Switching Reward:

tomxlisa

Ed-1 wrote: »

Yes it means you need to complete a current account switch within 30 days of opening a HSBC account. As a current account switch takes 7 working days to complete, you'd have to start it in enough time for it to complete within the 30 days from opening.

I think you read my post wrong as that's not what I wrote but I think I get it, but that's a bit of a silly rule really cause if your using the switch service from another bank provider then it will all be completed within 7 days and the new hsbc account open so not sure why they would put 30 days unless it's what I described in my last post.

Ed-1

tomxlisa wrote: »

I think you read my post wrong as that's not what I wrote but I think I get it, but that's a bit of a silly rule really cause if your using the switch service from another bank provider then it will all be completed within 7 days and the new hsbc account open so not sure why they would put 30 days unless it's what I described in my last post.

It's 30 days from when you open a HSBC account, not from when you open an account you're switching from (HSBC wouldn't know when you opened that! It could be years old or days old).

Say you open a HSBC account on 1st January. You have until 30th January to start and complete a current account switch into that account to qualify for the incentive. If you switch later than 30th January you won't get it. Current account opening and current account switching are completely separate processes. Simple?

Dan83

You can have numerous accounts with Halifax, I have a reward account, a current account and a current account that is in the process of being switched to hsbc.

Ed-1

Dan83 wrote: »

You can have numerous accounts with Halifax, I have a reward account, a current account and a current account that is in the process of being switched to hsbc.

No-one's disputing that. The fact is you don't need to to get the switching bonus which OP is talking about as Halifax allows existing customers to get it through switching to an existing account.

tomxlisa

Yeah thanks I get it but all I was saying is when you switch from say nationwide to hsbc, the account gets opened for you within the switch process doesn't it so the 30 days wouldn't matter then would it, if I've understood it correctly.

tomxlisa

Ed-1 wrote: »

You don't have to open another with Halifax. You can open one with a different back and switch that into the Halifax account you've already got open to get the switch incentive.

Oh ok, I didn't realise this could be done, so if you already have an account with say halifax, and want to switch another bank to that, what would you be switching, would it be things like direct debits and stuff, so if you didn't have these with the other bank account then you wouldn't be able to switch would you?.

Ed-1

tomxlisa wrote: »

Yeah thanks I get it but all I was saying is when you switch from say nationwide to hsbc, the account gets opened for you within the switch process doesn't it so the 30 days wouldn't matter then would it, if I've understood it correctly.

No the account has to be open before a switch can start/be requested. Only when an account has been approved and opened can you request a switch. If you request a switch as part of the application to open the account, then the switch will automatically start following the opening of the account.

Ed-1

tomxlisa wrote: »

Oh ok, I didn't realise this could be done, so if you already have an account with say halifax, and want to switch another bank to that, what would you be switching, would it be things like direct debits and stuff, so if you didn't have these with the other bank account then you wouldn't be able to switch would you?.

Yes that's what the current account switch service is designed for - it's not designed for collecting switch incentives although it's easy to forget that on here!

You can switch an account with no direct debits, standing orders or money in (I've done it lots of times). You just need to make sure that the switch incentive terms and conditions for a bank doesn't require a specific number of direct debits to be switched in order to qualify for the incentive. e.g. some require 2 direct debits to be switched.

tomxlisa

Oh ok that is how it works then, sorry I think I got a bit confused with the switching process, I think I understand why they put that now then.

tomxlisa

Ed-1 wrote: »

Yes that's what the current account switch service is designed for - it's not designed for collecting switch incentives although it's easy to forget that on here!

You can switch an account with no direct debits, standing orders or money in (I've done it lots of times). You just need to make sure that the switch incentive terms and conditions for a bank doesn't require a specific number of direct debits to be switched in order to qualify for the incentive. e.g. some require 2 direct debits to be switched.

So forgive me if I am being dumb here, but say I have an account with halifax, and I want to switch my natwest account which has no direct debits and no money in to my existing halifax account, what exactly would I be switching, as there would be no direct debits coming in so basically the halfiax account would remain the same?.