We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Halifax Reward Account - multiple applications

1141516171820»

Comments

  • partlydave
    partlydave Posts: 19,646 Forumite
    I wonder how long this £5 will be offered. Ive had 1 account with Halifax for a few months, and just applied for one with BoS which has been accepted, so theyre going to give me £10 a month with effectively a £1 balance in each account. Easy money eh?
    Justice for the 96 YNWA
    Silver linings are the best
    Do not regret growing older, it is a privilege denied to many.
    If I lay here, If I just lay here
    will you lie with me and just forget the world ;)
  • jambosans
    jambosans Posts: 1,493 Forumite
    edited 27 January 2010 at 10:05PM
    partlydave wrote: »
    I wonder how long this £5 will be offered. Ive had 1 account with Halifax for a few months, and just applied for one with BoS which has been accepted, so theyre going to give me £10 a month with effectively a £1 balance in each account. Easy money eh?

    If they pick this up one of the accounts will be closed/ downgraded. You are in breach of the Terms & Conditions, so regardless of being accepted, they can still close the account.

    Y'never know, they might not pick up on it, there's certainly been no reports on here of how HBOS deal with such instances (aside from those who opened three Halifax (pre-T&C's update on 06/12/09) and three BoS Reward Current Accounts - the latter were closed.

    Just a heads up!
    Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.
  • anna42hmr
    anna42hmr Posts: 2,897 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    partlydave wrote: »
    I wonder how long this £5 will be offered. [ QUOTE]

    i am wondering the same, they have been doing it for a long while now, but seem to be promoting it more heavily.

    i think if anything gets tightened up, they will go back and close / downgrade accounts of peoples additional accounts, for those that had several opened before the rule change (ie i got in just in time to have the 3 accounts)

    i am hoping they dont, but if they do thats fair enough to them as many of us have been making decent money out of the loop hole (with next weeks fivers i will be up to £60)

    they may also stop the rule that you can have 2 accounts if one is a joint and one is a single, but guess time will tell.
    MFW#105 - 2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12 / 2019 Overpaid £2583.12 / 2020 Overpaid £2583.12/ 2021 overpaid £1506.82 /2022 Overpaid £2975.28 / 2023 Overpaid £2677.30 / 2024 Overpaid £2173.61 Total OP since mortgage started in 2015 = £37,286.86 2025 MFW target £1700, payments to date at April 2025 - £1712.07..
  • apt
    apt Posts: 3,247 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I did not expect the £5 per month to last given low interest rates. But Halifax has promoted the £5 figure so much in TV adverts and plastered across every branch that I guess it plans to keep the payments at this amount for the forseeable future.
  • Quick caveat on Halifax Reward. Their literature is pretty clear, but be aware that they charge fees (between £1 and £5 per diem) for arranged and unarranged overdrafts, do not rush in thinking that 0% EAR means that there is no penalty. EAR means equivalent annual rate. As they don't charge interest on overdrafts, there would obviously be 0% rate.
  • partlydave
    partlydave Posts: 19,646 Forumite
    jambosans wrote: »
    If they pick this up one of the accounts will be closed/ downgraded. You are in breach of the Terms & Conditions, so regardless of being accepted, they can still close the account.

    Y'never know, they might not pick up on it, there's certainly been no reports on here of how HBOS deal with such instances (aside from those who opened three Halifax (pre-T&C's update on 06/12/09) and three BoS Reward Current Accounts - the latter were closed).

    Just a heads up!


    Thanks for that. I wont be upset if they stop it
    Justice for the 96 YNWA
    Silver linings are the best
    Do not regret growing older, it is a privilege denied to many.
    If I lay here, If I just lay here
    will you lie with me and just forget the world ;)
  • Cash_Flow
    Cash_Flow Posts: 1,103 Forumite
    partlydave wrote: »
    I wonder how long this £5 will be offered. Ive had 1 account with Halifax for a few months, and just applied for one with BoS which has been accepted, so theyre going to give me £10 a month with effectively a £1 balance in each account. Easy money eh?

    With so many Halifax customers living in their O/D and paying upto £62.00 a month just to service the O/D I think the halifax "free fiver" is heavily subsidised:o

    Just thinking outside my box;)
  • Ok so now im annoyed opened one of these accounts just transferred money into it now i can't take it tried to do next day rather than today and now i get this message:
    Access Suspended

    'X' indicates a field that needs to be completed.
    To protect your accounts, our monitoring process has temporarily suspended your online
    access.

    To help us verify the activity on your account, we'll complete our checks and contact you
    within the next 24 hours (between 9am to 8pm). Until then, your online access will remain
    suspended for your protection. If we're unable to contact you by phone, we will write to
    you instead.

    Find out more about online security and the ways we protect your online service.

    We apologise for any inconvenience caused by this action.

    P'd off need to shift the cash back to pay for other stuff jeez, if its like this every month they can stuff the fiver

    So I am now stuck without access to it until they decide otherwise. Great!
  • td_007
    td_007 Posts: 1,212 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    katquinn82 wrote: »
    P'd off need to shift the cash back to pay for other stuff jeez, if its like this every month they can stuff the fiver

    So I am now stuck without access to it until they decide otherwise. Great!

    Why don't you try phone banking if you are setup for that?
  • I've just phoned them they said I have to wait for that department to get in contact with me and is probably because its a new account the first deposit into it has to stay for over 24 hours or it sends alarm bells through their systems, guy said they will probably email me. Hope it sorts itself quick as I need the cash!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245K Work, Benefits & Business
  • 600.6K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.