Halifax Reward Account - DD requirement

Pay_me

Hi,

After some advice I currently have 3 current accounts

Santander 123 even after the £60 per year subscription combined with the balance I keep and cashback on the monthly bills etc it provides a nice return. Way above the £60 that I would get from Halifax on its own etc.

I had a Co-OP privilege Premier £15.50 per month that I have just requested to close in favour of a Nationwide Flexplus account.

However I have an old barclays account that has a small balance gains no interest and I do not use it etc. I was thinking about trying to switch this account to the Halifax for the £125 and £5 per month reward as I can make the £750 per month deposit. However, I need 2 DD's, I am unwilling to pull any out of the Santander account as I don't have many and everyone I do have earns cashback.

Is there away around the DD requirement? I believe some banks allow DD's to be set up for savings?? Anyone know which ones?

Thanks

xylophone

Open two Tesco savings accounts, (one everyday saver, one internet saver) - you then set up a DD on each account to pull money from Barclays - switch the account with DDs in place.

R34GTT

Don't forget Barclays offer £4 a month:

http://www.moneysavingexpert.com/news/banking/2015/04/barclays-launches-reward-scheme-for-current-account-users-but-other-banks-beat-it

Pay_me

R34GTT wrote: »

Don't forget Barclays offer £4 a month:

http://www.moneysavingexpert.com/news/banking/2015/04/barclays-launches-reward-scheme-for-current-account-users-but-other-banks-beat-it

I will have a quick read of that before I make any decisions. Thanks

Pay_me

xylophone wrote: »

Open two Tesco savings accounts, (one everyday saver, one internet saver) - you then set up a DD on each account to pull money from Barclays - switch the account with DDs in place.

In terms of the DD's is there a minimum or a recommended value they should be set at? Don't want to set anything that low that they close the account for trying it on etc.

badger09

Pay_me wrote: »

In terms of the DD's is there a minimum or a recommended value they should be set at?

There is no minimum.

Pay_me wrote: »

Don't want to set anything that low that they close the account for trying it on etc.

Then don't;)

Pay_me

badger09 wrote: »

There is no minimum.




Then don't;)

Thanks, think I will probably go around the £5 to £10 per DD

ceredigion

xylophone wrote: »

Open two Tesco savings accounts, (one everyday saver, one internet saver) - you then set up a DD on each account to pull money from Barclays - switch the account with DDs in place.

Why would you setup the DD's to Barclays.

Robbieh

ceredigion wrote: »

Why would you setup the DD's to Barclays.

Hi, I'm about to do this switch. I'm sure I've read on here that it's a good idea to get the DD's setup and tested prior to the switch just to make sure they work ok? Sorry if I have this wrong.

Archi_Bald

DDs are only required for the monthly reward, not for the switch.

lufc7

Robbieh wrote: »

Hi, I'm about to do this switch. I'm sure I've read on here that it's a good idea to get the DD's setup and tested prior to the switch just to make sure they work ok? Sorry if I have this wrong.

For some switches this would normally be the case. But because it is to Halifax there is no need for DD to be switched over for the incentive just the actual account. So do the switch then set up the DD'S direct to the Halifax account when you have the details to help with the criteria for the free £5 a month.