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

emma396

anyone read the new terms and conditions and spotted anything significant yet?

masonic

Andystriker wrote: »

This is a great account with a brilliant return and, as has already been stated on this thread, surely Halifax will catch on to the way we are abusing these accounts especially when some are leaving the money in the accounts for literally seconds.

All Halifax will care about is whether you do something that's profitable for the bank (e.g. maintain a large credit balance, incur charges or buy other products from them). Everyone who opens an account and does none of those things will bring Halifax slightly closer to revising the offer.

masonic

emma396 wrote: »

anyone read the new terms and conditions and spotted anything significant yet?

I've put the two sets of T&Cs side by side and compared them. As far as I can see they are identical.

jimster999

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.

Although this is true:

(1) what happens when Halifax suffers a delay on internal payments? My method allows three days between moves so any small delay does not lead to a cascde of overlimit charges.

(2) the interest lost by using £335 instead of £112 per year is, what, £2/year gross using an instant access account paying 1%. Not worth worrying about in my opinion.

(3) Using £112 involves setting up a lot more direct debits, with more scope for things to go wrong

(4) does the standing order facility work properly on bank holidays? With your method, if it doesn't, cascade-of-overlimit-charges-time! :eek:

(5) Halifax might suspect a rat even more than they will with my method.

(6) doesn't Halifax require money to be in the account by midnight the day before a standing order is paid? If so, your method will only work with a cascade-of-overlimit-charges...

None of these are completely convincing I admit, so if you want to go with £112 movements that's fine too :A

rb10

I agree completely with your post jimster999, I was just pointing out that it could be done.

jimster999 wrote: »

(6) doesn't Halifax require money to be in the account by midnight the day before a standing order is paid? If so, your method will only work with a cascade-of-overlimit-charges...

No, they don't. If I had a standing order going from Account A to Account B tomorrow, I'd need to have the money in the account by the end of today. So if I had a standing order to cover that amount going in to Account A today, that would have arrived in the early hours of the morning, so would have been fine.

bristolleedsfan

Andystriker wrote: »

I just wish people would leave the money in each account at least over night because the more we transfer between accounts within nano seconds the closer we get to The Halifax changing the Terms and Conditions and withdrawing the free Fivers.

Just a thought,

quote]


My opinion is that the more people post on internet forums detailing what they are doing the more chance there is of Halifax changing the T+Cs.

JesseJames_2

I can see at a later date that HBOS may eventually not allow funding/piggybacking from your own accounts.

So, what I have done with a friend of mine is to fund externally from his account and I do the same (different accounts - ie I don't fund the same one back) and at the same time leaving £1000 in at least overnight.
I give him £1000 and he gives me £1000, etc.

That way it is like a salary going into your reward accounts, and for all intents and purposes there is no difference.

What you need though is at least one trustworthy friend! :rolleyes:

Oldgeek

Don't start spending the money and setting up all those standing orders yet! Two of my wife's accounts which showed as being opened (were given account nos. and changed to reward as usual) were closed. Today I received a cheque for the balance on each account.

Kavanne

JesseJames wrote: »

What you need though is at least one trustworthy friend! :rolleyes:

Or a bank account elsewhere....?

Jazzking

Oldgeek wrote: »

Don't start spending the money and setting up all those standing orders yet! Two of my wife's accounts which showed as being opened (were given account nos. and changed to reward as usual) were closed. Today I received a cheque for the balance on each account.

Was she given any explanation? Had there been a £5 reward paid into them already?
This is slightly worrying!