Halifax 5 Pounds Reward Account Current Account Loophold Investigation Report

Joe_Bloggs

This type of account will save the Bank of England the the bother of printing extra money! Why not allow at least 10 accounts per person ? An online system could be set up where account holders could exchange money to claim the £5 per account. This system could rival ebay in its financial throughput. I would consider calling it 'easydosh' or 'cashclone'. The world's financial problems would be solved!
J_B.

Jimmyc

Has anybody tried to open more then 3 accounts or tried to open 3 with halifax then another with BOS?
some of Halifax's rules can be abused easily, a couple of years ago i has one of there regular saving accounts where you can only deposit a set maximum and a lot of months i put more in then the maximum also a few months i made more then one payment, i never got contacted and interest wasn't affected.

Remember you cant spell hALIFax without F A I L

bristolleedsfan

Jimmyc wrote: »

Has anybody tried to open more then 3 accounts or tried to open 3 with halifax then another with BOS?

Charlie is going to invest some more of his time next week to find out.

Jimmyc

I bet you could get away with it?

ray123

Myself and girlfriend have 5 account in total, one is joint! Can i open one more?
Also, I would not advise setting up a standing order, just do the transfer manually on payday.
In two of the accounts, I have a constant balance of £1, I believe that the APR on this account is 7500%?

Richard_Cocks

That's AER not APR; and if you were to keep £1 in for a year (ignoring the cycling money for now) you'd earn £60 "interest", so surely that's 6000% AER?

opinions4u

7490% gross.
5990% net.

So both more or less correct.

Try leaving a penny in and the AER gets a couple of extra zeros added and becomes a very exciting looking number!

mo1960

I have a reward bank account.
I am a non tax payer, so usually get my interest gross.
Should I be getting the reward gross too and if so, how?
According to a person I just spoke to at the Halifax, I have to contact the Inland Revenue and claim the £1.25 from them, but he had to speak to someone to discover this, he didn't really know much about the reward account.

Mikeyorks

mo1960 wrote: »

According to a person I just spoke to at the Halifax, I have to contact the Inland Revenue and claim the £1.25 from them, but he had to speak to someone to discover this, he didn't really know much about the reward account.

They tend to not know much about it, I'm afraid.

Halifax maintain it's not interest ..... it's a 'cash reward'! So you can't file an R85 to obtain the interest gross at the point of payment. But you can R40 it after the end of the tax year and claim the 20% Savings tax that's been taken off .... despite it's not 'interest'. Allegedly.

withnell

Mikeyorks wrote: »

They tend to not know much about it, I'm afraid.

Halifax maintain it's not interest ..... it's a 'cash reward'! So you can't file an R85 to obtain the interest gross at the point of payment. But you can R40 it after the end of the tax year and claim the 20% Savings tax that's been taken off .... despite it's not 'interest'. Allegedly.

It'll count as "Investment Income", which is why the R85 forms don't apply, but goes in same place on the tax form as interest