Halifax reward account online now, and the old accounts....

YorkshireBoy

pcyam wrote: »

already have a halifax one card 0% purchases for 10 mnths, does that mean its possible to have another one ob 0% purcahses??

I asked Halifax that very question when I saw the "Extras" card advertised.

I was told I had to close my existing "One" card first. In my case this is a 15 months on purchases card which I'm slow-stoozing and is due to expire in April. Because there's only £2K on there I'm repaying it early, waiting a short while, and then applying in branch for my first Reward account in the hope that they bundle the new card with it [I'm thinking/hoping they will because a) they have done so previously, and b) because I seem to have a very good internal credit score with Halifax being as I move over £300K per annum through my HICA].

I'll then apply for any further Reward accounts online.

Mikeyorks

YorkshireBoy wrote: »

My fear would be that they wouldn't count, especially since they let you have 3 (that's 6 per couple!).

At the end of the day though, there's no need to move money around within Halifax now that a great many accounts offer FPs. Probably best to leave it in overnight though (just to 'register') before shipping it back out again.

Back to your (and Masonic's) original. There's nothing in the special conditions for the 'Reward' which even hints at the £1k funding from 'within' .... being closed down. I don't expect problems funding the OH's singleton account from the joint account.

Halifax always seem to have been very relaxed at not specifying 'new money' into accounts. The original 7% Reg Saver did specify you couldn't feed it from a savings account. But the software never did read the T&Cs and we all happily did it? But they never attempted to close the loophole.

But I'd be far more concerned at the fact there's something rather odd in how many Reward accounts you can have. EarthBoy has just posted the quote I intended - so I won't repeat it. But it just doesn't make sense ..... particularly when viewed in the light of what you can hold Currently with them :

You can hold one Ultimate Reward Current Account in your sole name and one in joint names.

You can hold one High Interest Current Account in your sole name and one in joint names.

...... why would this suddenly increment to 3 x the same type in singleton accounts? The way the new T&C is written (it welds the Reward and Ultimate Reward together ..... despite it's in the Special Conditions for the Reward) looks as though someone has attempted to harmonise - and got it wrong. But it sounds as though the software has then been written on the same principle ...... to happily allow 3. But the T&Cs still look as though they've been written by Treasury!

YorkshireBoy

Mikeyorks wrote: »

But it just doesn't make sense .....

I think, as I posted earlier re Skipton's Special Saver account 'abuse', when they analyse the Reward account take-up they'll very swiftly re-write the T&C's.

However, what they'll do about accounts already opened will be interesting.

Mikeyorks

rb10 wrote: »

(though seemingly identical!).

Even down to the duff HMRC link on the main Reward page

To find out more visit www.hmrc.gov.uk/incometax. Bank

.... where they've 'both' managed to capture an extraneous fullstop !

bristolleedsfan

YorkshireBoy wrote: »

I think, as I posted earlier re Skipton's Special Saver account 'abuse', when they analyse the Reward account take-up they'll very swiftly re-write the T&C's.

However, what they'll do about accounts already opened will be interesting.

Its going to be Monday morning blues for some at the Halifax I suspect.


Applied as a non existing Halifax/BOS Customer, 1st application was accepted, given account number etc and told about further checks, second and third application I quoted 1st accepted account number application so that they would get tied up together. I received this message following second application, on all applications im stating no overdraft required so as not to make my credit rating look as if im applying for multiple credit.

Response to second and third application :

"Thank you for completing your application for the Reward Current Account. Your application has now been submitted. We will contact you within the next 14 days to confirm that your application has been successful and to inform you of your next steps.
Once you have been registered for Online banking, you will receive two letters from us. One will contain your Username, and the second will contain a temporary password and instructions to get you online. You will need the information contained in both before you can sign in for the first time. You will receive this information within the next 14 days."

apt

I suspect the £5 per month payments will not last very long. Also if significant numbers open up multiple accounts they'll probably limit the (reduced) payments to one per person. Anyone with a Guaranteed Saver Reward should check that transferring to a Reward account will not invalidate the 6% interest they currently enjoy. The current wording does not include the Reward account as a qualifying account.

opinions4u

apt wrote: »

I suspect the £5 per month payments will not last very long.

I agree. BofE base rates were probably around 5% when that figure was dreamt up. I give it until October though!

Also if significant numbers open up multiple accounts they'll probably limit the (reduced) payments to one per person.

Right again imho

Anyone with a Guaranteed Saver Reward should check that transferring to a Reward account will not invalidate the 6% interest they currently enjoy. The current wording does not include the Reward account as a qualifying account.

I would expect a more inclusive reword of the T&Cs.

Nothing to worry about though. There is no way denying people their GS Reward rate by fiddling the conditions of the other account would stack up with an Ombudsman, the FSA or a court at any level.

Grade_A_Reject

Kris2205 wrote: »

Already got one of those....my beautiful wife....although she doesn't know it yet,haha!!!

She doesn't know she's your wife? When are you planning on telling her?

Grade_A_Reject

YorkshireBoy wrote: »

Probably best to leave it in overnight though (just to 'register') before shipping it back out again.

Is this just a hunch YB or are you speaking from experience? I'd have thought that the computerised system for checking that an account had been funded would just check that a £1000 credit had been applied to the account within the previous month. If it shows on the statement then how could they say it hadn't been funded?

I've now got access to 6 Reward accounts between my wife and me so am planning some experiments this month to see what qualifies as funding using a £1000 "float":-

1) Money moved in from a non Halifax account using FP then immediately back out.

2) Money transferred manually from one Reward account to another then immediately back out.

3) Money transferred from one Reward account to another via SO.

Option 3 would be the ideal option with 6 accounts and at least 28 days to play with (including weekends) leaving 3 working days for the SO transfer to clear.

Day 1 transfer £1000 from account 1 to account 2 by SO.
Day4 transfer £1000 from account 2 to account 3 by SO. etc
Account 6 then transfers £1000 back to account 1 ready for the cycle to repeat the next month.

Potential flaws I can see in this:- Major one being if internal SO's are not treated as funding. Weekends/Bank Holidays interupting the SO timings.

liverpoolcarl

Not sure if this has been asked so apologies if it has.

Does anyone know if I can ring up and change my existing High Interest rate Current Account into a Reward Account? I don’t really fancy ringing around to change all my DD’s over if I can’t?

I understand I can just open one and move 1k in and out each month, but I am thinking I can use one for my wages, DD’s etc if I can change my existing account and open another to move 1k in and out off each month.