Is the Halifax reward current account ok?

A question about : Is the Halifax reward current account ok?

Hi, I am very tempted to switch a barclays joint bank account to the Halifax Reward Account to get the Ј125 switch bonus and the Ј5 per month. Just wondered if people are happy with the Halifax account - does the online banking work well and do payments in and out happen instantly. Thank you.

Best answers:

• Yes, yes, and yes for me.
  But why only Ј125? Why don't you each open a Barclays sole account and switch those instead for a total of Ј250.
  Then once you're set up, open a joint account and switch the Barclays joint account to that.
  Result is Ј250 for joining and Ј180 a year ongoing.
  Obviously you need to split up your DDs, or get some more for the sole accounts, eg Tesco savings accounts.
• I have had the reward account for a while, the Ј5 is basically a bribe to stop you switching to an account that earns more through interest.
  I am considering switching another account to my Halifax for the Ј125 (never had the switch bonus before), and then immediately switching it to a Santander 123 account.
  Does anybody know if they would forfeit the Ј125 if I did that?
• Does anybody know if opening lots of accounts to chase the interest damages your credit rating or am I worrying unnecessarily. Thanks
• Thanks for all the info. I have now opened a new account that I can switch to Halifax. Am I correct in thinking that the Ј125 payment is just for switching the account so I do not need to set up DD's on the account before switching. I can switch the account and then set up DDs against the new account to get the Ј5 per month. Thanks again
• I have the halifax reward account and have no issues. The Ј5 each month is a nice bonus, and always have fast payments when. Transferring money.