Now where?

Newbie2saving

This is really interesting re the Halifax reward accounts, I'm thinking of doing it. So if I open 3 accounts online and place £1000 in account 'A', then transfer the same £1000 to account 'B' the following day and then from account 'B' to account 'C' the day after that, each account earns £5??? Sorry if I am being a bit slow!!! Will the online application allow 3 accounts to be opened?

D1zzy

Newbie2saving wrote: »

This is really interesting re the Halifax reward accounts, I'm thinking of doing it. So if I open 3 accounts online and place £1000 in account 'A', then transfer the same £1000 to account 'B' the following day and then from account 'B' to account 'C' the day after that, each account earns £5??? Sorry if I am being a bit slow!!! Will the online application allow 3 accounts to be opened?

I don't believe you need to wait a day between transfers - just move it round in a single session - well that's what I'm gonna try this month.
You can open online but people seem to have varying experiences of trying to open multiple accounts - but its worth a go

Baldur

Newbie2saving wrote: »

This is really interesting re the Halifax reward accounts, I'm thinking of doing it. So if I open 3 accounts online and place £1000 in account 'A', then transfer the same £1000 to account 'B' the following day and then from account 'B' to account 'C' the day after that, each account earns £5??? Sorry if I am being a bit slow!!! Will the online application allow 3 accounts to be opened?

I opened mine a day or two apart with no problems - the same £1,000 bounced from A>B>C in the same login session is reported elsewhere on these boards to qualify for the £5. I bounce mine in and straight back out individually via Faster Payments from external accounts.

vigman

D1zzy wrote: »

I just went into a branch and asked for 3, but I believe you can do it online. When they asked me what i wanted them for I said to collect fivers. There was no problem - the lady said she couldn't suggest it but as I asked it was OK. I understand after 1/11 you can only have 1 sole and 1 joint - so go for it.

This is fascinating stuff! Do you just set up Fred Smith 1, Fred Smith 2, Fred Smith 3?

Then how do you do the 1K shuffle??

Intrigued Vigman

D1zzy

vigman wrote: »

This is fascinating stuff! Do you just set up Fred Smith 1, Fred Smith 2, Fred Smith 3?

Then how do you do the 1K shuffle??

Intrigued Vigman

Yep - I have 7 Vantage accounts and move(online) £1000 thorough each of them 1>2>3>4>5>6>7>1 (no new money).
As both LLoyds and Halifax now do Faster Payments I will now add to this sequence - Vantage 1 >Halifax1>2>3>Vantage 1
You can do the internal transfers by SO if you want - but it takes seconds to do it manually, and if you are moving money in and out from an external account by FP you can see it go and see it arrive immediately.
I am told there is no need to maintain a balance on the Halifax accs so £180 net per year for a once a month login.:D

vigman

If you open acc A with 7k (max) and B with 7K and C with 7K, then next month you can't add 1k to any acc!?

So do you start with 7k in A and 6K in B and C. If so 1K could be bounced to B then to C and then back to A??

Does this make sense to anyone, please?

TIA

Vigman

D1zzy

vigman wrote: »

If you open acc A with 7k (max) and B with 7K and C with 7K, then next month you can't add 1k to any acc!?

So do you start with 7k in A and 6K in B and C. If so 1K could be bounced to B then to C and then back to A??

Does this make sense to anyone, please?

TIA

Vigman

You don' t need to add so start with £7000 in each - just move £1000 from 1 > 2>3 and backk to 1. As long as there is a transaction in to each account for £1000 you get your interest - it doesn't need to be new money.
If your accounts are at £7000 though, you do need to move out your interest each month 'cos there's zilch interest on the amount over £7K

Newbie2saving

Brilliant, so using only £1000, no new money you end up with £180 profit! Like you say, not bad work for a once a month log in!!! Pretty good AER in my view!

Now a second question, does it have to be done on the same date each month? Thanks in advance...

D1zzy

Newbie2saving wrote: »

Brilliant, so using only £1000, no new money you end up with £180 profit! Like you say, not bad work for a once a month log in!!! Pretty good AER in my view!

Now a second question, does it have to be done on the same date each month? Thanks in advance...

No - just during the calender month

Newbie2saving

With this type of account will they cease to offer the £5 after so long of owning the account? Just trying to work out how it can be profitable for the Halifax, are they hoping you go overdrawn at some point?