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

derrick

aizomc27 wrote: »

As a Halifax staff member, I'm confirming this is all correct and hunky-dorey!! A minimum deposit of £100 must remain in the account for at least 24 hours, then the card, PIN and cheque book will be automatically dispactched.
As for the account itself, I personally believe it's a pretty good product, so long as you're not an overdraft user, as the overdraft fees could quickly dwarf the £5 monthly payment.
Also in regards to funding arrangements, it doesn't matter where the £1000 monthly credit comes from, as long as the total deposit amount at the end of the month is £1000 or more, then the Reward Payment will be credited automatically.
Apologies if any of this has already been posted, but I wanted to clarify it for anyone still unsure.:beer:

So, to reply to my posts just above yours, am I going to be OK and receive the £5. reward?

I do not want a cheque book or card, and I have online access to all 3 accounts.

Why do cash and cheques not count to the Reward payment? After all, it is still money!

aizomc27

derrick wrote: »

Point is, my 2 extra accounts are open and working!

The only transactions done on the accs are, from original account, £1010 into 2nd acc, £1005 from 2nd to 3rd account, then £1000 from 3rd acc back to original account, then £1000 out to external source, all on same day about 2 hours apart, leaving £5. in each acc as a safeguard.

So am I sorted, or do I need to deposit this mysterious £100. (and leave overnight), as I have already moved in and out £1000.

Hi derrick, you should be fine in qualifying for the £5 Reward payment, it is only the initial deposit that needs to be at least £100 and kept in overnight! But, as you mentioned, you don't require the card and chequebook facilities on your accounts.

As to the Cash & Cheque not counting towards the Reward payment, it's a bit of an anomaly to be honest. I work as a lowly telephony colleague on bank accounts and savings, and I believe it has something to do with the systems that are used to calculate eligibility for the £5 payment every month. It simply doesn't recognise non-electronic deposits (i.e. cash and cheque deposits) when totting up deposit totals.
But in your case, this can be easily remedied. If you pay in cash or a cheque, just transfer the cleared funds to one of your other accounts, and then straight back again, therefore circumventing the problem!!:cool::T

Don't go spending your reward all at once now!!:rotfl:

aliasojo

Sorry. I know this has been asked but I'm confused. OH and I have an existing High Interest paying current account with Halifax at the moment. I have just tried to open 3 Reward accounts in my sole name and the first 2 were opened instantly whilst the 3rd application has been referred.

Is that because I can only have 3 current accounts in TOTAL (so the 2 Reward account and the existing joint High interest account) or is it 3 REWARD accounts AS WELL as the High Interest account I can have? I'm wondering why the last application was referred?

opinions4u

aizomc27 wrote: »

As to the Cash & Cheque not counting towards the Reward payment, it's a bit of an anomaly to be honest. I work as a lowly telephony colleague on bank accounts and savings, and I believe it has something to do with the systems that are used to calculate eligibility for the £5 payment every month. It simply doesn't recognise non-electronic deposits (i.e. cash and cheque deposits) when totting up deposit totals.

Oh yes it does.

Any credit, however made, counts.

And the Ombudsman would have them big time if they didn't pay out as they don't state that it has to be automated.

Additionally, I would hazard a guess that it works off the same system that calculates the £1,000 credit needed to maintain a HICA or the old Moneyback account - they did not require the credit to be automated either.

http://www.halifax.co.uk/bankaccounts/account-fees-and-reward-payments.asp#reward_payments

"If you pay in £1,000 or more during any month you will receive one reward payment the following month"

masonic

aliasojo wrote: »

Sorry. I know this has been asked but I'm confused. OH and I have an existing High Interest paying current account with Halifax at the moment. I have just tried to open 3 Reward accounts in my sole name and the first 2 were opened instantly whilst the 3rd application has been referred.

Is that because I can only have 3 current accounts in TOTAL (so the 2 Reward account and the existing joint High interest account) or is it 3 REWARD accounts AS WELL as the High Interest account I can have? I'm wondering why the last application was referred?

The limit is on Reward current accounts only. You can have any number of other accounts. Only my middle application was referred. Try and explain that.

aliasojo

Thanks masonic. Fingers crossed then. I've just been on the phone to register for gross interest as I'm a non tax payer. I have visions of the tax man on the phone demanding to know how I can fund 3 different accounts with £1000 every month. :rolleyes:

If I get all 3 accounts then that's £225 a year for a few mouse clicks every month.

opinions4u

aliasojo wrote: »

Thanks masonic. Fingers crossed then. I've just been on the phone to register for gross interest as I'm a non tax payer. I have visions of the tax man on the phone demanding to know how I can fund 3 different accounts with £1000 every month. :rolleyes:

If I get all 3 accounts then that's £225 a year for a few mouse clicks every month.

You can't register for gross interest.

You have to claim back the tax deduction from the taxman using an R40 form.

http://www.halifax.co.uk/bankaccounts/reward-current-account.asp

"An important note… This payment is 'net' of income tax. This means we pay it after taking off income tax at the rate set by law (currently 20%). If you are a higher-rate taxpayer, you may have to pay extra income tax on the reward payment. The gross amount is £6.25. This is the amount before we take off income tax. You may reclaim tax from HM Revenue & Customs if the amount of tax we have taken off is more than you have to pay. To find out more visit www.hmrc.gov.uk/incometax."

aliasojo

opinions4u wrote: »

You can't register for gross interest.

Well the person on the phone took all my details and said that was all my accounts registered to have the interest paid without the tax deducted first.

masonic

aliasojo wrote: »

Well the person on the phone took all my details and said that was all my accounts registered to have the interest paid without the tax deducted first.

The problem with that is the Halifax Reward Current Account doesn't pay any interest...

Mikeyorks

masonic wrote: »

The limit is on Reward current accounts only. You can have any number of other accounts.

I'm afraid you can't. It's the Reward current account which, based on all their previous T&Cs ..... looks to have been badly drafted, as regards the limit on account numbers.

For all their other current accounts (T&Cs dated Feb 09) the limit is phrased as :-

You can hold one High Interest Current Account in your sole name and one in joint names.