Halifax Reward Account

The_Fat_el_Hombre

Saw an advert for this today:

http://www.halifax.co.uk/bankaccounts/reward-current-account.asp?!!!!!hpc_pos1_reward_account

I noticed on the other accounts like this that you have to have a certain amount of money in the account already (between 5-7k), but this doesn't seem to be the case with this one?

rb10

Vantage is just the name that Lloyds TSB give to one of their current accounts. This account is not a Vantage account, it is called the Reward account.

There's no minimum balance required, all you have to do is pay in £1000 per month to get £5 (net). It's probably the best current account available if you pay in £1000 per month, are rarely or never overdrawn, and don't keep a massive amount of money in the account.

The_Fat_el_Hombre

Ahh thanks for clearing that one up.

Do you have to keep the £1k in for the full month?

Also, I think I saw on here a bit back that some people have a few accounts like this halifax one and shift their money from one account to another to get their £5 from each one, is this true?

rb10

You don't have to keep the £1k in there for any more than a second. They only pay attention to the credits to the account: provided that the sum of all credits during the calendar month is at least £1000, then £5 will be paid the following month.

Halifax changed the T&Cs of the account in November, so you can now just have one single account and one joint account. But if you, say, have your salary going into the single account, you can just transfer it online instantly to the joint account and back again to qualify for £5 on each account - so £10 per month in total.

Baldur

Chlamydia wrote: »

Do you have to keep the £1k in for the full month?

No, a few seconds is enough.

Also, I think I saw on here a bit back that some people have a few accounts like this halifax one and shift their money from one account to another to get their £5 from each one, is this true?

Yes, but they are currently limited to one sole account and one joint per customer.

00ec25

rb10 wrote: »

It's probably the best current account available if you pay in £1000 per month, are rarely or never overdrawn, and don't keep a massive amount of money in the account.

how times change
in 200809 tax year I earned approx £70 - £80 by keeping my balance at or near £2,500 at all times in the then interest paying current a/c,
now, with the removal of interest from the old current a/c (ie now 0.1%), I converted to a reward account and will instead get £60 total but keep <£100 there
there's progress

D1zzy

00ec25 wrote: »

how times change
in 200809 tax year I earned approx £70 - £80 by keeping my balance at or near £2,500 at all times in the then interest paying current a/c,
now, with the removal of interest from the old current a/c (ie now 0.1%), I converted to a reward account and will instead get £60 total but keep <£100 there
there's progress

I have 3 accs - keep £1 in each and reap £180 net (225 gross) pa -thats "quite a good return"

rb10

00ec25 wrote: »

how times change
in 200809 tax year I earned approx £70 - £80 by keeping my balance at or near £2,500 at all times in the then interest paying current a/c,
now, with the removal of interest from the old current a/c (ie now 0.1%), I converted to a reward account and will instead get £60 total but keep <£100 there
there's progress

So I take it you've got the other £2400-ish in a savings account, so could easily get £50+ from that, making your total £110. Much better than before!

I do the same

The_Fat_el_Hombre

Ta for the info guys

00ec25

rb10 wrote: »

So I take it you've got the other £2400-ish in a savings account, so could easily get £50+ from that, making your total £110. Much better than before!

I do the same

yes - thanks to this site i am now a tart and have an A&L (Santander) 6% current account as well as an HSBC account with a SO circulating the funds. The next stage is a Lloyds Vantage a/c