Halifax reward account

zedyy

whats the point in signing up for one if they charge you £12.50p, or am i missing something?

sscott5581

The account you are referring to is the Ultimate Reward Account and is a package account, the Reward account pays £5 per month when £1000 is credited.

zedyy

Oh okay, can I open it online or do i have to go into a branch?

Also, do I have to keep the £1000 in the account or can I transfer it once it has been funded?

456789

You can open online but if you are not an existing customer you will need to post/go to branch for ID

You can transfer it out

Mikeyorks

You can open it either way. And the £1000 can be moved out of the account once you've funded it each month.

Existing thread just below where you've posted :-

http://forums.moneysavingexpert.com/showthread.html?t=1475183

zedyy

456789 wrote: »

You can open online but if you are not an existing customer you will need to post/go to branch for ID

You can transfer it out

Thanks for that, so what youre saying is that I can open it online but need to go into a branch to provide them with my ID. OK cool. One last thing, I've been on the Halifax website and i cannot find a link to the Reward account, can you post a direct link please?

Baldur

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

zedyy

+1 Thanks from me, cheers pal.

MooFace

just to clarify, the account has to be funded with a minimum of £1000 per calendar month (can be from more than one payment) and you then get £5 back every month.

Be careful if you regularly use an overdraft though, the account charges £1 per day regardless of the amount you go overdrawn (rather than the traditional interest on the amount you go over by) so if you go overdrawn regularly it may not be cost efficient.

Unauthorised overdraft charges are £5 per day which is better than the £35 per incidence that they charge on their other accounts.

£60 per year seems like a good deal to me!

blueberrypie

MooFace wrote: »

just to clarify, the account has to be funded with a minimum of £1000 per calendar month (can be from more than one payment) and you then get £5 back every month.

Just to clarify more :-) - you don't *have* to fund it with £1k/month - that gets you the fiver, but if you don't do the £1k thing there's no penalty (apart from not getting the fiver).

zedyy

Sweet thanks guys. You're really helpful.

Before i sign up can someone clarifiy this...

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.Halifax current accounts and services are offered subject to status overdrafts are repayable on demand. EAR is the equivalent annual rate. This is the actual annual cost of an overdraft. This does not take into account any fees or charges.

I'm only on a salary of £18K a year so im not paying higher tax, but can someone explain to me what that gobble-de-gook means in English?