Too late to cancel?

dcouponzzzz

Hi all,

I sent a request to set up an M&S joint account to replace Santander, however when explaining that the bonus is in vouchers to the other account holder they'd like to use Halifax instead.

The application is complete, accepted, and they're only pending information from the other account holder before it's fully processed. We haven't been provided with any account numbers/sort codes/login details or bank cards, but I'm concerned that the high frequency credit checks will be a problem (I also switched to direct debit energy meters which required a check last week).

Would you suggest waiting, or calling to cancel the M&S request and opening the Halifax immediately?

Thanks

grumbler

I suggest switching to M&S for the bonus, then switching to Halifax.

dcouponzzzz

grumbler wrote: »

I suggest switching to M&S for the bonus, then switching to Halifax.

Thanks Grumbler. If I were to do this, how long should I wait after receiving the bonus before moving to Halifax? It may be worth noting I plan on remotgaging in December

grumbler

You don't have to wait, but check the bonus T&C just in case.
One credit search for a new current account won't make any difference for a mortgage application, especially that far in the future.

Maelwys

dcouponzzzz wrote: »

Would you suggest waiting, or calling to cancel the M&S request and opening the Halifax immediately?

Why not keep the M&S account (as it'll pay you another £10 in vouchers per month for a year and you'd lose this if you switch away) and open a random new current account to switch that one to Halifax? Note that you don't need two direct debits setup on a new donor account to get the switching bonus, but you will need to set them up on the Halifax eventually in order to get the £5-a-month ongoing reward.

You can always finance the Halifax by setting up a standing order or manually transferring £750 a month into it from the M&S, then transferring out whatever you don't need to cover the direct debits.

That said, if you're set on only having one current account, the Halifax one would probably work better than the M&S, but it might not be the best option depending on how you're going to use the account. (e.g. a TSB Classic Plus account would get you £100 switching bonus plus 5% ongoing interest on the first £2k in the account, plus 5% contactless payments cashback...)