Changing bank accounts

snips86x

snips86x

snips86x

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I'm currently with HSBC and have been for a good 15 ish years. I've recently spotted the new deal with Halifax where you can get £100 cash back when you switch to one of their current accounts.

On top of this, they are offering an additional £5 for each month where you pay £750 in to this account.

Is this worth the switch? I'm getting nothing with my current HSBC account and this is really drawing me in. Would help with my PC upgrades :D
 
What do you have to lose? I have the same loyalty to banks as I have to insurance and utility companies. None. ;)
 
halifax a very good imo

i have a halifax and a santander account, im going to close the santander soon (or switch it to first direct)

i switched from nationwide to halifax, 100 pound and 60/year, a quicler transfer system and no stupid card reader

not the best online mobile app however
 
No as it's Halifax, by far the worst bank I've been with. Total incompetence.
They couldn't even apply the application correctly and it only got worse from there.

It's worth changing though, I don't like hsbc and they drag there feet producing any decent mobile applications and there online security makes online website pointless. Glad I left them.
With co-op who have been very good but moving to natwest.
 
snips86x said:
Ok, so assuming I go ahead with this, how would I re-arrange my DD's? Do they do it all for you?
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That's the easiest part, fill out a form at the new bank and they transfer all DDs for you. I recently changed bank account and I only had to notify my employer to change where my wages are paid.
 
Nationwide have been good for me (~10 years customer)

I even got to use the toilets in there on Friday after a rough take-away! (Cheers Sam at Leeds Albion Street branch!)
 
Would the move include my saving accounts also?

Sorry, I've never moved a bank before as it's always seemed like too much hassle.
 
Following this with interest, since the only reason I've never changed is apathy to be honest - like you I get nothing back from my HSBC account, it's purely a place to stash my cash!
 
**Post removed**

Is that really called for?!!

Makhaira said:
Following this with interest, since the only reason I've never changed is apathy to be honest - like you I get nothing back from my HSBC account, it's purely a place to stash my cash!
Click to expand...

If you like, I can update you with how easy the process was once complete?
 
I bank with Halifax, First Direct and Lloyds TSB. Halifax for the £5 /mo. cash plus £100 bonus and £5 /mo. Reward Clarity card (£5 cash everytime I spent £300 or more in a month), First Direct for the £100 joining bonus plus 8% regular saver (new accounts are now only 6% :() and Lloyds TSB for the Gold Current Account (worldwide travel insurance, AA breakdown, mobile phone insurance, etc).

All three banks don't use card readers (just usernames and passwords) and all have 24 hour call centres based in the UK that are accessible via geographic phone numbers. Lloyds TSB and Halifax use the same online website design (as they're in the same group), which IMO is very good. FD's online banking is pretty poor (cannot create standing orders online, what??) but their telephone banking is second to none.
 
I don't have any savings accounts with Halifax; just a current account and credit card, so unfortunately I can't comment on their savings accounts.
 
I've only changed current account provider twice in the past 10 years or so - from Barclays to Cahoot to First Direct. I've been with the latter for the past 2 - 3 years.

Jon's posted some good information above (their regular saver is particularly good, even though it is now down to 6% for new applicants) but the information on standing orders is incorrect. You can set them up online and make other transfers as you can with other banks. I believe the standing order functionality just doesn't extend to their app.

First Direct pay £100 to you when you open your account and pay in at least £1,000 per month for the first six months. If you leave then they'll give you another £100.

As Jon said though, their telephone service is exceptional, as is their online messaging and help, and other social support via Twitter.

I don't have experience of the other banks.
 
Changed to Halifax from Barclays last year, after 12 years, and it has been fine. Similar reason - cash upon switching, monthly £5 for putting salary in, and monthly £5 for spending £300+ on their credit card. They took care of all the direct debits and standing orders. A couple did not happen accidentally because payment dates fell around the change, which meant they didn't get paid on time but easily resolved afterwards.
 
The_Abyss said:
... the information on standing orders is incorrect. You can set them up online and make other transfers as you can with other banks. I believe the standing order functionality just doesn't extend to their app. ...
Click to expand...

My apologies. It used to be the case that you filled in a form online with all the details and someone at FD would actually set up the standing order for you. I just logged onto my FD account and the form appears to have changed a bit so I guess that was a reasonably recent addition.

The FD Regular Saver account is by far the best Regular Saver account I have found on the market. It used to be 8% with a max. contribution of £300 /mo. for 12 months. This could net you about £124 net interest for the year, and now it is 6%, but I think that's still pretty good. As far as I know (unless they've changed their T&Cs since last November), you can only pay into a FD Regular Saver account from a FD 1st Account (their name for their current account).

It used to be the case (and maybe still is) that you would be charged £10 /mo. each month you held your FD 1st Account unless you paid in at least £1500 /month (i.e. your salary). This would mean that if you wanted to take advantage of the Halifax £5 /mo. offer, you would have to set up a system of standing orders to move around money from bank to bank. Maybe first to Halifax then to FD so Halifax gave you the £5 and your FD account stayed opened and didn't charge you. However, there is/was a stipulation in the T&Cs that your FD 1st Account would stay open if you had a FD savings account that the 1st Account is actively paying into. I have such a savings account and now only use my 1st Account to feed my 8% Regular Saver.

Although FD is a great bank, I am happy with Halifax as my main bank. It has branches seemingly everywhere (all cash paid into FD accounts has to be deposited in HSBC branches) and I find it helpful to be able to speak to people in branches from time to time. I also personally prefer Halifax and Lloyds TSB's online banking system, as it seems more fresh and airy. I know it sounds strange to say that about a banking website but FD's online banking site is themed with lots of black (and white) and is restricted to quite a small size design (doesn't fill the page), whereas Halifax's takes up the full screen real estate, is (IMO) better spread out across the page and is themed with blue. It doesn't seem so ominous and restricting.
 
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You shouldn't switch to Halifax on the basis that they have the worst adverts known to man, that should be reason enough.

Are Santander still doing their account switch cashback offer? If so, their 123 current account gives some tasty interest on balances, as well as cashback on direct debits etc.
 
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