Closing an re-opening Halifax bank account to get bonus interest?

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Rexel2

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Re. Halifax flexi-saver account - Halifax pays 3.5% interest for the first year. This drops to 1.6% thereafter, as I found out recently. If I was to close the account and then re-open it, would I once more receive the 3.5%? Can't find any reference to this in the terms and conditions.

Would also be curious as to whether posters have done something similar with other banks. Thanks.
 
Yes,you can do this and get the 3.5% again,or you can go for their i yr fixed rate bond ...although I am not sure if that is still available.
The banks are just trying to catch out people who are lazy or forget about he reduced interest rates.
 
Rexel2 said:
Re. Halifax flexi-saver account - Halifax pays 3.5% interest for the first year. This drops to 1.6% thereafter, as I found out recently. If I was to close the account and then re-open it, would I once more receive the 3.5%? Can't find any reference to this in the terms and conditions.

Would also be curious as to whether posters have done something similar with other banks. Thanks.
Click to expand...

My opinion would be if you need acces to this money and can not put into fixed account for a year, then you should put into Anglo Premium Demand and make 4.75% instead of Halifax's 3.5%. If you can fix it for a year, it may be better to do this (mabey with Anglo for 5.25%). Note I am not employed or linked to Anglo Irish Bank!
 
Thanks for replies guys, will close/re-open.
Re. Anglo - I already have a Premium Demand a/c but I also keep a few quid with Halifax for convenience reasons, hence query.
 
You might consider moving you money in anglo to their 1yr fixed 5.25%..you have until friday to do this before the fixed rate drops. . THe rate for the pr demand will drop next week.
Incidentally as anglo is now nationalised does this mean that deposits can be examined at will by revenue officials etc? Just wondering.
 
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