Switching Reward:

badger09

tomxlisa wrote: »

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?.

It is not too good to be true. Please read my previous post again.

tomxlisa wrote: »

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

Doe it say it has to come from 'a job'?

tomxlisa

Badger09:

I read it correctly the first time and that was all i could come up with in reply to your post, and no it doesn't say it has to be from your job and it doesn't say it doesn't, which is why i asked.

Katiehound

tomxlisa wrote: »

Badger09:
it doesn't say it has to be from your job and it doesn't say it doesn't, which is why i asked.

Well, I always assumed that the funding came from earned income... but of course that's not the case.
I didn't open a Halifax for some years because of that! until a friend suggested I looked 'outside the box' I wasn't earning sufficient but could make up the difference easily enough. (and then take it out again!)

Of course it could come from your earnings, but equally it could come from another account. Money which you have at some time earned! The reason I say this is that they always ask such Qs due to money laundering...... as if opening a standard a/c is likely to be used for that......well, suppose it might!!
£750 must land in the a/c each month, no saying how long it has to remain.

When asked why I want a particular a/c I always answer honestly- because I want to take advantage of your reward, high interest, switching goodies whatever, oh and I understand your customer service is really good.

Robbieh

Katiehound wrote: »

When asked why I want a particular a/c I always answer homestly- because I want to take advantage of your reward, high interest, switching goodies whatever, oh and I understand your customer service is really good.

Every account I have except my original one, I have put on the application that it's for savings! Never had a problem getting all 9 of them! I'm retired so my pension goes into the original acc. I'm currently switching one acc. to FD and I told them in the phone interview that I wanted it for the incentive and to make use of their 6% reg. Saver too, again, no problem. I rotate my payin required for each acc. on the same day minutes apart without any problems so far in the 8 mths. Since I started the accounts.

Misty74

Ed-1 wrote: »

Open one? ........

So...and do correct me if I'm wrong, in theory I could open the M&S account using funds from an inactive savings account receive the 'switch incentive' of £100 gift card and after a month then open a Halifax current account and 'switch' the money from the M&S account topping up with balance from Halifax Reward account receiving the £125 Halifax switch incentive and thus closing my savings and reward account?

badger09

Misty74 wrote: »

So...and do correct me if I'm wrong, in theory I could open the M&S account using funds from an inactive savings account receive the 'switch incentive' of £100 gift card and after a month then open a Halifax current account and 'switch' the money from the M&S account topping up with balance from Halifax Reward account receiving the £125 Halifax switch incentive and thus closing my savings and reward account?

I'm correcting you because you're wrong:p

You cannot switch a savings account, whether active or inactive, to gain a switch incentive. You can only switch a current account, using CASS (the Current Account Switching Service)

Misty74

badger09 wrote: »

I'm correcting you because you're wrong:p

You cannot switch a savings account, whether active or inactive, to gain a switch incentive. You can only switch a current account, using CASS (the Current Account Switching Service)

Ah yes but I wouldn't be 'Switching' I would just be opening the M&S account and 'using' the money from the savings account to fund it then switching the M&S account to the Halifax current account...does this make sense or am I confusing myself! :eek:

LXdaddy

So...and do correct me if I'm wrong, in theory I could open the M&S account using funds from an inactive savings account receive the 'switch incentive' of £100 gift card and after a month then open a Halifax current account and 'switch' the money from the M&S account topping up with balance from Halifax Reward account receiving the £125 Halifax switch incentive and thus closing my savings and reward account?

Misty74 wrote: »

Ah yes but I wouldn't be 'Switching' I would just be opening the M&S account and 'using' the money from the savings account to fund it then switching the M&S account to the Halifax current account...does this make sense or am I confusing myself! :eek:

So when you OPEN the M&S current account it is not a SWITCH so there is no bonus payable at that point.

But when you later SWITCH from the M&S current account to a Halifax current account it would be a SWITCH so you can get a bonus at that point (provided you meet any other T&C conditions)

The M&S account opening would be creating a donor account for the switch to Halifax. Frankly opening M&S accounts seems like quite a hassle so I would find a different institution to use for the creation of the donor account.

Topper1900

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:(

If you haven't needed the £100 for some time what are you going to do with another £125???

colsten

Topper1900 wrote: »

If you haven't needed the £100 for some time what are you going to do with another £125???

Add it to the £100 to make it £225? It's called saving.