First Direct and Halifax switch offers??

A question about : First Direct and Halifax switch offers??

Hi there

I see both the above banks have offers for Ј100 (first direct) and Ј125 (halifax) for switching to them. I can see that both are requesting the account must have salary going into it of Ј1000, I cant see any mention of either requiring any Direct Debits to get the switch offer. Once switched Can i deposit a single payment of Ј1000 into one of the accounts and then transfer across to the other to get the switch incentives for both. I see halifax mention that they can debit the incentive back from the count if the agreement is not met.

Best answers:

• It doesn't have to be a salary. Yes, it can be a transfer from other bank.
• I think the Ј1000 with Halifax is to receive the Ј5 bonus a month
• The switching requirements and ongoing account requirements are totally seperate.
  FD require at least one Ј1000 pay in within 3 months of the switch to get the bonus. Ongoing you need to pay in Ј1000 a month (or have an eligible secondary product eg eSaver account) to avoid the Ј10/m fee. No DDs are needed.
  Halifax only need you to switch accounts to get the Ј125 switch bonus. Assuming you've gone for the reward account, to get the Ј5/m reward you must pay in Ј750 each month, pay out 2 direct debits and not go overdrawn
• One thing to bear in mind is that under First Direct’s terms you have up to 3 months after opening your account to make any switch and qualify for the incentive. So you could take a gamble, open it now and then wait until mid May and see if they restore the offer back to Ј125 (as applied in Jan/early Feb). Also bear in mind you are likely to need an HMRC tax notice in the last four months or a passport/driving licence certified by a lawyer/accountant etc to open an account with FD – as they are quite strict on ID requirements. So its worth calling HMRC to request a tax coding notice if you don’t know any friendly lawyers/accountants/doctors. An MP can also certify your ID – although they might ask for a fee!
  Halifax’s current Ј125 offer ends on 6 April – then I assume it goes back down to Ј100 (or potentially ends).