Halifax 5 Pounds Reward Account Current Account Loophold Investigation Report

cue

Hmmn i've not thought of doing this as it seems a lot of hassle for only £15 per month but then again £180 per year into a savings account earning interest will be better than nothing and most of the work if it's done automatically will be loaded at the front end so it's easy money.....


Am now interested.

mo1960

Thanks for that Mikeyorks.
The person I spoke to told me the £5.00 a month was classed as reward in lieu of interest.
I haven't contacted the Inland Revenue this week, but intend to just to see what they have to say.

jennifernil

Jimmyc wrote: »

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

Yes , I have 1 joint halifax reward a/c, 2 sole ones, and 1 BOS reward one.

mo1960

Visited my local branch to open two more reward accounts and asked if I should be receiving the reward gross directly into my accounts or contacting the Inland Revenue and I was told I should get the full £6.25 each month into each account.
Roll on 1 April.

cue

mo1960 wrote: »

Visited my local branch to open two more reward accounts and asked if I should be receiving the reward gross directly into my accounts or contacting the Inland Revenue and I was told I should get the full £6.25 each month into each account.
Roll on 1 April.

Is this due to being a non taxpayer or something...?

rb10

mo1960 wrote: »

Visited my local branch to open two more reward accounts and asked if I should be receiving the reward gross directly into my accounts or contacting the Inland Revenue and I was told I should get the full £6.25 each month into each account.
Roll on 1 April.

That is wrong. From the Reward page on the Halifax site.

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 https://www.hmrc.gov.uk/incometax

So the Reward payment is always £5, regardless of whether you are a taxpayer or not. You should then be able to claim the extra £1.25 per month back from HMRC.

dylanlewis2000

I went to open a few accounts with them, and was told that i must first open one account which would see if i am worthy for their business, then i can only open a maximum of 2 reward accounts, so i went ahead with that...

Not too bad as it works our 12% interest over the year on £1000. I told the girls who set it up of my intention to bounce £1000 between the two accounts, and after a bit of confusion, and a bit more explaining, they were happy enough with it.

I wanted to open a few of these accounts, but they said 2 was the limit. While i was there they also offered me a credit card with 0% for 9 months.

rb10

dylanlewis2000 wrote: »

but they said 2 was the limit.

They are wrong. Check the T&Cs.

If you want to open more, do it on the website. It takes about two minutes.

cue

i've got 3 now... just waiting to see if my round robin payment is going to settle into the accounts without any hiccups... the next few days will be interesting.

A quick question, although it states 3 working days between transactions - as they are all halifax accounts how long do i need to leave the money in each account before being able to transfer it into the next one?

I.e. monday - in £1000, Tuesday out - £1000 into the next account...? in theory this should be possible as it should be instantanous but what are peoples experiences?

Mikeyorks

cue wrote: »

I.e. monday - in £1000, Tuesday out - £1000 into the next account...? in theory this should be possible as it should be instantanous but what are peoples experiences?

...... all covered on the correct thread for this account here :
http://forums.moneysavingexpert.com/showthread.html?t=1475183

..... all 649 posts of it (and counting)

Depends how you're moving the £1k. If you're doing it manually - you can move the money by transfer with only seconds between. It only needs to settle on the account to count as 'funded'.

But if you're doing it by SO .... you have to leave a day between, as obviously the one £1k can only be in one account at once. But SOs between Halifax accounts are d/w as internal transfers so they do work on non-Banking days. So you can safely set the SOs on 3 consec days ..... and not worry about weekends etc.