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

naijapower

Well i guess we have to enjoy this while it last. For some reason i think Halifax would change all this very soon. Surely they wont pay us all £5 a per month for nothing i.e. just for putting money in and taking it out next second

Grade_A_Reject

littlemissmoney wrote: »

I'm still confused about the best way to get £1K through them each month whilst minimising the interest lost on the money and also minimising manual effort on my part.

The easiest way is to setup standing orders between each of your reward accounts. With only 3 accounts you could send £200 round the loop 5 times easily within a month. Each account would show 5 credits of £200 totalling the required £1000.
Bit of effort to setup initially (I'd recommend using a spreadsheet to work out the days of the transfers) but once setup you have an automatic system.

The loss of interest on £200 isn't worth worrying about these days.

littlemissmoney

Grade_A_Reject wrote: »

With only 3 accounts you could send £200 round the loop 5 times easily within a month.

Thanks. Is this really true though? Wouldn't you need to allow 4 days between each SO to allow for things like easter bank holiday? I don't see how it could get around 5 times. Maybe I'm thick though

Grade_A_Reject

littlemissmoney wrote: »

Thanks. Is this really true though? Wouldn't you need to allow 4 days between each SO to allow for things like easter bank holiday? I don't see how it could get around 5 times. Maybe I'm thick though

I had my SOs spaced 4 days apart initially but they have come out on weekends ok and I've been told they work on bank holidays too but I've yet to discover that one.
I have had a SO scheduled for a Monday transfer the day before so if you can I'd allow for a bit of slack in the system by spacing them out a bit. I'm respacing mine to 2 days apart based on last months experience of the timings and halfing the amount going round from £1000 to £500.

1jim

I think the wife and I will get 3 between us (dont want to be too greedy), will get one in joint names and other 2 in solo names- will each get wages paid into the solo account and then move it to the joint account the day after payday, £15 a month extra for the childrens savings!!

Pitchshifter

You could simply do manual internal transfers that are instant. Just sit down for 5 minutes each month shuffling the £200 around the 3 accounts. Then you can see in black and white, that the account(s) has been credited with £1000 that month. This might suit you if you don't want to wait for SO's to go through and feel you need to check the money has gone in (if you have to check why bother automating it).

I have a SO to pay into my regular saver as it was a condition of the account, which is fine but really I would prefer more flexibility.

Pitchshifter

1jim wrote: »

I think the wife and I will get 3 between us (dont want to be too greedy), will get one in joint names and other 2 in solo names- will each get wages paid into the solo account and then move it to the joint account the day after payday, £15 a month extra for the childrens savings!!

Come on Jim, it's not being greedy, you should open as many as possible, which could be 7 between you and your wife (3 each + 1joint). Then it's £35 for your children.

withnell

Pitchshifter wrote: »

Come on Jim, it's not being greedy, you should open as many as possible, which could be 7 between you and your wife (3 each + 1joint). Then it's £35 for your children.

Surely it's 2 sole + 1 joint each? - so 5 max

1jim

Pitchshifter wrote: »

Come on Jim, it's not being greedy, you should open as many as possible, which could be 7 between you and your wife (3 each + 1joint). Then it's £35 for your children.

the being greedy bit was said a bit tongue in cheek:D but to be honest I cant really be bothered at the minute to open up lots and lots of accounts and keep track of them all and move money around, I guess Im being greedy by wanting my cake and eating it...this way I get £15 a month for no work at all really----well except for having to move all my direct debits across that is (I know there is the transfer/moving service but was bitten by these guys many years ago and never never again...if you want the job doing properly do it yourself I say)

Pitchshifter

Fairy Nuff.