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

derrick

littlemissmoney wrote: »

Yes, but you are using £1,000 to get your £15 a month. If you can do it with just using £500, or even £200, then that's got to be better

It will work out the same, but take longer, i.e. the 5 x 200 would take 5 times the length of time to move than one 1000.
Plus in my example, the money will be "out of circulation" for only 5 days, (inc the BACS transfer), as it will be back in an interest bearing account on the 5/6th day.

Interest on £1000 @ say 5% would only be about 13p per day, so only 65p for 5 days.

menhim_2

You can have two joint reward accounts, at least you could up until a few days ago. I know someone who has them. They did go the route of opening new joint account first then switching the old to a reward account.

Mikeyorks

menhim wrote: »

You can have two joint reward accounts, at least you could up until a few days ago.

In which case they have departed entirely from precedents previously established. Where you could only hold one joint account of a current account type (+ the 2 x equivalent singletons).

And I'm not convinced they have departed from this. If you open a new joint Reward ...... there is a risk they will decline to convert the existing joint HICA .... and close it instead. If that is the account holding all the DDs and the credit inputs from salaries / pensions ...... you've suddenly got a lot of hassle?

Personally I would qualify it with them absolutely before attempting 2 x joint of the same type. It may now work .... as they seem to have got the software to read the now rather ambiguous T&Cs .... but I wouldn't take it on face value.

littlemissmoney

derrick wrote: »

It will work out the same, but take longer, i.e. the 5 x 200 would take 5 times the length of time to move than one 1000.
Plus in my example, the money will be "out of circulation" for only 5 days, (inc the BACS transfer), as it will be back in an interest bearing account on the 5/6th day.

Interest on £1000 @ say 5% would only be about 13p per day, so only 65p for 5 days.

Ahhh, I didn't realise you were planning on moving it back to a decent account after the shuffle Are you hoping to do this via faster payments? If so, which bank is this with? I don't want to loose interest on £1K for 6 days (3 days x 2) a month.

jimster999

For the people with three accounts, here's a simple way to get the 3 x £5 each month without having to log in and remember to move the money manually. I shall call the accounts "Account 1", "Account 2" and "Account 3".

Pay £333.34 into Account 1. Take all other money out of accounts 1, 2 and 3 (you won't need it).

Set up the following standing orders:

Account 1:
1 April 2009 - pay £333.34 into Account 2 (repeat monthly)
10 April 2009 - pay £333.34 into Account 2 (repeat monthly)
19 April 2009 - pay £333.34 into Account 2 (repeat monthly)

Account 2:
4 April 2009 - pay £333.34 into Account 3 (repeat monthly)
13 April 2009 - pay £333.34 into Account 3 (repeat monthly)
22 April 2009 - pay £333.34 into Account 3 (repeat monthly)

Account 3:
7 April 2009 - pay £333.34 into Account 1 (repeat monthly)
16 April 2009 - pay £333.34 into Account 1 (repeat monthly)
25 April 2009 - pay £333.34 into Account 1 (repeat monthly)

Also det up a standing order for each of Accounts 1,2 and 3 to pay on the 5th day of each month £5 into a separate account (wherever you want the free £5 to end up in fact).

Then sit back and relax. Your free £15 is now automated :-)

How long Halifax will allow this blatant abuse to continue is another question......

rb10

But as all the standing orders are internal, they are instant, and work on any day. So you could do it with just £111.12, cycled from account 1-2-3 nine times (total of 27 standing orders, to take place on the 1st-27th of each month). That would mean you'd have less money set aside, so would get a higher AER.

derrick

littlemissmoney wrote: »

Ahhh, I didn't realise you were planning on moving it back to a decent account after the shuffle Are you hoping to do this via faster payments? If so, which bank is this with? I don't want to loose interest on £1K for 6 days (3 days x 2) a month.

I did say I was going to "transfer back to external source from 3rd account by FP" in my post #553 above.
It is with Coventry B S which I also mentioned in same post , and whilst they accept FP they don't send them, hence my reference to BACS in same post.

Please read the post :rolleyes:

derrick

rb10 wrote: »

But as all the standing orders are internal, they are instant, and work on any day. So you could do it with just £111.12, cycled from account 1-2-3 nine times (total of 27 standing orders, to take place on the 1st-27th of each month). That would mean you'd have less money set aside, so would get a higher AER.

Would this, and/or post above, #566, not really set alarm bells ringing at Halifax with all the toing and froing?


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michaels

New T&C arrved this AM - anyone checked to see if it impacts on this offer?

YorkshireBoy

michaels wrote: »

New T&C arrved this AM - anyone checked to see if it impacts on this offer?

I've received two sets for my BOS accounts that were closed immediately after opening!

The '3 per customer' condition is still there, although I haven't had time to read the rest of the T&C's yet.