Switching Reward:

Ed-1

tomxlisa wrote: »

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?.

You would be switching your account from Natwest as the Natwest account would be closed after 7 working days. Any money sent to the Natwest account will then be bounced into the Halifax account for around 3 years. Halifax want to attract customers from other banks. Halifax don't require any direct debits or anything to be switched for the £100.

Also, if you're planning on switching into Halifax, wait until Tuesday as the incentive is going up to £125 from then for switches after that date:

http://www.thisismoney.co.uk/money/saving/article-3433389/Halifax-boosts-incentive-125-new-current-account-customers.html

tomxlisa

Ed-1 wrote: »

You would be switching your account from Natwest as the Natwest account would be closed after 7 working days. Any money sent to the Natwest account will then be bounced into the Halifax account for around 3 years. Halifax want to attract customers from other banks. Halifax don't require any direct debits or anything to be switched for the £100.

Also, if you're planning on switching into Halifax, wait until Tuesday as the incentive is going up to £125 from then for switches after that date:

http://www.thisismoney.co.uk/money/saving/article-3433389/Halifax-boosts-incentive-125-new-current-account-customers.html

Okay so I've already got an account with halifax and just remembered I already have a account with natwest that I don't use and haven't for months maybe years, no direct debits and just £100 in it, so basically halifax will pay me to close this account as nothing will be switched as I'll take the £100 out and have no direct debits, sounds too good to be true if that's the case.

Ed-1

tomxlisa wrote: »

Okay so I've already got an account with halifax and just remembered I already have a account with natwest that I don't use and haven't for months maybe years, no direct debits and just £100 in it, so basically halifax will pay me to close this account as nothing will be switched as I'll take the £100 out and have no direct debits, sounds too good to be true if that's the case.

That's exactly how it works. Easy £125 (from Tuesday onwards). The Natwest account must be a current account though. You can't switch a savings account.

Any money in the account you switch will be transferred over to the account you switch to on the switch completion day (7 working days after the switch starts).

You can fill in the online switch form at Halifax to do it:

http://www.halifax.co.uk/bankaccounts/landing/before-you-begin-your-switch/

If you have a debit card registered on the Natwest account you also need the debit card number and expiry date from it or Natwest will reject the switch request.

tomxlisa

Sounds bloody good if that's the case, I have just read though that halifax do require at least two direct debits to be switched over to qualify for the offer.

Ed-1

tomxlisa wrote: »

Sounds bloody good if that's the case, I have just read though that halifax do require at least two direct debits to be switched over to qualify for the offer.

No they don't. I was going to point that out as lots of people confuse the £5 reward payment on the Reward Current Account (which requires 2 direct debits to be paid out each month and £750 a month paid in) with the £100/£125 switch incentive. The switch incentive doesn't require any direct debits. If you want the £5 Reward each month after that then you will need 2 direct debits to pay out each month and put £750 through the account each month as well. If you're only bothered about the initial switch money you don't need to bother with the direct debits. You can always set some up later if you change your mind about the reward payments after you've switched and got the £125.

tomxlisa

Yeah your right I just looked again and nothing was mentioned about the switch as in direct debits and stuff it just said it gives you £100 if you do, it was the reward account that requires £750 and 2 direct debits for the £5 a month but I don't have the reward account so that doesn't apply to me, well looks like I'll be getting paid to close my natwest account on tuesday, might open a few more accounts and get paid to close them as well.

Katiehound

But of course you also might benefit from the £5 reward in the future (£60 per annum) by setting up 2 xDDs (there are few suggestions if you burrow around on this board!- say amounting to £5 per month) and then pay in the £750 also pm. If you don't have that amount per month in income, yet again there are ways and means. The £750 only needs to touch base, not linger! However, do not go overdrawn on this a/c- wipes out any gains!!
Worth upgrading if you possibly can- as long as you can juggle!!

badger09

tomxlisa wrote: »

Okay so I've already got an account with halifax and just remembered I already have a account with natwest that I don't use and haven't for months maybe years, no direct debits and just £100 in it, so basically halifax will pay me to close this account as nothing will be switched as I'll take the £100 out and have no direct debits, sounds too good to be true if that's the case.

As you haven't needed the £100 for some time, my advice would be to leave it in your NatWest account, and allow it to be switched to Halifax. You can then withdraw it when you want. Otherwise, as you say, with no DDs or SOs, no payments coming in and a £0 balance - just what are you switching?:cool:

I know there is nothing in the T&C which says you need a balance of £x, but...... there is taking advantage of switching incentives, and there is taking the p:(

tomxlisa

badger09 wrote: »

As you haven't needed the £100 for some time, my advice would be to leave it in your NatWest account, and allow it to be switched to Halifax. You can then withdraw it when you want. Otherwise, as you say, with no DDs or SOs, no payments coming in and a £0 balance - just what are you switching?:cool:

I know there is nothing in the T&C which says you need a balance of £x, but...... there is taking advantage of switching incentives, and there is taking the p:(

That's why i thought it was too good to be true, as basically they would be paying me to close my account with natwest and that's it, which i don't need anyways, i haven't needed the £100 and actually forgot about it so i will probably switch that over, not that it makes much difference does it, surely halifax wont make that much if anything on my £100 if i switched that over will they?.

tomxlisa

Katiehound wrote: »

But of course you also might benefit from the £5 reward in the future (£60 per annum) by setting up 2 xDDs (there are few suggestions if you burrow around on this board!- say amounting to £5 per month) and then pay in the £750 also pm. If you don't have that amount per month in income, yet again there are ways and means. The £750 only needs to touch base, not linger! However, do not go overdrawn on this a/c- wipes out any gains!!
Worth upgrading if you possibly can- as long as you can juggle!!

So does this have to be income from a job, or does it just have to be £750 going through the account each month?.