New £175 bonus for switching to Halifax Reward (29 Nov 2022)

flaneurs_lobster

StevenGude said:

I want to set a new account up with another bank to br able to switch to Halifax and take advantage of this
How long do you usually have to have account open before you can switch?

I'd give it a couple of days (and transfer in/out a couple of quid) just to make sure the new account is solid. In the case of this Halifax offer there is no requirement for direct debits to be set up and switched so it should be good to go.

 Just started switch to Halifax with a Metro account set up on 16/11. I try to have a spare doner account ready to be sacrificed when a new offer appears. The next one will be a second current account I've just created at Nationwide or possibly the Monzo account I've just opened having swapped the last one a month ago.

 Spreadsheets are your friend.

flaneurs_lobster

TheKDs said:

Peony2016 said:

soulsaver said:

Peony2016 said:

Does the £1500 payment into the account have to come from a different bank? I opened the account on the 29th November, selected my reward offer (£5 cash) and then transferred £5000 into the reward account from my standard Halifax current account. The tracker is saying ‘As of 29 November 2022, you've paid £0.00 into your account. You need to pay in at least £1500.00 more this month.
You’ve kept your balance at or above £5000 each day this month so far.’

Re the effective date in the tracker - it's not 'real time' if it's before your deposit transaction clears, it won't have updated yet.

You've tied up £5k to get £60 pa? An effective rate of 1.2% (1.5% taxed on interest)?

You can get 3% in easy access accounts and 3 times it on £5k with hoops..
See my signature for link to options

I only opened the account to get the switch offer. Not really fussed about the £5 reward so the £5000 is straight back into my savings account. Will be closing the account as soon as I get the switch incentive

@Peony2016 when will the amount be paid in, do you know?

The switching incentive bonus? It's in the first post above 

1. The offer will be paid directly into your account within 3 working days of your switch completing and will appear as a cash credit.

StevenGude

flaneurs_lobster said:

StevenGude said:

I want to set a new account up with another bank to br able to switch to Halifax and take advantage of this
How long do you usually have to have account open before you can switch?

I'd give it a couple of days (and transfer in/out a couple of quid) just to make sure the new account is solid. In the case of this Halifax offer there is no requirement for direct debits to be set up and switched so it should be good to go.

 Just started switch to Halifax with a Metro account set up on 16/11. I try to have a spare doner account ready to be sacrificed when a new offer appears. The next one will be a second current account I've just created at Nationwide or possibly the Monzo account I've just opened having swapped the last one a month ago.

 Spreadsheets are your friend.

Opened a Monzo account a week ago to add to my profile of switchers - usually leave them a few months but should be OK you think?

Alt I've got my lloyds that I've just got switching bonus about a month ago but I usually like to keep them for a few months after getting the bonus to avoid any attempts to reclaim

flaneurs_lobster

StevenGude said:

flaneurs_lobster said:

StevenGude said:

I want to set a new account up with another bank to br able to switch to Halifax and take advantage of this
How long do you usually have to have account open before you can switch?

I'd give it a couple of days (and transfer in/out a couple of quid) just to make sure the new account is solid. In the case of this Halifax offer there is no requirement for direct debits to be set up and switched so it should be good to go.

 Just started switch to Halifax with a Metro account set up on 16/11. I try to have a spare doner account ready to be sacrificed when a new offer appears. The next one will be a second current account I've just created at Nationwide or possibly the Monzo account I've just opened having swapped the last one a month ago.

 Spreadsheets are your friend.

Opened a Monzo account a week ago to add to my profile of switchers - usually leave them a few months but should be OK you think?

Alt I've got my lloyds that I've just got switching bonus about a month ago but I usually like to keep them for a few months after getting the bonus to avoid any attempts to reclaim

Don't think you'll have any issues with a bank trying to reclaim a bonus, it's not in the T&C. The only time I can think that it would be an issue is if you had told any porky pies during the application process - "will this be your main current account?" springs to mind, although how this is quantified is moot.

One recent switch was of a first direct account, created on 13/10 (swap from Monzo), closed on 14/11 (swap to Lloyds). All bonuses, er, banked.

dais91

Once your have transferred the £1500 in and received the £175 incentive can you transfer money back out?

Katiehound

Whatever you do- switch or keep the account- the £1.5 k only has to visit- it does not need to stay. I transfer mine online- in and then out.

dais91

Thank you! I guess after that just need to ensure £3 in the account each month for the fee 

Katiehound

no, if you pay in £1.500 that removes the fee

" Reward Current Account and paying £1,500 or more into your account each month. (a £3 monthly maintaining the account fee will apply for each month you pay in less)"

If you want other rewards then you need to work out how you will get the £5 each month

comeocome

flaneurs_lobster said:

StevenGude said:

I want to set a new account up with another bank to br able to switch to Halifax and take advantage of this
How long do you usually have to have account open before you can switch?

I'd give it a couple of days (and transfer in/out a couple of quid) just to make sure the new account is solid. In the case of this Halifax offer there is no requirement for direct debits to be set up and switched so it should be good to go.

 Just started switch to Halifax with a Metro account set up on 16/11. I try to have a spare doner account ready to be sacrificed when a new offer appears. The next one will be a second current account I've just created at Nationwide or possibly the Monzo account I've just opened having swapped the last one a month ago.

 Spreadsheets are your friend.

Are you worried that your credit score will nosedive due to opening so many accounts at once? 

(Halifax, metro, nationwide, monzo?) 

MrRichTea

overspender22 said:

Halifax will not do a credit check if you are already their customer. I opened 3 additional current accounts and 2 credit cards with them and they never hard-searched me. Only for the very first account, when I was a new customer.

Does this include if your first account offered is a basic account? 

They only accepted me for a basic account, so I was hoping if I use the account for a month, then I might be able to apply for a second account (reward). Anyone tried this?

I have a basic account, I changed it to rewards one, I've only had it open a month or 2 & never used it, so I'd say you're in with a very good chance!