How soon after an incentive switch can I switch again?

mrochester

Hi all

I've just recently switched an account from Co-Op Bank to Halifax for a £100 incentive (now £125 but never mind, I wasn't to know). I've had a look at the Halifax T&Cs and can't see anything about a minimum period I have to keep the account with them and still keep the £100 incentive.

Does anyone know if there is a minimum period? If not, I may as well switch the account again to receive another incentive bonus from another bank.

Many thanks

Michael.

YorkshireBoy

mrochester wrote: »

I've had a look at the Halifax T&Cs and can't see anything about a minimum period I have to keep the account with them and still keep the £100 incentive.

Does anyone know if there is a minimum period?

All we can do is read the same T&Cs as you've done. And if we do we'll see the same as you've seen (or not seen!).

So it's reasonable to deduce there isn't a minimum period.

In fact, I'm only aware of one provider who places such a minimum period on moving away without forfeiting the switching incentive...and it isn't Halifax.

If not, I may as well switch the account again to receive another incentive bonus from another bank.

And lose out on £60 a year!? Why not keep it, making it a Reward account if it isn't already, and open/switch another account instead?

mrochester

The account I've recently switched is my mortgage and bills account, which has 4 monthly direct debits and that is all it's used for. My main current account is First Account, which I don't want to switch from as I make use of their linked 6% savings account.

I do have a couple of other current accounts used for the small amount of interest I earn on the amount of money that's in them. Neither of these accounts have any direct debits attached to them which I believe switching direct debits is often one of the conditions of receiving an incentive bonus. However, I will investigate whether either of those can be switched.

Katiehound

You can always open another! 'donor' basic account with one of your existing providers and keep it just ticking over for a little while. I suspect there will be more switch deals coming along soon!
I would be keeping a Halifax a/c if it is the Reward variety. A nice little earner

YorkshireBoy

mrochester wrote: »

I do have a couple of other current accounts used for the small amount of interest I earn on the amount of money that's in them. Neither of these accounts have any direct debits attached to them which I believe switching direct debits is often one of the conditions of receiving an incentive bonus. However, I will investigate whether either of those can be switched.

I believe there's only one currently available switching offer that doesn't need DDs, and that's HSBC.

But the DD requirement shouldn't concern you as they're very easy to come by. Just search the forum posts.

mrochester

Just applied for an HSBC account so I can switch one of my non-DD accounts to it for the £120 incentive.

[Deleted User]

mrochester wrote: »

Just applied for an HSBC account so I can switch one of my non-DD accounts to it for the £120 incentive.

Be ready for a long wait. I applied online for HSBC current account on 6 January, was accepted there and then, account not opened until 21 January (after paperwork requirements), initiated switch on 29 January, switch completed on Monday 8 February. No sign of the £120 incentive yet. T and C's say they have 70 days from account opening date (21 Jan in my case) to pay it. I might just have it in time to buy Easter eggs or bunnies. I will be switching from HSBC as soon as the money is in my account. I will see what offers are available then.

20aday

I switched from NatWest to Halifax for the incentive.

Closed down the account just over four weeks later and *touch wood* they haven't asked for it back... yet.