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Halifax/BoS Reward Current Account
RichyRich
Posts: 2,091 Forumite
Good evening!
I am sure that I have seen something on these board previously about this idea but a wee search hasn't revealed anything.
We all know that Halifax and Bank of Scotland have the Reward account which pays you £5 provided you pay in £1,000 each month. Would there be anything in the T&Cs or operational systems to prevent the following:-
Opening more than one Halifax Reward Account. Let's for argument's sake say one was to open three accounts: Account A, Account B and Account C.
Deposit £1,000 in Account A. Set up a standing order to leave this account into Account B on, for instance, the 1st of the month. Assuming the transfer takes 3 working days and that if Christmas Day falls on a Monday then the maximum number of non working days in a row is 4, set up a standing order to leave on the 8th from Account B to Account C, then a further standing order to leave from Account C on the 15th back to Account A.
This would result in each account being credited with £1,000 each month and generate three £5 payments - a total of £15 per month or £180 over the year = 18%AER - far more than one could get in any savings account.
I suspect there is something in the T&Cs to stop this but, if not, I'd be delighted to give it a shot!
Anyone any idea on this one?
I am sure that I have seen something on these board previously about this idea but a wee search hasn't revealed anything.
We all know that Halifax and Bank of Scotland have the Reward account which pays you £5 provided you pay in £1,000 each month. Would there be anything in the T&Cs or operational systems to prevent the following:-
Opening more than one Halifax Reward Account. Let's for argument's sake say one was to open three accounts: Account A, Account B and Account C.
Deposit £1,000 in Account A. Set up a standing order to leave this account into Account B on, for instance, the 1st of the month. Assuming the transfer takes 3 working days and that if Christmas Day falls on a Monday then the maximum number of non working days in a row is 4, set up a standing order to leave on the 8th from Account B to Account C, then a further standing order to leave from Account C on the 15th back to Account A.
This would result in each account being credited with £1,000 each month and generate three £5 payments - a total of £15 per month or £180 over the year = 18%AER - far more than one could get in any savings account.
I suspect there is something in the T&Cs to stop this but, if not, I'd be delighted to give it a shot!
Anyone any idea on this one?
#145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
#060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
This is the secret message.
#060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
This is the secret message.
0
Comments
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There's numerous threads on this. I was lucky as I worked for HBOS at the time this came out and so opened up 3 reward current accounts, my partner has 3, my brother has 3, his wife has 3.............. see where I'm going here ;-)
I only pay in £250.00 (the staff amount to fund an account with) and have it 'circulate' as I don't have £1000 to swap.
My brother and his wife just keep swapping £100.00 between their accounts.
Let's just say myself and my family are all very happy with our £15 each month. ;-)Forty and fabulous, well that's what my cards say....0 -
So it can be done...#145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
#060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
This is the secret message.0 -
'could' be done. It's now changed to 2 Rewards per person.Forty and fabulous, well that's what my cards say....0
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Thanks for your help!#145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
#060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
This is the secret message.0 -
thats one single and one joint account
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SOs between HBOS accounts are instantaneous (even on weekends) , so no need to wait days.0
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Just waiting for my rewards to arrive, tomorrow isnt it?“A budget is telling your money where to go instead of wondering where it went.” - Dave Ramsey0
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Overnight - tonight.If you want to test the depth of the water .........don't use both feet !0
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No I won,t be waiting for a fiver,since I have four, that so far have been paying regular, as I,m sure others have but keep it quite.
£240 tax free from a bank, that I have no money in any accounts (4 x accounts) other than £1000 5secs a month of course.
So you may say whats the big deal?
Well I look at it as they, will always nail me sooner or later over say 75 years for certain and way more than £240.
So won,t win the war but a battle or two is ok,so I can plan the next one.
The empty accounts help with nationwides 3 or so deals a year lately too.
Nationwide deal of £75 disapeared today so missed it,had to battle the oct £50 one til now but its coming they say?0
Will you all be sat their refreshing your HBOS accounts waiting for your "free" £5 to appear LOLOLOL 
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