Halifax Reward Account (as seen on tv advert)

j_white_2 · 5 January 2010 at 5:35PM

Ok so, as the title suggests can anyone tell me whether this Halifax reward account is worth opening getting back the fiver each month? Is it possible to move the necessary £1000 pounds into it at the end of a month and then remove it after the fiver has gone in, obviously then repeating this process at the end of each month?

Thanks in advance

opinions4u · 5 January 2010 at 5:38PM

You can pay it in, withdraw it 5 seconds later, and earn a fiver.

Branches often have a £50 incentive to pay to customers who wish to transfer salary and direct debits too.

Boomdocker · 5 January 2010 at 5:39PM

So long as there is £1000 in the account at any time in the month then that qualifies. I did ask this when I thought my income was going to be affected and that is what one of the staff suggest I do to meet the criteria.

opinions4u · 5 January 2010 at 5:50PM

Boomdocker wrote: »

So long as there is £1000 in the account at any time in the month then that qualifies. I did ask this when I thought my income was going to be affected and that is what one of the staff suggest I do to meet the criteria.

For absolute clarity, that should read "So long as there are credits totalling £1,000 or more within the month then that qualifies".

Merely leaving an ongoing balance of £1,000 in the account and not depositing will earn you zilch.

Jock_Tight · 5 January 2010 at 6:05PM

Been thinking about a Halifax Reward account(s) as well!

When does the £5 get paid, at the end of the month if £1k has been deposited ? (removed in same day)

Also if I open a sole + joint account (to get £10) does the joint account require a seperate online login or can I do it all on my own login ?

Cheers

noh · 5 January 2010 at 6:10PM

All one login.
The £5 is paid at the beginning of the month (usually on the second working day) following the month that £1k has been deposited.

j_white_2 · 5 January 2010 at 6:12PM

Thanks folks

Jock_Tight · 5 January 2010 at 6:13PM

Thanks noh

HappyMJ · 5 January 2010 at 6:14PM

If you don't have a spare £1,000 set up a standing order for £250 per week or even £50 per day. So for £250 cycling through the account on a weekly basis (and I have 3 accounts) i get £15 per month. I do use each account for bits and pieces so transfer back about £200 per week.

Boomdocker · 5 January 2010 at 6:15PM

opinions4u wrote: »

For absolute clarity, that should read "So long as there are credits totalling £1,000 or more within the month then that qualifies".

Merely leaving an ongoing balance of £1,000 in the account and not depositing will earn you zilch.

Thanks, thats what I meant but you put it a lot clearer. :-)

parristim · 6 January 2010 at 12:05PM

HappyMJ wrote: »

If you don't have a spare £1,000 set up a standing order for £250 per week or even £50 per day. So for £250 cycling through the account on a weekly basis (and I have 3 accounts) i get £15 per month. I do use each account for bits and pieces so transfer back about £200 per week.

Beware! I was doing daily transfers until recently but something seems to have changed in HBOS's internal processing and now a Monday transfer can be pre-processed on a Sunday - sometimes before the Sunday transfer has been made.

If the Monday transfer relies on the Sunday transfer having been made for enough money to be available then the house of cards comes tumbling down.

Halifax Reward Account (as seen on tv advert)

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