Halifax Reward Account (as seen on tv advert)

itwiz

HappyMJ wrote: »

If you don't have a spare £1,000 set up a standing order for £250 per week or even £50 per day. So for £250 cycling through the account on a weekly basis (and I have 3 accounts) i get £15 per month. I do use each account for bits and pieces so transfer back about £200 per week.

That's an interesting concept. So you're saying that if I open 20 accounts, I could get £1000+ wages paid into one, then online shift the £1000 to each of the other 19 in turn and that would net me £100 a month (£5 x 20)?? Surely there's a limit of one account per person or something else to prevent this?

Cheers.

tokyophil

itwiz wrote: »

That's an interesting concept. So you're saying that if I open 20 accounts, I could get £1000+ wages paid into one, then online shift the £1000 to each of the other 19 in turn and that would net me £100 a month (£5 x 20)?? Surely there's a limit of one account per person or something else to prevent this?

Cheers.

I think the money has to come from an outside account, rather than another Halifax one. But if you had another (ie Lloyds) you could cycle through that, but transfers don't always go through the same day so it would be delayed.

Not sure what the limit of accounts is - I read somewhere 4 per person plus a joint but not sure if that is correct. I've applied for one each for me and my partner, and then will set up a joint. If I can have more then I will do....

(my info is all read from other posts on here, so please confirm before taking my word for any of the above!)

itwiz

Just dug into the terms and conditions. Page 14, Section 2 - Special Conditions:

b) Up to two account holders on an 'either to sign' basis only. You can hold one Reward Current Account in your sole name and one in joint names.

Damn, worth a try, thought it was too good to be true.

Not sure how HappyMJ managed to get 3 accounts... ?

Cheers.

tokyophil

itwiz wrote: »

Not sure how HappyMJ managed to get 3 accounts... ?

Possibly two individual (one for him/her and one for partner) plus one joint account?

(Sorry that my info on account numbers above was wrong.)

blueberrypie

tokyophil wrote: »

I think the money has to come from an outside account, rather than another Halifax one.

No, it doesn't. It can even come from another Halifax account in the same name - lots of people on these forums opened three accounts and are simply tranferring the money to the first, then the second, then the third, then out to wherever they want it to land.

But if you had another (ie Lloyds) you could cycle through that, but transfers don't always go through the same day so it would be delayed.

Halifax's implementation of Faster Payments is reasonably good - there is a £1k per transaction limit, but the website does at least tell you if your payment will be FP or not, before you send it.

Not sure what the limit of accounts is - I read somewhere 4 per person plus a joint but not sure if that is correct. I've applied for one each for me and my partner, and then will set up a joint. If I can have more then I will do....

Originally you could have up to three in your own name, and some people managed to open more (by splitting them between Halifax/BOS, or having some in joint names) but I think in most cases the fourth accounts were later closed.

The t&c changed in November and now you can open up to two accounts - one in your own name and one in a joint name. So far, those who opened three accounts before that change have been allowed to keep them.

JohalaReewi

tokyophil wrote: »

I think the money has to come from an outside account, rather than another Halifax one. But if you had another (ie Lloyds) you could cycle through that, but transfers don't always go through the same day so it would be delayed.

The money can come from another HBOS account. Have done this myself.

tokyophil

Thanks all for clariftying - am having a sort out so this is good to know.

Skintee

I looked into this a couple of weeks ago, isn't there a £12.50 fee on the account?? So once you get the £5 back it costs you £7.50???

Tx

blueberrypie

Skintee wrote: »

I looked into this a couple of weeks ago, isn't there a £12.50 fee on the account?? So once you get the £5 back it costs you £7.50???

The Ultimate Reward Account has a monthly fee. The standard Reward Account doesn't have a monthly fee. Both pay the fiver as long as you deposit £1k in total during the month.

jambosans

Skintee wrote: »

I looked into this a couple of weeks ago, isn't there a £12.50 fee on the account?? So once you get the £5 back it costs you £7.50???

Tx

No, you're talking about the Ultimate Reward Current Account, which is a package account that comes with various insurances, etc., for a monthly fee of £12.50 (reduced to £7.50 with £5 Reward).

The Reward Current Account is a free in-credit account that pays £5 Reward when funded with credits totalling £1000 or more in a calendar month.