Halifax Reward - Internal standing orders OK?

7sefton

Hi,

I have tried looking in the T&Cs but can't find exact confirmation...

I have 3 Halifax Reward accounts. Could I set up an internal halifax standing order circle, where account 1 credits account 2, and account 2 credits account 3, and then account 3 credits account 1 again all in a matter of 3 days AND still be eligible for the reward? Or is it best if I pay in the £1000 minimum from an external account instead?

Thanks!

KTF

Yes, you can fund it by moving the money around internally. It doesnt have to be 1K in one lump sum either, you can put in £500 take it out then back in again for example.

7sefton

Really?! Obviously this is great news for me/us, but I don't understand why Halifax are allowing this! It must cost them a fortune! Any ideas?

KTF

When the account was planned I dont imagine they though it would be operated in quite this way...

They seem to be cracking down on the number of accounts that people can open so they may wise up to some of the more 'creative' methods of funding and clamp down on that as well.

For the time being the above works just fine though I guess if you had the time you could cycle a pound 1000 times through each account and it would still work...

GiraffeMan

Im thinkin thought that such transactions wouldnt look good on your account stats and may be interpretated as churning and may lead to them having something to say about it

Mikeyorks

GiraffeMan wrote: »

and may be interpretated as churning

..... dubious. They've never been prescriptive about current accounts being funded externally.

GiraffeMan

Mikeyorks wrote: »

..... dubious. They've never been prescriptive about current accounts being funded externally.

Wait and see..I wouldnt say dubious unless it's proven otherwise by the company. I just know from working in Alliance & Leicester such actions were frowned upon as it creates false accounting stats,

aliasojo

As I commented on the other Rewards thread, I was in the process of moving money this morning in order to fulfill the £1000 deposit requirement when a message came onscreen telling me 'unusual activity' had been detected on my account and I needed to confirm who I was and what I was doing by phone. As it was very early, I declined to do it at that time for fear of the phone waking the whole house, and my account is now in limbo until I take the call.

Incidentally, I was moving money from a Reward account to an external account and then back into a different Reward account. Not transferring from one Reward to another.