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

rb10

LongTermLurker wrote: »

what's the interest rate for £5 net paid on a £1 deposit for 3 days?

208% (gross) or 167% (net).

That's not a bad rate, I can't see any other banks who do that :rotfl:

oxenryd

rb10 wrote: »

I had my £100 in overnight, to activate the card (in and out by transfer to/from my existing HICA).

I then transferred £450 to the Reward, then instantly back again, then back into the Reward, and finally back to the old HICA.

I got the Reward, so can confirm that
* Internal transfers do count
* The money does not need to stay in the account for any length of time, just the fact that it was credited is enough.

Fantastic news !! Thanks for posting.

Next question though, does anyone know if the £1000 credit is calendar month or statement month (ie account opened on 15th so statements will be 15th to 15th) ?

willc303

3 £1000 internal transfers between each reward account.
Stayed in for 5 seconds before moving on.
All 3 were left as zero balance almost immediately
All 3 £5 rewards received:rotfl:

Grade_A_Reject

KTF wrote: »

Is it worth posting how the money was paid in so the debate over internal/external, leave it in over night (or not), etc arguments can be cleared up?

As I put in my earlier post I did mine by internal standing order between my 7 reward accounts. Each standing order was spaced 4 days apart to allow for some slack in the system. Now that I know this works and appears to meet the "funding" requirements I've amended the amounts to "roll up" into one £35 deposit into a single account at the end of the month. £420 a year net, not bad for a risk free £1000 investment.

I could of course shorten the DD spacing and move the money out to an interest paying account then back in again but I prefer it this way as it's fully automatic.

willc303

Grade_A_Reject wrote: »

As I put in my earlier post I did mine by internal standing order between my 7 reward accounts. Each standing order was spaced 4 days apart to allow for some slack in the system. Now that I know this works and appears to meet the "funding" requirements I've amended the amounts to "roll up" into one £35 deposit into a single account at the end of the month. £420 a year net, not bad for a risk free £1000 investment.

I could of course shorten the DD spacing and move the money out to an interest paying account then back in again but I prefer it this way as it's fully automatic.

How have you got 7 accounts?- 3 new, 3 spouse, the extra 1?

Grade_A_Reject

willc303 wrote: »

3 £1000 internal transfers between each reward account.
Stayed in for 5 seconds before moving on.
All 3 were left as zero balance almost immediately
All 3 £5 rewards received:rotfl:

How did you manage to get the balance down to zero with an internal transfer? I thought it forced you to keep £1 in the account.

rb10

oxenryd wrote: »

Fantastic news !! Thanks for posting.

Next question though, does anyone know if the £1000 credit is calendar month or statement month (ie account opened on 15th so statements will be 15th to 15th) ?

Per calendar month.

Grade_A_Reject

willc303 wrote: »

How have you got 7 accounts?- 3 new, 3 spouse, the extra 1?

I already had a Moneyback account that was converted. I applied for three new ones and my wife got another three.

rb10

Grade_A_Reject wrote: »

How did you manage to get the balance down to zero with an internal transfer? I thought it forced you to keep £1 in the account.

You can go down to £0.01 with an internal transfer.

Grade_A_Reject

KTF wrote: »

You can run the balance down to zero (or even minus). Its a current account not a savings one.

I can do it with a SO but the "quick transfer" wouldn't let me take the amount down to zero. Maybe it's because I opted to not have an overdraft facility on the accounts.