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

jennifernil

R00STER00 wrote: »

I was an existing customer who had my account transferred to the reward acc. I applied for the extra accounts online and they are now showing as opened. However, online it says the original one is "Bank of Scotland Reward Current Account" but for the others it just has "Bank of Scotland Current Account".

Does anyone else have this or is this a different type of account?

this is a temporary situation, once they have decided to definitely let you have the accounts, the name will change. the same happened to my husband.

parristim

I set up a £1001 standing order from my HSBC current account which hit my Halifax Reward a/c 3 days later. I left the money overnight to be on the safe side and then tried to Faster Payment it back to myself.

First it wouldn't let me, and set the payment date to 'tomorrow', saying a FP wasn't available at present. Then I tried a FP of £250 which worked fine.

Then I tried to FP £500 which failed, then I tried again to FP £250 which failed - strange because it had worked just a moment before.

So I'm not sure if their system is just rubbish/inconsistent, or if they're actually not daft and don't want to make it too easy for us to cycle cash through the account(s).

Does anyone know if they're operating maximum transactional / daily FP amounts in and out?

I look forward to hearing folks' results next week of which re-cycling methods work best!

noh

parristim wrote: »

I set up a £1001 standing order from my HSBC current account which hit my Halifax Reward a/c 3 days later. I left the money overnight to be on the safe side and then tried to Faster Payment it back to myself.

First it wouldn't let me, and set the payment date to 'tomorrow', saying a FP wasn't available at present. Then I tried a FP of £250 which worked fine.

Then I tried to FP £500 which failed, then I tried again to FP £250 which failed - strange because it had worked just a moment before.

So I'm not sure if their system is just rubbish/inconsistent, or if they're actually not daft and don't want to make it too easy for us to cycle cash through the account(s).

Does anyone know if they're operating maximum transactional / daily FP amounts in and out?

I look forward to hearing folks' results next week of which re-cycling methods work best!

FP appears to be inconsistent with Halifax.
I used FP from First Direct to move money in and FP out to Tesco Savings.
I was able to do two £500 transactions out. Generally this works but there has been previous ocassions when the system has allowed a maximum of less than £500 and only one transaction.

Nigel

withnell

I had a 2 week period where no faster payments (for whatever amount) would pay out - but since then it's always been fine

Think it's a bit of a lottery

countrychick83

withnell wrote: »

I don't know if they allow you to have 2 accounts where one is a student account - but worth a try if you're prepared to risk losing the 0% overdraft

you can have two bank accounts you can choose to open a reward account and transfer £1000.00 from your student account into it for one night only and transfer it back out the next day . if you however change your student account to a reward one you will pay £1.00 per day up to £2500for every day you are in your overdraft and £2 per day over that £2500 limit. if you get a charge however you will only pay a fiver instead of £35.00 hope this helps

countrychick83

you can have as many rewards as long as you fund them with £1000 to qualify for the £5.00 each month if you use your overdraft however you will pay halifax up to £2.00 per day for the use of the account

pcyam wrote: »

Have I got this right,




The Halifax Reward Bank Account pays you £5 every month if £1000 is credited to the account once a month!!! I dont have to switch any accounts over, all I need to do is setup a standing order from another account to this one and out again every month?? And theres no monthly fee.

Is the £5 reward for a limited period of time or is it just till the account gets closed down??

And whats the maximum Reward Account that one person has?

TIA

countrychick83

SparciaM wrote: »

Can you use the account to pay in £1000 and then transfer the funds out, just to get the £5? Or would you need to use the account with bills and such

it just needs to stay in one night thats it .

countrychick83

cifpower wrote: »

In the press release they stated their intention to migrate HICA to Reward over the year

they have only changed the moneyback to the reward account not the hica the hica remains the same.. but the interest rate has dropped from the hica so look at the benefits of reward to see if you like it

countrychick83

YorkshireBoy wrote: »

I'm using my Tesco Internet Saver (4%) because it supports FPs (you'll be incurring a 3-day lag with Egg won't you?).

£1,000 in to No 1 and leave in over night.
Next day bounce it straight back to Tesco (2 x £500 at the moment).
Rinse and repeat with 2, 3 & (hopefully) 4.

Just a thought...£1,000 transfers in from other Halifax accounts still satisfied the funding requirements for my HICA. I wonder if the same is true of the Reward account?

computer says yes always doesnt matter where the money is coming from

rb10

countrychick83 wrote: »

you can have as many rewards as long as you fund them with £1000 to qualify for the £5.00 each month if you use your overdraft however you will pay halifax up to £2.00 per day for the use of the account

No, you can have up to three Halifax Rewards and up to three BOS Rewards, according to the T&Cs.

countrychick83 wrote: »

it just needs to stay in one night thats it .

Do you know for certain that it needs to stay in overnight? How do you know this?

countrychick83 wrote: »

they have only changed the moneyback to the reward account not the hica the hica remains the same.. but the interest rate has dropped from the hica so look at the benefits of reward to see if you like it

But as other posters have said, HBOS have announced their intention to move HICAs over to this type of charging structure later in 2009.