Minimum stay period for Halifax? 20 December 2022 at 6:57PM in Budgeting & bank accounts 6 replies 338 views

Nova1307

I did a switch to Halifax around 4 months ago and got the switcher bonus of £150. Does anyone know if there is a minimum stay period or am I free to switch somewhere else? I know some banks like RBS had a 'switch and stay' previously where you had to stay for 12 months. Thanks

soulsaver

There is no 'stay' requirement  for the Halifax Reward after you get the switch. But there is the Reward's £60 PA tax free you may wish to consider? 

Nova1307

soulsaver said:

There is no 'stay' requirement  for the Halifax Reward after you get the switch. But there is the Reward's £60 PA tax free you may wish to consider? 

Thanks. I'm not meeting the criteria for the £60 rewards and so I may as well switch to another account

Bridlington1

Nova1307 said:

soulsaver said:

There is no 'stay' requirement  for the Halifax Reward after you get the switch. But there is the Reward's £60 PA tax free you may wish to consider? 

Thanks. I'm not meeting the criteria for the £60 rewards and so I may as well switch to another account

You can easily meet the criteria for the £5/mth. Transfer £1.5k in from an account you hold elsewhere (doesn't have to be in one go), then make a £500 deposit into a savings account by debit card and Bob's your uncle. You can transfer the remaining £1k out straight away if you want. I've got 3 of these accounts for an easy £180/year.

Nova1307

Bridlington1 said:

Nova1307 said:

soulsaver said:

There is no 'stay' requirement  for the Halifax Reward after you get the switch. But there is the Reward's £60 PA tax free you may wish to consider? 

Thanks. I'm not meeting the criteria for the £60 rewards and so I may as well switch to another account

You can easily meet the criteria for the £5/mth. Transfer £1.5k in from an account you hold elsewhere (doesn't have to be in one go), then make a £500 deposit into a savings account by debit card and Bob's your uncle. You can transfer the remaining £1k out straight away if you want. I've got 3 of these accounts for an easy £180/year.

Thanks. Might seem like a daft question but how do I use my debit card to transfer to one of my other accounts? I thought I could only do a manual bank transfer or set up a standing order. 

Bridlington1

Nova1307 said:

Bridlington1 said:

Nova1307 said:

soulsaver said:

There is no 'stay' requirement  for the Halifax Reward after you get the switch. But there is the Reward's £60 PA tax free you may wish to consider? 

Thanks. I'm not meeting the criteria for the £60 rewards and so I may as well switch to another account

You can easily meet the criteria for the £5/mth. Transfer £1.5k in from an account you hold elsewhere (doesn't have to be in one go), then make a £500 deposit into a savings account by debit card and Bob's your uncle. You can transfer the remaining £1k out straight away if you want. I've got 3 of these accounts for an easy £180/year.

Thanks. Might seem like a daft question but how do I use my debit card to transfer to one of my other accounts? I thought I could only do a manual bank transfer or set up a standing order. 

Most accounts don't let you make deposits by debit card. There are however a few savings account providers that let you make deposits by debit card including:
-YBS 
-NS&I
-Cambridge BS
-Skipton BS
.
.
.
The list goes on. It's usually just a case of opening an account with the savings account provider then logging into internet banking, clicking deposit by debit card and entering your debit card details. Only takes a minute or so once the account's set up.

Nova1307

Bridlington1 said:

Most accounts don't let you make deposits by debit card. There are however a few savings account providers that let you make deposits by debit card including:
-YBS 
-NS&I
-Cambridge BS
-Skipton BS
.

I don't have any accounts with banks/BS on your list but I do have Vanguard who accept deposits by debit card and so problem solved!