Switching banks!

[squarehead94]

Hi all.

So in short, I bank with Santander. No complaints, they are fine. Been with them for 4 years. All my wages and everything have always gone to them, but I've been a basic account customer with Halifax for 10 years.

Halifax offered to sign me up to the Reward Plus account. £0 monthly fee, £100 switch bonus, and £5pm cash reward if I pay £750pm in, as well as a free £50 overdraft buffer. I meet all the criteria for these.

The only real reason I'm considering switching is the £100 switch cash bonus (guaranteed paid in 7 days after completion of switch) and the £5pm bonus, the overdraft is a plus.

Just wondering if theres anything to watch out for with halifax and if it is worth the switch.

Thanks!

 

[Kuros]

There's generally not much difference these days between banks.

Keep an eye out for the small print, make sure there are no hidden charges and take a look at the terms for the cashback, some stipulate you must pay in X amount per month and pay two Direct Debits else you pay a monthly fee.

 

[Nodiggidy123]

the £5 a month is changing to £3 a month in feb.

 

[squarehead94]

There's generally not much difference these days between banks.

Keep an eye out for the small print, make sure there are no hidden charges and take a look at the terms for the cashback, some stipulate you must pay in X amount per month and pay two Direct Debits else you pay a monthly fee.

Aye, I have checked that. the charges are like for like between both (£1 a day for planned overdraft under 2k) but I wouldn't use that facility, I only use the overdraft with Santander as I ran up to £500 overdraft and I'm in it most months, thats being paid off this payday before I switch anyway.

I am salaried so the minimum payment isn't an issue and I have 3 or 4 DD's going out every month. Just wondered if Halifax were a bomb scare really, I've scarcely been in in years as its just a backup account but being my first account I didn't want to close it.

 

[Rotty]

as above the £5 is going down to £3

I did it recently, got the £100 immediately and I had about 20 direct debits and all but 1 went over OK, I think 1 has missed a payment but it wasn't an important one so didn't oersue

 

[squarehead94]

as above the £5 is going down to £3

I did it recently, got the £100 immediately and I had about 20 direct debits and all but 1 went over OK, I think 1 has missed a payment but it wasn't an important one so didn't oersue

yeah I've seen that, shame but as i say the real big thing for me is the £100. Im going away in Feb so £100 worth of beer tokens on the house is much appreciated!

Yeah, I was worried about some missing, but they say its up to them to sort the transfer so. Guess I'll see how it goes! thanks

 

[Rotty]

The one that missed was bang on the changeover date so just pick a date with a bit of clear space each side

 

[SPG]

The downside to switching banks and what they do not tell you is the effect on credit history.... while it should not make any difference it does. Really is some scare stories.

 

[Rotty]

I suppose it could as when applying for credit they do ask for time with current bank

Mine was only my secondary direct debit account though and not the one my salary is paid into

 

[El Jimben]

I like the fact that you can authorise the setup of a new payee with Halifax via either logging into the app or by them phoning you as you do it, no card reader required like with RBS & Nationwide who I also bank with.

 

[Hathaway]

I've just switched from Santander to the Co-op. £150 bonus for switching and £4 a month if paying in £800 per month and have 4 active direct debits. You also get 5p for every time you use your debit card up to additional £1.50 per month.
No complaints so far, haven't received the bonus yet but they say within 45 days.

 

[ThePainBarrier]

I've just switched from Santander to the Co-op. £150 bonus for switching and £4 a month if paying in £800 per month and have 4 active direct debits. You also get 5p for every time you use your debit card up to additional £1.50 per month.
No complaints so far, haven't received the bonus yet but they say within 45 days.

I'm in the process of doing exactly that right now. Weighing up all the pro's and con's, seemed the best bank account to swap to for me.... for now anyway!

 

[koolpc]

I am too scared to switch and wife and i only have 2 DDs!!

 

[antijoke]

Co op any good?

I too got the letter today saying my Halifax reward was going down.

 

[weringo]

As already mentioned be careful with transferring direct debits over as they are not always successful. If you have any DDs set up for credit card, loan repayments etc it is worth making the minimum payment manually in the month of the switch just in case something goes wrong.

 

[englishpremier]

Co op any good?

I too got the letter today saying my Halifax reward was going down.

Not in my opinion, but I moved my main backing from them some time ago. There online banking and mobile apps are well behind other highstreet banks and has been for a long time. They're not signed up to google pay, they seem to be the slowest of all my banks to display transactions on the account.

 

[cm1179]

I've just switched from Santander to the Co-op. £150 bonus for switching and £4 a month if paying in £800 per month and have 4 active direct debits. You also get 5p for every time you use your debit card up to additional £1.50 per month.
No complaints so far, haven't received the bonus yet but they say within 45 days.

what % interest does the co-op pay?

i'm looking to switch from santander 123 which has just dropped from 3% to 1.5% with paying in £500 p/m....

 

[sven256]

I have just done this 3 weeks ago.

RBS to HSBC premier £200, free travel insurance, 0 % withdrawals from around the world etc.

It was no problem switching, just tell them you want to switch they will do the rest. Having said that I have not had anything major going in yet i.e wages so time will tell.