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

oxenryd

To people that have opened 3 Reward Accounts

Just wondered will you transfer the £1000 from Account 1 to 2 to 3 on the same day ? Or will you be leaving it overnight in each one ? And does anyone know when the "reward" is paid ?


I think this may have been discussed earlier (sorry if it has but this thread has become so long)

Thanks

fluffysox

Nobody knows what works yet- but I have planned at least 24 hours between transfers

Zebra

YorkshireBoy wrote: »

Will wait now and go for the 3 x BoS accounts tomorrow.

Any news on the BoS accounts YB?

Mikeyorks

oxenryd wrote: »

A) Just wondered will you transfer the £1000 from Account 1 to 2 to 3 on the same day ? Or will you be leaving it overnight in each one ?
And does anyone know when the "reward" is paid ?

A) Personal view ..... is that it won't make a difference as the 'was it funded' question will be answered from the rolled up credits at the month end. So just touching the account with the credit and moving on should count. But the general concensus appears that most will leave the credit in overnight.
Fully answered here :

http://forums.moneysavingexpert.com/showpost.html?p=18582653&postcount=25

YorkshireBoy

Zebra wrote: »

Any news on the BoS accounts YB?

All 3 marked 'application decision' in my online secure area (was given a message saying "we'll get back to you within 7 days" at the end of the online application process).

atlantis187

Grade_A_Reject wrote: »

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.

The standing order system u have devised are u sure it will not clash with weekend/bank holidays? If it did will this incure overdraft charges on the accounts? even if its a day or 2 out
As i'm planning on doing summat similar.

YorkshireBoy

Zebra wrote:

Any news on the BoS accounts YB?

YorkshireBoy wrote:

All 3 marked 'application decision' in my online secure area (was given a message saying "we'll get back to you within 7 days" at the end of the online application process).

Well, they've reached a decision of sorts...they've "closed" BoS accounts 2 and 3 (before they were even opened). :rotfl:

Grade_A_Reject

atlantis187 wrote: »

The standing order system u have devised are u sure it will not clash with weekend/bank holidays? If it did will this incure overdraft charges on the accounts? even if its a day or 2 out
As i'm planning on doing summat similar.

I've staggered the SOs 4 days apart.

1st of the month £1000 from account 1 to account 2
5th of the month £1000 from account 2 to account 3 etc
on the 25th the £1000 goes back from account 7 to account 1 for the cycle to begin again.

I've found that the SOs still take place at weekends and appear instantly in the receiving account but I'll be paying particular attention at Easter bank holiday. Staggering the SOs 4 days apart leave a bit of give in the scheme.

I still don't know if these SOs will meet the funding requirements but not long to wait til I find out.

Mikeyorks

Grade_A_Reject wrote: »

I've found that the SOs still take place at weekends and appear instantly in the receiving account

SOs between Halifax accounts are considered 'internal transfers' ..... so, as you've experienced they work 365 days within Halifax.

External SOs now only work on Bank working days.

jennifernil

I have done similar and set up standing orders moving the £1000 from a low interest rate websaver to new reward account no 1, then onward to no 2 , 3, 4 and 5, and then back to the websaver. Account no 6 is our old HICA now changed to a reward account, but it already has our pensions going into it so needs no extra funding.

The first run of this will be in March. I have spaced the SOs 4 days apart, but may reduce that once I see how it goes, to minimise the loss of interest on the websaver.