halifax ultimate reward a/c help

jonnym8083

hi i currently have a Halifax High Interest Current Account
with halifax where i have to pay £1000 a month into the account as part of its conditions. i currently have a £1000 overdraft on the account which i use to the limit and is due to be reviewed next month. i am 99.9% sure it is going to be pulled so after asking a few questions on here it was decided best that i used another bank account and paid into halifax each month what i could afford to pay the overdraft back. i can afford £250 a month so it will be paid back in 4 months once it is pulled and have been advised this should not affect my credit rating as i would be paying it back quite quickly. i am wondering though due to the account conditions of paying in £1000 a month if i will be penalised at all for paying in just £250 over the next 4 moths to pay overdraft back e.g late or missed payments showing on my credit report due to not meeting account conditions.does nayone know if there is a limit on the amonunt of months that you can miss this £1000 a month condition at all. i would be grateful of any replies and any help thank you

kaisersoze_2

The reward account doesnt require that you pay in £1000 a month to have the account, if you pay in £1000 a month then they will give you £5.

jonnym8083

ni thats not the one i have that is a new one with the £5. the one i have is no longer available and does require a £1000 deposit each month sorry i have the Halifax High Interest Current Account

kaisersoze_2

The £1000 a month on the high interest account is only to keep the higher / lower interest rates.

From Halifax website

"If you pay at least £1,000 into your account each month, you will automatically qualify for higher interest rates on your balance when it is in credit and lower interest charged on arranged overdrafts. If you pay in less than £1,000 a month for two or more months in a row, you will lose these interest rates until you pay in at least £1,000 a month for three months in a row."

Maximillion

I have one of those accounts - with a 500 overdraft, I stopped paying my wages into it months ago and they have never removed the overdraft.

darkcloudi

On the subject line you stated ultimate reward don't you pay £12.50 a month for this account: http://www.halifax.co.uk/bankaccounts/ultimatereward.asp

I only looked at it at a glance but don't think there is penalties if you don't pay in a £1000 a month. It appears that its similar to the standard reward account where you pay in a £1000 you get £5 interest the following month, if you don't meet the criteria you don't get any interest that month.

sscott5581

There is no condition with the Ultimate Reward that you have to pay in £1000 per month, having an overdraft the terms state you must fund the account but this can does not have to be £1000.

Steven