MSE News: TSB offers bank switchers free £125, £5/mth cashback AND 3% interest

grumbler

molly57. wrote: »

I don't think Halifax bank will let me apply for a new account whilst already having an account.

Why? How can they not to 'let you'?
How many people here have 10+ current accounts then, including several with the same bank?

If you want to keep it, apply for a new account and then switch the new one. However, as both Halifax and TSB require DDs, you'll need 4 DDs altogether and will need some creativity if you don't have 4 currently.

Molly4

I currently have more than four direct debits on my Halifax account so that won't be a problem.


I'll look into opening another Halifax account.


Thanks for your advice.

grumbler

Generally, it can be any bank, not necessarily Halifax, but of course you don't want simply apply to a bank that offers switching bonus or is likely to offer it soon enough.

Molly4

Sorry thought of some more questions.


Halifax require you to pay in at least £750 a month. I have my salary paid in which covers this. I can't afford to pay in 2 x £750 a month.


Can I continue paying in my salary to my original account and then transfer the £750 to the new account?


That was how I was going to work the Halifax and TSB account. Have my salary paid into the Halifax as normal and then transfer the £500 into the TSB account.

Molly4

So any bank that offers a "switching bonus" will require my original Halifax account to be closed?

grumbler

molly57. wrote: »

Can I continue paying in my salary to my original account and then transfer the £750 to the new account?

Yes, you can.

To clarify my earlier post, Halifax can't stop you from applying, but have no obligation to give you the second account. Similarly, any bank can reject application.

And yes, AFAIK, all current switching offers require using the Switching Service.

Consumerist

molly57. wrote: »

So any bank that offers a "switching bonus" will require my original Halifax account to be closed?

It is usually a requirement to use their Current Account Switching Service in order to qualify for the bonus and that service includes the closure of the switched account.

Molly4

Sorry what is AFAIK?

Consumerist

molly57. wrote: »

Sorry what is AFAIK?

AFAIK it means "as far as I know".

Molly4

Thanks for your help.