Halifax reward tied in for 3 years?

OWAIN

I've just switched one of my small accounts over to Halifax reward a/c to get the £150 for switching. Reading through the t&c's it states that 'the agreement will end on the date which is 36 calendar months after the switch date'. Does this mean that I have to keep this a/c for 3years? and if I don't that I will have to return the £150 switching bonus?

Before switching I read as much as was available and there was no mention of any time limit or any restrictions whatsoever on when I could switch a/c's again. My plan was to get the £150 and then switch again to another bank - is there anything stopping me doing this?

ratechaser

36 months is the period covered under the switch guarantee of rerouting payments from the old to the new account. Totally generic and would apply for any CASS switch.

Nothing to do with length of time that you have to keep the account open...

colsten

I think you must be mixing up the terms of the switching offer, and the terms of the current account switch service guarantee.

I cannot see anything about 36 months, or any minimum time to hold the account, in the T&Cs for the switching offer.

The 36 months will refer to the timescale during which any payments that still arrive for your old account will be re-directed to your new account. This applies whether you got a switching bonus or not.

OWAIN

Thank you both for your answers, clearly I have, as you say, mixed things up.

So does that mean as soon as I get the £150 for switching, which should be within 3 days of the a/c opening then I could switch this a/c over to another bank/building society?

PeacefulWaters

Where are you getting £150 from?

zak2012

you get £125 from Halifax , not £150

jimjames

I'd also ask why you are throwing away a free £5 per month by moving your account.

Westie983

Halifax are offering £125 switching at the moment, no limit to hold the account, but you do get £5 a month on top of the £125 incentive (subject to T&C's) so don't forget that.

OWAIN

Haven't covered myself in glory in this thread, have I? Don't know why I've kept putting £150; it's £125 as you have all correctly pointed out.

The a/c that I've just switched is only a small a/c with £2k in it, that I'm feeding with £1k per mth (from a 123 a/c that's full) that then goes to 2 other a/c's of mine by DD. This way I cover the criteria of most bank a/c's.

My plan is to keep switching this small a/c to claim the switching bonuses being offered by several banks/BS. I figure that this will give me a far better return on the money than just earning £5 per month in one a/c or even whatever the best interest rate is on any given a/c e.g. if I just switch 3 times this year for £100 a time then I will have earned £300 on £2k.

bigadaj

OWAIN wrote: »

Haven't covered myself in glory in this thread, have I? Don't know why I've kept putting £150; it's £125 as you have all correctly pointed out.

The a/c that I've just switched is only a small a/c with £2k in it, that I'm feeding with £1k per mth (from a 123 a/c that's full) that then goes to 2 other a/c's of mine by DD. This way I cover the criteria of most bank a/c's.

My plan is to keep switching this small a/c to claim the switching bonuses being offered by several banks/BS. I figure that this will give me a far better return on the money than just earning £5 per month in one a/c or even whatever the best interest rate is on any given a/c e.g. if I just switch 3 times this year for £100 a time then I will have earned £300 on £2k.

Or you could earn the same by opening a new account and switching that, whilst retaining the £5 per month as well on the Halifax account. Or not, it's up to you.

badger09

OWAIN wrote: »

Haven't covered myself in glory in this thread, have I? Don't know why I've kept putting £150; it's £125 as you have all correctly pointed out.

The a/c that I've just switched is only a small a/c with £2k in it, that I'm feeding with £1k per mth (from a 123 a/c that's full) that then goes to 2 other a/c's of mine by DD. This way I cover the criteria of most bank a/c's.

My plan is to keep switching this small a/c to claim the switching bonuses being offered by several banks/BS. I figure that this will give me a far better return on the money than just earning £5 per month in one a/c or even whatever the best interest rate is on any given a/c e.g. if I just switch 3 times this year for £100 a time then I will have earned £300 on £2k.

Are you sure you mean by DD?