Bank switching newbie

safe_hands2

I haven't done this before, but as I have a Halifax account that will soon merge into Lloyds, I'm thinking about using it for a switch deal.

For direct debits, could I set up direct debits to credit cards that I rarely use? Would they count for switching?

flaneurs_lobster

You need to read the Terms of each switch offer carefully, they each have their own quirks and make general advice difficult.

'Frinstance, recent Santander switch needs DDs to be paying firms on a list that they supply, other switches have required no DDs at all.

But more generally, a DD is a DD, beware any requirement that requires an "active" DD, need to be sure what they mean.

friolento

You need to read the T&Cs of the respective switch offer. Some don’t require any DDs, some will require 2 or 3, some will accept any DDs, other have very strict rules which DDs will count.

Worth noting that you only switch one current account at a time. You don’t switch banks.

lr1277

If the Halifax is your only account and hence your main account, why switch that? Unless you are really dissatisfied with Halifax in which case switch away.

Most people create 2nd or dummy accounts for the switching. But that does mean sometimes having to assign DD's or SO's to these 2nd accounts. Then you get into the issue of which DD's to assign to this 2nd account bearing in my the rules outlined above.

Easiest way to create a 2nd account is to create a 2nd account with Halifax and switch that account.

safe_hands2

https://forums.moneysavingexpert.com/discussion/comment/82065956#Comment_82065956

No it's not my main account and I have Lloyds accounts too, so it will end up moving across when the brand disappears. I'll probably close it at that point, so think it could be a useful switch account to use.