea. If you have the time could you explain how this works.
My BOS Classic accounts have no DDs so I can't use them for switching...

It's really simple!
Call 2 charities and tell them you'd like to pay them £x per month from your BoS Classic account.
Wait until the DDs have been paid once (around 3-4 weeks).
Switch the BoS Classic account.

Easy innit!?

Maelwys

A Halifax Reward Account makes much more sense!

Regarding the Direct Debits, the basic idea is that in order to qualify for most bank switching bonuses, you need to set up two direct debits on the switched account... however you can tick this box by setting up two direct debits to transfer money from the switched account into a Savings account or to certain Charities.

The page I linked above should give a lengthy list of savings accounts etc. which take direct debit payments/deposits, but the option most people use involves two Tesco Savings Accounts as detailed here.

tonymcs

YorkshireBoy


Thank You for the feedback. It would be quite nice if you could impart your expertise without being so patronising.


Thanks

YorkshireBoy

tonymcs wrote: »

YorkshireBoy


Thank You for the feedback. It would be quite nice if you could impart your expertise without being so patronising.


Thanks

It's hard when you set the scene you have. Anyway, all's well that ends well...and at least you'll be making some more money.

jimjames

tonymcs wrote: »

My BOS Classic accounts have no DDs so I can't use them for switching...
So thanks again for your advice

Any reason why you can't set up a DD on them? It's really not hard to do and you could move one you already have?

spiritus

ceredigion wrote: »

Tonymcs
Two of the most prolific and knowledgeable posters have already tried to help you in this thread and you have so far succeeded in pi$$ing both of them off. I'm afraid you are now on your own.

Not really.


The OP's original question remained unanswered by the two said "prolific posters" and the OP has had to contend with another question to boot which wasn't strictly relevant to their question.


Just because someone is a prolific poster doesn't mean they are helpful, knowledgeable and informative all the time.

bigadaj

spiritus wrote: »

Not really.


The OP's original question remained unanswered by the two said "prolific posters" and the OP has had to contend with another question to boot which wasn't strictly relevant to their question.


Just because someone is a prolific poster doesn't mean they are helpful, knowledgeable and informative all the time.

Yes but the OP managed to get totally the wrong account with a different bank which he only discovered after people pointing out inconsistencies in his posts.

By all means complain if you feel people are unhelpful or lack knowledge but people here have gone out of their way to correct incorrect information with at worst mild sarcasm.

If you can't post accurate and relevant information then people really won't be able to help you.

spiritus

Looking at the T & C’s for Halifax it seems that you can earn the £ 100 bonus just for switching your main account to them. The T & C’s doesn’t mention that you have to have a minimum of two active direct debits set up. The only criteria I can see is that you use the Hailfax’s switching service to close your old account and move to them.

The Reward accounts differ slightly in that you need to pay £ 750 a month in these accounts.

Please correct me if I’m wrong.

Westie983

There is no need to have DD if switching to the halifax, and you can switch away at any point after receiving an incentive, but you will only qualify for the incentive once.

Worth also noting that you have already had £100 and set to gain £5 each month (£60) and you can move/switch or close your account at any time.

With M&S you will need to hold the account for 12 months to get the £220 incentive and I believe they pay out in vouchers and not cash!

Worth considering before you switch, to M&S, as other banks maybe more suitable, if you still want to switch.