Halifax Switch Incentive

Al_Ross
Al_Ross Posts: 905 Forumite
First Anniversary First Post Name Dropper Combo Breaker
in Budgeting & bank accounts
Hi I switched out my Natwest account last weekend and I have my £75 payment already paid and in my new account before the switch is even complete.

I cannot see any terms about how long I need to keep this new account open.

I do feel a bit guilty of taking their money and running.
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Comments

  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    There is no minimum term for keeping the account open. You can lose it or switch it elsewhere as soon as you like, once the current switch has completed.
  • 20aday
    20aday Posts: 2,610 Forumite
    First Anniversary Combo Breaker First Post PPI Party Pooper
    I switched to Halifax a couple of years ago, think it was £125 at the time.

    Closed the account around a month later with no issues.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    First Post First Anniversary Name Dropper
    Any idea when the £3 monthly reward payment (incentive) is paid?

    In april, I've paid in over £750, had two different direct debits paid out, and not gone overdrawn (on my reward current account).

    I noticed Halifax account guide (Halifax version of terms and conditions?) says this:
    The Halifax Reward Current Account pays you £3 reward payment a month, to say thanks. We give you £3 each calendar month, when, in the previous calendar month, you:
    *Pay in £750 or more and;
    * Have a minimum of two different direct debit instructions paid from your account and;
    * Have not gone overdrawn on your Reward Current Account by the end of any day during the
    calendar month.
  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,857 Forumite
    Name Dropper First Post First Anniversary
    OceanSound wrote: »
    Any idea when the £3 monthly reward payment (incentive) is paid?

    In april, I've paid in over £750, had two different direct debits paid out, and not gone overdrawn (on my reward current account).

    I noticed Halifax account guide (Halifax version of terms and conditions?) says this:

    Second working day of each month, so tomorrow:)
  • gr_96
    gr_96 Posts: 35 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    With this, you have to switch.
    Could I open a Barclays account (for example) online now. When that's set up, switch it to Halifax, then close the Halifax account a month or so after?

    Or does the account you're switching from have to have been open for a certain duration?
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    First Post First Anniversary Name Dropper
    gr_96 wrote: »
    With this, you have to switch.
    Could I open a Barclays account (for example) online now. When that's set up, switch it to Halifax, then close the Halifax account a month or so after?

    Or does the account you're switching from have to have been open for a certain duration?
    Doesn't' have to be open for certain duration. So you can switch the barclays account the day you receive the sort code and account number (soon after opening the account online).
  • Honey-Dee
    Honey-Dee Posts: 83 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    Hi I switched out my Natwest account last weekend and I have my £75 payment already paid and in my new account before the switch is even complete
    You should now move straight to Nationwide, it's £100. Make sure someone introduces you so they also get £100. Good luck.
  • eDicky
    eDicky Posts: 6,572 Forumite
    First Anniversary Name Dropper First Post
    OceanSound wrote: »
    Doesn't' have to be open for certain duration. So you can switch the barclays account the day you receive the sort code and account number (soon after opening the account online).
    To switch your account by CASS the debit card number is usually required, so best to await its delivery.
    Evolution, not revolution
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    First Post First Anniversary Name Dropper
    eDicky wrote: »
    To switch your account by CASS the debit card number is usually required, so best to await its delivery.

    I switched from Metro Bank to Halifax before receiving Metro bank debit card. Selected 'No' to the question 'Do you have a debit card with this account.', because I hadn't actually been supplied with a debit card at the time of application.

    [URL="[url=https://postimages.org/][img]https://s5.postimg.cc/n13sibe2f/Halifax_-_Switch_from_Metro_bank.png[/img][/url]"][/url]Halifax_-_Switch_from_Metro_bank.png
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    First Post First Anniversary Name Dropper
    Dhoney22002 wrote: »
    You should now move straight to Nationwide, it's £100. Make sure someone introduces you so they also get £100. Good luck.
    However, don't switch away from Nationwide for at least 3 months, or both you and your friend may lose their bonus. See Nationwide introduce friend T&cs:
    If the recommended friend closes their account without good reason and within 3 months of crediting their account with the offer payment, we reserve the right to claim back the offer payment from both the recommender and the recommended friend within 6 months of the account closing.
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