Halifax Current Acc (£5 for every £1k/month)?

withnell

They'll just sweep through and clear up all the people with 3 accounts who aren't doing more than 1k in, 1k out in a few months time i'm sure

rb10

withnell wrote: »

They'll just sweep through and clear up all the people with 3 accounts who aren't doing more than 1k in, 1k out in a few months time i'm sure

I would be surprised if they did do this.

It will be a tiny tiny minority of people who will do this. And it's probably mainly the more financially aware people who do it, who would be good customers who do not go into arrears etc. This is the sort of person Halifax want to keep as a happy customer.

ray123

I have two accounts, one joint account, and girlfriend has two. Should be 25 quid per month, easy money.
They should change their name to McDonalds because I am certainly loving it.
I am sure it will not last long and within a year there will be no more reward. Make the most of it whilest you can!

the182guy

ray123 wrote: »

I have two accounts, one joint account, and girlfriend has two. Should be 25 quid per month, easy money.
They should change their name to McDonalds because I am certainly loving it.

Haha

ray123 wrote: »

I am sure it will not last long and within a year there will be no more reward. Make the most of it whilest you can!

I doubt they will stop it... they will be better off because of all the people that leave a lot of money in the account who should be earning more than £5 a month interest.

Mikeyorks

the182guy wrote: »

because of all the people that leave a lot of money in the account who should be earning more than £5 a month interest.

I doubt it. You needed to leave £15,000 permanently in the account to match the £6.25 gross they are paying. And that was when the interest on the HICA was 2.5%.

Now it's down to 1.5% ..... you need to keep £40,000 in to get the £75 gross pa equivalent of the Reward account (£2500 @ 1.5% + £37500 @ 0.1%)

ray123

In my second account, i have a balance of £1. I would love to know what the APR is for that?
The other account has a balance of £300, I keep majority of money in higher interest a/c (3.5%) and transfer only when required!

withnell

Mikeyorks wrote: »

I doubt it. You needed to leave £15,000 permanently in the account to match the £6.25 gross they are paying. And that was when the interest on the HICA was 2.5%.

Now it's down to 1.5% ..... you need to keep £40,000 in to get the £75 gross pa equivalent of the Reward account (£2500 @ 1.5% + £37500 @ 0.1%)

But you have to compare against the competition - I keep 2.5k in my Abbey account and get about 13 quid after tax each month - at Halifax if I did the same they'd be making an 8 saving - many "ordinary" people keep large balances in current accounts to cover eventualities

Kavanne

withnell wrote: »

many "ordinary" people keep large balances in current accounts to cover eventualities

Not necessary. An instant access savings account would separate your money (which I do to minimise my liability if there's any fraudulent activity) and pay you interest. Your money can be transferred back in the event of an emergency.

But everyone likes to manage their money differently I personally only have about £100 left in my account at the end of the month. But I do have an overdraft available if necessary, not a big one though (again, in case of fraud)