**Whether to change Halifax accounts**

[ukvs1]

i was just wondering whether i would be better off changing from my 'High Interest Current Account' to the 'Reward Current Account' (both accounts with the Halifax). i have over £1000 going into the account every month, rarely go into the overdraft and usually have a couple off hundred pounds left in the account at the end of the month.

current interest payments from the high interest account are less than a pound a month, but the reward account will give me £5 for putting £1000 every month.

is there any drawbacks to changing accounts or is it just win win.

many thanks for replies

[Dodger666]

I switched my current account from A&L to Halifax Reward at the beginning of September for exactly the same reason. Opening the account online was the easy bit. Getting my Direct Debits(DDs) and Standing Orders(SOs) changed was a nightmare. When opening the account I ticked the box for Halifax to organise the switch of DDs and SOs. After about 3 weeks I phoned to see what progress was being made. They said we are waiting for you to reply to a letter asking permission to approach A&L. I hadn't received any such letter, they were going to send another. One week later I still hadn't received it so they told me to go to my local Halifax branch and they gave me a form to fill in and sign and they faxed to HQ. Eventually I received a list of my DDS & SOs. I contacted Halifax by phone instructing them which ones I wanted to change and which ones to stay with A&L - I was keeping the A&L account open as well.

I then received a communication from my credit card company informing me that my DD to clear my card account each month had been switched to Halifax. This was one the DDS I told Halifax to leave with A&L. After what seemed like ages on the phone I got that rectified.

I am hoping when everthing settles down I will consider myself to have done the right thing. Had I known the hassle I was going to have with communicating with Halifax I may have thought twice.

What I should have done was to open the Halifax Reward account and deposit the £1000/month to earn the £5.00 then transfer the majority of the balance to A&L and left my DDs and SOs where they were.

Isn't hindsight a wonderful thing?

[gem_mother]

We changed from the high interest to the reward account a few months ago. We went into the branch and just signed a paper. Unfortunately that got lost and we had to go back in the next month when the reward didn't happen. Sorted easily and quickly, and the reward for previous month was backdated. All has gone without a hitch since. Unless interest rates improve dramatically it seems a much better way to earn something from the bank.