Halifax Reward: Clarification for one last time

7sefton

Sorry, I imagine this has been asked countless times before, but I just want a specific confirmation that my own system for getting the £5 rewards will work before I go off on holiday:

I have an A&L current account, and 2 Halifax reward accounts.

I am going to set up a standing order from A&L to one of my reward accounts on the 1st of each month. Then on the 8th (to allow time for the standing order to clear, as A&L have a dogy Faster Payments facility) I will make an internal standing order to reward account number 2. Then, finally, a standing order out of reward account number 2 back to my A&L current account. So:

A&L -> Halifax Reward 1 -> Halifax Reward 2 -> A&L, all by standing orders

And this repeats itself each month.

Will this qualify me for the two £5 rewards, or must a more elaborate plan be made?

Thank you for any advice.

rb10

Yes, that should be fine, obviously assuming the SO is >£1000.

Mikeyorks

That's elaborate enough ..... have a nice holiday.

PS

The SO's for Reward 1 ---> Reward 2 ---> A/L can be on consec days. As Halifax process internal SOs on every day (as they're dealt with as internal transfers). But you're correctly allowing extra time to get into Halifax .... as it's a problem until all SOs are guaranteed FP. But it's then still a problem ... as they only work on Bank working days, so you have to cover all the permutations.

blueberrypie

A&L will not send your SO by Faster Payments - as far as I know they're still not doing any Standing Orders by FP, but they also have a £250 limit on FPs, so your £1k credit to get the £5 reward wouldn't go by FP even if you did it yourself on-line every month.

The FP limit seems to be per account, per day.

Not a problem if you're leaving a week between A&L->Reward1 and Reward1->Reward2 anyway.

I decided to do it manually, because that way I can minimise the in-transit time and maximise the sitting-in-my-account-making-interest time. Two current accounts on A&L means I can send one FP of £250 from each of them one day, then repeat the next - £1k credit to Reward1, then whipping through the Reward accounts (no need to leave it overnight) and into wherever I'm putting it to keep it working for me.

Sillychuckie

Is one of your reward accounts a joint one, or are you allowed to have 2 sole reward accounts, and get paid the £5 reward twice?

7sefton

you can have up to 3 sole reward accounts, but halifax rejected my third application lol!