Halifax Reward Current Account(s)

antispam246

Quick query. I have 3 reward accounts, in my first month I transferred in like this

£1000 A&L to HAC1
£1000 HAC1 to HAC2
£1000 HAC2 to HAC3
£1000 HAC3 to A&L

This worked fine and I received my £5 for each account that month. My query is, can I do it like this?

£500 A&L to HAC1
£500 HAC1 to HAC2
£500 HAC2 to HAC3
£500 HAC3 to HAC1
£500 HAC1 to HAC2
£500 HAC2 to HAC3
£500 HAC3 to A&L

If I do this will I still qualify for £5 each month?

YorkshireBoy

It matters not a jot how the £1K per month is made up. You could have 20 x £50 credits and still earn the reward, since it's a simple summation.

I don't do inter-account transfers myself, for fear of drawing attention, although others do and it seems to work. I just cycle the same £1K in and out by FP from one of my savings accounts and always let it reside overnight in each Reward account. Takes a few days to complete but what the heck it's free money...3.24% in the savings account and an 18% return in Reward payments.

apt

It's not necessary to keep the money in overnight to qualify for the £5.

antispam246

Thanks, case closed (:

td_007

antispam246 wrote: »

Quick query. I have 3 reward accounts, in my first month I transferred in like this

£1000 A&L to HAC1
£1000 HAC1 to HAC2
£1000 HAC2 to HAC3
£1000 HAC3 to A&L

This worked fine and I received my £5 for each account that month. My query is, can I do it like this?

£500 A&L to HAC1
£500 HAC1 to HAC2
£500 HAC2 to HAC3
£500 HAC3 to HAC1
£500 HAC1 to HAC2
£500 HAC2 to HAC3
£500 HAC3 to A&L

If I do this will I still qualify for £5 each month?

It will work, but why do it in so many steps?

Rather bounce it from a bank that offers FP - Payment from A&L (£1000) still take 3-5 days which means 9-15 days of interest lost for 3 transfers every month!

alexlyne

when interest is ~0 (or is that =0?), what does it matter?

td_007

alexlyne wrote: »

when interest is ~0 (or is that =0?), what does it matter?

If it is being moved from A&L Premier Direct a/c, the present rate is interest 6%, that is ~£30 loss (gross) on the top end of 15 days/month on £1000.

masonic

I would do the transfer from A&L as 2 x £250 to different Halifax accounts, then recombine. That keeps you within their faster payment limit.

antispam246

td_007 wrote: »

It will work, but why do it in so many steps?

Rather bounce it from a bank that offers FP - Payment from A&L (£1000) still take 3-5 days which means 9-15 days of interest lost for 3 transfers every month!

It's coming from my wage as all my other savings are tied up elsewhere, so % interest is irrelvant right now. I will certainly bare this in mind though (already am).

Disregard the fact I previously moved a lump sum of £1000. Now imagine I only have £500 to move, there you have it (:

Also, I just closed my ex-8.5% A&L, well downgraded, playing it safe and waiting before applying for 6% (+TCB). Once my Lloyds TSB account is setup (just successfully applied) I will probably move from there, pending on the FP.