Halifax Reward Current Account - pays you £5 per month.

derrick

dougz wrote: »

I don't know what to do now. I am missing £15 so far but not sure if I should draw attention to myself by complaining already, since it will probably look blatent that I only opened the accounts to snatch all the fivers, and then they might just close them altogether.

Whilst the fivers are normally processed,(and backdated to the 1st), on the 1st "banking day" they do state that the reward can be added to the account within the 1st 10 days of the month, so maybe worth waiting anyway before "drawing attention to yourself"

mary

I do all 3 of my transfers instantly, in a matter of 5 seconds.
I did notice that my SOs which go out on the 1st of the month were duly recorded, but did notice that the £5s were not in any of the 3 accounts I have. However, I waited until the end of the day and they must have been processed at the end of the day at a different timing from the other transactions. Likewise I was wondering whether to phone and highlight what I was doing, but within 24 hours it had righted itself.
Maybe wait for up to 2/3 days after the length of time it took last month and then contact them about perhaps just one account initially. Depending on what they say, then ask re the others if necessary.

starsteel

Hi, I'm new to the forums and just wanted to check a couple of things. I have a Student Current Account and a Regular and Web Saver with Halifax, does this limit the number of accounts I can (try to) open?

I'm applying for a joint account with my OH on Friday for bills, so I'll wait until I know how that's gone before I try applying for anything else anyway. Most of my money is tied up in the Halifax Regular Saver until December (7% ), so I'll have to try bouncing £250 in and out, which will take a while as my current account is with Nationwide and they don't seem to do Faster Payments at the moment.

rb10

KatharineMMA wrote: »

Hi, I'm new to the forums and just wanted to check a couple of things. I have a Student Current Account and a Regular and Web Saver with Halifax, does this limit the number of accounts I can (try to) open?

Nope, the limit applies to Reward Current Accounts only. Your Student Account and savings accounts are irrelevant for this.

Most of my money is tied up in the Halifax Regular Saver until December (7% ), so I'll have to try bouncing £250 in and out, which will take a while as my current account is with Nationwide and they don't seem to do Faster Payments at the moment.

Two options:

1) Use the web saver (unless it's a Fixed Rate W.S. or Web Saver Reward), and bounce the money to/from that. Internal transfers do count towards the £1k.
2) Make one of the Reward accounts your main account, then when your salary goes in, just switch it between the Reward accounts. Much easier than waiting for Nationwide's BACS payment to arrive!

starsteel

rb10 wrote: »

Nope, the limit applies to Reward Current Accounts only. Your Student Account and savings accounts are irrelevant for this.



Two options:

1) Use the web saver (unless it's a Fixed Rate W.S. or Web Saver Reward), and bounce the money to/from that. Internal transfers do count towards the £1k.
2) Make one of the Reward accounts your main account, then when your salary goes in, just switch it between the Reward accounts. Much easier than waiting for Nationwide's BACS payment to arrive!

Thank you! There's not much point in making one of the Reward accounts my CA, as I'm still a student and earn less than £1K a month at the moment. The Web Saver is just a nominated account Halifax opened for the Regular Saver, so I'll go for option 2.

I bet I'll be one of the first to go when Halifax realises I'm earning 7% interest on my student overdraft and potentially bouncing £250 12 times between 3 accounts to get another £180 out of them!

scaredwhatwillhappen

We tried to apply for one of these accounts so as we have another bank account if things go wrong with our current bank and got declined don't know why and they couldn't tell me

JohalaReewi

I have a BOS HICA and went online to convert this to a reward account but the online process created me a new Halifax account and left the BOS HICA intact. The new account shows up in the online banking as a Halifax Current Account (nothing about a reward account). Is this normal?

rb10

JohalaReewi wrote: »

I have a BOS HICA and went online to convert this to a reward account but the online process created me a new Halifax account and left the BOS HICA intact. The new account shows up in the online banking as a Halifax Current Account (nothing about a reward account). Is this normal?

You can't change a HICA into a Reward account online - you must have clicked on 'apply for a new account'.

The new one will show up as Current Account for the first couple of days, then change over to Reward Current Account.

If you want to change your existing HICA into a Reward account, you need to go into a branch or phone them up.

dougz_2

Just to update my earlier post. I have just discovered that they automatically added my missing fivers in the last few days, backdated on my statements all the way to Oct 1st. I still have no idea what took them so long.

hilltrekker

Mumolulu wrote: »

Just read a note on the log in page on online banking about this account.

Is this all its cracked up to be? Anyone had any experience of this account? You pay in at least £1000 per month and you get £5 back.

I have my mortgage and credit card with them and I've always been pleased with them as a service provider.

Any advice? Should I go for it?

My current current account is with Barclays.

Think very carefully first and find out about all the conditions. I visited my branch of HBOS today and discovered that if you dont go overdrawn, you will get £5 too. BUT, if you do over draw... you pay £1 a day that you are overdrawn. It could cost you £365 a year. If you stay with their standard account they default you to after having a now defunct High Interest account, then you get a free overdraft. Except, if you dont pay in £1000 per month, you dont get interest AND get the £1 a day charge when overdrawn! I intend finding another bank. Probably not Barclays then! Just to add insult to injury, I complained about the 9% loan I have with HBOS. The retort was: that's a good rate, we charge 14% now - only if you have a good credit record, more if you dont.:mad: