Halifax Reward

LongTermLurker

PROLIANT wrote: »

So, my understanding is that if I use my O/D for 7 days until pay day, I will be charged £7 - £5 credit so worst case it will cost me £2 for a week? Not too bad given the fact the bank is giving me the facility to use and other tools such as a Visa Debit and Cheque book if required, pretty reasonable in comparison to a typical pay-per month facility from their other accounts, which cost about £12 per month.

Bear in mind that you won't get any interest for in-credit days (that's what the £5 covers), so if you're in credit most of the month and use the OD for a few days you could end up paying little or nothing for the OD but getting nothing in interest either. On the other hand if you're in credit for 5 days and at +zero balance for the rest of the month you're quids in

btw some of us had managed to forget about the numpty til you reminded us! Trust a geordie (or smoggie) to spoil things :mad: .

Mikeyorks

LongTermLurker wrote: »

Bear in mind that you won't get any interest for in-credit days (that's what the £5 covers), so if you're in credit most of the month and use the OD for a few days you could end up paying little or nothing for the OD but getting nothing in interest either.

This account, and it's subsequent offspring, changes quite a few things .... so it does need people to work out what fits their circumstances.

When the High Interest account was 6% .... I always kept a balance between £2k - £2.5k. Then they reduced the interest to 5% .... and I reduced my average figure to £1k - £1.5k ...... as I could keep the residue elsewhere and at a better rate.

Now the interest has halved ..... I run the current account on an average £400 (agreed o/d but which I never use) .... and top it up occasionally as DDs etc come out. So the £75pa (gross) they will credit me with ..... means they have effectively moved my interest rate up to 18.75% gross. And I could move it higher by running a lower average balance.

It's a bit meaningless really .. as there's nowhere really 'interesting' to put the top up cash that I need to keep alongside. But it will still make it my best paying account in pure interest terms .... until a bit of sanity returns to money in general.

YorkshireBoy

Mikeyorks wrote: »

But it will still make it my best paying account in pure interest terms .... until a bit of sanity returns to money in general.

Mike, as one of the most knowledgable people I 'know' on Halifax operations I have a question for you.

Is there a limit to the number of Halifax current accounts one can hold...either in sole or joint names? You can guess where I'm going with this one.

More2LifeThanMoneyWorries

LongTermLurker wrote: »

btw some of us had managed to forget about the numpty til you reminded us! Trust a geordie (or smoggie) to spoil things :mad: .

i haven't forgot about you calling me nasty names, i was up all nite crying!

if thats not enough you've now got you big bad friends on me as well, oh no!!!!!!!!!

PROLIANT

More2LifeThanMoneyWorries wrote: »

i haven't forgot about you calling me nasty names, i was up all nite crying!

if thats not enough you've now got you big bad friends on me as well, oh no!!!!!!!!!

Stop being silly.

jem16

YorkshireBoy wrote: »

Is there a limit to the number of Halifax current accounts one can hold...either in sole or joint names? You can guess where I'm going with this one.

I have a Halifax current account and a BOS current account although I only pay over the £1000 into one of them at the moment. Perhaps I'll have to start moving money about.

rb10

YorkshireBoy wrote: »

Is there a limit to the number of Halifax current accounts one can hold...either in sole or joint names? You can guess where I'm going with this one.

The rule is normally one in your single name and one in joint names. E.g., the High Interest T&Cs say (Special Condition b):

Up to two account holders on an “either to sign” basis only. You can hold one High Interest Current Account in your sole name and one in joint names.

I'd imagine they'd impose the same restriction on the Reward Account.

BUT, I don't know if the Bank of Scotland Reward Account counts as a different product, so I guess you may be able to potentially have 4 (2 Halifax & 2 BOS). Hmmm, that gives £300 gross per year...

YorkshireBoy

rb10 wrote: »

Hmmm, that gives £300 gross per year...

...and all for about 10 minutes work a month.

That's £120/hour net of tax. I'll have some of that!

rb10

YorkshireBoy wrote: »

...and all for about 10 minutes work a month.

That's £120/hour net of tax. I'll have some of that!

10 minutes work a MONTH??? Just set up a standing order to bounce £1k around the four accounts before back to your main account.

YorkshireBoy

rb10 wrote: »

10 minutes work a MONTH??? Just set up a standing order to bounce £1k around the four accounts before back to your main account.

I wasn't going to feed them 'internally', for fear of drawing attention!

I was going to feed them all simultaneously from Tesco or my Egg 6.30% fixed account (or from whatever is available after next July when my Egg fix ends), and then bounce the 4 x £1K straight back. After all, we should have FP's fully in place by then.