Halifax £100 switch incentive

Johntea

PRAISETHESUN said:

Johntea said:

Does anyone know how the £5,000 / £5 works in Month 1?

I've just opened an account but the switch isn't until May, do I need to fire across £5,000 straight away or are they a bit more flexible in the first month?

The requirement is to keep £5k every day of the month so if you haven't paid in on the day you opened the account, then you might not get rewards for the first month. That said, I meet the requirement from debit card spending so I can;t say for sure.

You can track your progress for your reward in your online banking, so it will say for sure there if you've missed out because you haven't met the criteria by not keeping enough balance.

Paid in £5,001 from an alternative source to the account for now - can't check progress on online banking until further details arrive in the post though as I accidentally closed the random password generator I had open to create the initial password and trying to reset it just sends me in a loop at the minute!

keiran

Anyone know how efficient Halifax is at spotting whether a reward had been paid within the exclusion period (ie since April 2020 in this case) if one attempted to do another switch?

YorkshireBoy

PRAISETHESUN said:

The requirement is to keep £5k every day of the month so if you haven't paid in on the day you opened the account, then you might not get rewards for the first month. 

We slipped up on one of ours at launch last May. Didn't fund on day one (funded 2 or 3 days later from memory) so lost the £5 in the first month. 

With 7 Reward accounts between us we'll be giving this one a miss, and not even going the Ultimate Reward/downgrade/switch away route. £420 pa is too much to lose if it continues past the anniversary.

Ed-1

YorkshireBoy said:

PRAISETHESUN said:

The requirement is to keep £5k every day of the month so if you haven't paid in on the day you opened the account, then you might not get rewards for the first month. 

With 7 Reward accounts between us we'll be giving this one a miss, and not even going the Ultimate Reward/downgrade/switch away route. £420 pa is too much to lose if it continues past the anniversary.

Only 7? 

Having said that, my applications are now auto declining whereas they weren't until they retrospectively manually declined my one last Autumn when I tried the switch offer (the switch was already part way through) so they must have done something behind the scenes to make the system decline new ones. Credit policy decline marker?

soulsaver

@YB & @Ed So (with legal multiples) I tried for an Ultimate and got auto declined - so may be spotting multiples/gamers. But I do have 'history' with LBG for serial opening & switching...

Aidanmc

I opened a 2nd reward account on wednesday, day offer started. Application successful, showing on online banking and switched started.

Alex9384

I've got 3 Halifax Reward accounts.
First one from 2018 (incl. switch bonus), second one opened at the end of 2020, third one opened a month ago.

SpanishBlue

I have 2 Reward accounts. Whilst I understand the system allows you to open a 3rd, I believe it is against their Ts & Cs to do so.

It could therefore end up backfiring on me if I lose one of my existing accounts, so at the moment I'm not sure I will go for this offer.

ronbell101

PRAISETHESUN said:

ronbell101 said:

Should I close and reopen.... downgrade then open a reward...or write it off ??

Out of those options I would downgrade and open a new one, and you can use your downgraded account as a donor for a switch at a later date.

Just keep in mind that apply for multiple accounts in rapid succession can cause lenders to decline you. So if that worries you it'd probably be best just to keep things as they are and wait for the next incentive.

Any ideas why I cannot downgrade this account ?

Shedman

colsten said:

Shedman said:

Why NSI Premium Bonds...why not the NSI Direct Saver.  Put £501 in, take out £500 a couple of days later 

Earliest you can take it out is 7 days later. 

Isn't that just if you deposit at the very end of a month or the beginning of a month as they don't update until 5th for some obscure reason.   I'm pretty sure that I've been able to withdraw after 2 or 3 days max if deposited after the 5th.  But with NSI nothing seems certain.....