Current Account Switching 1 February at 1:23PM edited 2 February at 11:43AM in Budgeting & bank accounts 11 replies 442 views

SimonTait

Hi all, 

Quick question....

I currently have 2 x Halifax current accounts (1 Ultimate Reward & 1 Reward) which I use for bills and general monthly spending respectively.

My question is, can I use the Current Account switching service to switch one to a Lloyd's current account and the other to a First Direct current account to take advantage of the current cash incentives those banks are offering for switching?

I can make the minimum deposits required on the offers from Lloyd's and First Direct and have enough Direct Debits to split between the two accounts to meet any minimum requirements. 

Any info or advice appreciated!

Cheers

Simon

jimjames

Yes you can. You might want to get this moved to the Bank account board as that might give you more info

SimonTait

Hi all, 

Quick question....

I currently have 2 x Halifax current accounts (1 Ultimate Reward & 1 Reward) which I use for bills and general monthly spending respectively.

My question is, can I use the Current Account switching service to switch one to a Lloyd's current account and the other to a First Direct current account to take advantage of the current cash incentives those banks are offering for switching?

I can make the minimum deposits required on the offers from Lloyd's and First Direct and have enough Direct Debits to split between the two accounts to meet any minimum requirements. 

Any info or advice appreciated!

Cheers

Simon

SimonTait

Thanks JimJames. I've re-posted to the correct board!

grumbler

I don't see any reasons for you not to be able to do this, but IMO HX Reward account is worth keeping for its monthly fiver.

PRAISETHESUN

Yes - you can do as you describe although it'd be worth looking into whether the Halifax Reward account is worth anything to you. You can hold up to 3x Reward Accounts in sole name, each of which can pay you £5/month (£180/year) if you jump through a few hoops.

Personally I'd look to downgrade the Ultimate account to the standard Reward account and keep them. Separately, I'd look to open up fee-free Halifax current accounts to take advantage of the current switch offers from FD and Lloyds (also Santander and TSB if you're eligible).

Calpol4life

Can catagorically say yes. I’m in exactly the same position as you, and have done exactly the same. 

Both have paid. Lloyds within I think, 2-3 days and first direct within 10 days. 

Both from Halifax current accounts. 

Note - Lloyds offer has no min deposit. 

Cheers

35har1old

PRAISETHESUN said:

Yes - you can do as you describe although it'd be worth looking into whether the Halifax Reward account is worth anything to you. You can hold up to 3x Reward Accounts in sole name, each of which can pay you £5/month (£180/year) if you jump through a few hoops.

Personally I'd look to downgrade the Ultimate account to the standard Reward account and keep them. Separately, I'd look to open up fee-free Halifax current accounts to take advantage of the current switch offers from FD and Lloyds (also Santander and TSB if you're eligible).

I think things have changed to 1 sole account and one joint account see below taken from web tonight

You currently can hold 3 BOS accounts

People also ask

Is it possible to have more than one Halifax reward account?

For new applicants, only one (sole) is supposed to be possible per person now. The Halifax Reward account is a current account, not a saver, hence the 'helpful' MSEer responses. Reward: one solo & one joint.

How many Halifax Reward Saver accounts? - MoneySavingExpert Forum

forums.moneysavingexpert.com/discussion/6313811/ho…

If you have Vantage added to your Classic, Silver, Platinum, Gold or Premier account, it gives you the benefit of credit interest on your current account if you meet the Vantage conditions. You can have a maximum of three accounts with Vantage

35har1old

SimonTait said:

Hi all, 

Quick question....

I currently have 2 x Halifax current accounts (1 Ultimate Reward & 1 Reward) which I use for bills and general monthly spending respectively.

My question is, can I use the Current Account switching service to switch one to a Lloyd's current account and the other to a First Direct current account to take advantage of the current cash incentives those banks are offering for switching?

I can make the minimum deposits required on the offers from Lloyd's and First Direct and have enough Direct Debits to split between the two accounts to meet any minimum requirements. 

Any info or advice appreciated!

Cheers

Simon

I assume you have never held a first direct account in the pass see web extract from First Direct

Switch using the Current Account Switch Service, deposit £1,000 within 3 months of account opening. New customers to first direct only, who have not previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2020*. Current Account subject to status. Offer can be withdrawn at any time. UK residents only.

Good Regular Saver 7%

LLoyds Can have both a Club Regular Saver and Monthly Saver

Not worth holding a lot of cash in the account as you would only receive 2.78% by maintaining the full balance of £5000
When these accounts first opened (2014)  they paid 4% on the whole balance and BOE Rate was 0.5%

Club Lloyds Monthly Saver	5.25% gross/AER fixed. Interest is paid after a year.	£25-£400 a month	1 year. Then your account will change to a Standard Saver.	Instant	Club Lloyds Monthly Saver
Monthly Saver	4.50% gross/AER fixed. Interest is paid after a year.	£25-£250 a month	1 year. Then your account will change to a Standard Saver.	Instant	Monthly Saver

Katiehound

35har1old said:

PRAISETHESUN said:

Yes - you can do as you describe although it'd be worth looking into whether the Halifax Reward account is worth anything to you. You can hold up to 3x Reward Accounts in sole name, each of which can pay you £5/month (£180/year) if you jump through a few hoops.

Personally I'd look to downgrade the Ultimate account to the standard Reward account and keep them. Separately, I'd look to open up fee-free Halifax current accounts to take advantage of the current switch offers from FD and Lloyds (also Santander and TSB if you're eligible).

I  

People also ask

Is it possible to have more than one Halifax reward account?

For new applicants, only one (sole) is supposed to be possible per person now. The Halifax Reward account is a current account, not a saver, hence the 'helpful' MSEer responses. Reward: one solo & one joint.
No , this is incorrect

 

You have been able to have 3 Halifax Reward accounts since November 2022
 

For clarification see the 'Halifax  Banking Getting Started Guide"
page 38 under the title Special Conditions section P
It states: reward current account "Up to 3 in either your sole name or in joint names"

Reward savers are a different thing altogether!

dc63cjc64

Hi, If I open a burner account and keep my old current account open and then switch the burner account via CASS to an account that is going  to give me £175 for doing so, do I need to have my wages paid into the burner account  and also have some DD coming out of it before I make the switch to the new account?
Sorry if this is long winded  but never done this before.

Thanks

Dave