Halifax free £5 a month

YorkshireBoy

opinions4u wrote: »

I wonder if my 3 sole Rewards and 1 joint Reward (all Halifax) are a record then?!

I have 4 sole Reward accounts (converted my old HICA to bag the 4th).

Grade_A_Reject

steveksullivan wrote: »

There are loads of threads discussing this account in the 'saving and investing' forum

Most of the above is true:

£1000 needs to hit the account each calendar month ..... THINK that the account only has to have a positive balance i.e 1 penny not £1 .... however I leave £1 in each of mine to be sure

The limit is now 1 sole and 1 joint account per person .... us lucky sods got three before they reduced the limit - so I have three, my partner has three and my son has three - the same £1000 gets cycled through all nine accounts by faster payments .... takes about 3 minutes per month and nets us £45 per month between us!

My wife and I have 6 between us with £500 cycling twice round by standing order each month so I don't have to lift a finger. The accounts can go down to a zero balance by SO and still get the £5 per month.

Grade_A_Reject

YorkshireBoy wrote: »

I have 4 sole Reward accounts (converted my old HICA to bag the 4th).

Lucky. I did have 4 but then Halifax wrote to me and told me the maximum was 3 and that they were closing the fourth.

chambta

I think my question's been answered then.

You are allowed one each, plus one joint?

So in theory my partner and I can get £15pm for shuffling the same £1k around?

Sounds good.

tiff

Yes, thats what a lot of people have been doing for a while now.

Suewre

Hubby hadn't moved enough from his account into our joint account so we moved £500 on 28th Feb. He got his reward, but nothing in our joint account. I rang to be informed that 28th Feb was in March. I explained that it obviously wasn't in March, because it was called 28th FEB. The money was in the account in Feb, and able to be withdrawn, so the fact that it wasn't a banking day was irrelevant. They begrudgingly gave me £5 as a goodwill gesture. I had a good look on the website while I was on hold, and it just said £1,000 in a calendar month, nothing about weekends not counting, so I said to the lady on the phone that maybe they should think about changing the details on the website if weekends were counted as the Monday.

glider3560

Suewre wrote: »

Hubby hadn't moved enough from his account into our joint account so we moved £500 on 28th Feb. He got his reward, but nothing in our joint account. I rang to be informed that 28th Feb was in March. I explained that it obviously wasn't in March, because it was called 28th FEB. The money was in the account in Feb, and able to be withdrawn, so the fact that it wasn't a banking day was irrelevant. They begrudgingly gave me £5 as a goodwill gesture. I had a good look on the website while I was on hold, and it just said £1,000 in a calendar month, nothing about weekends not counting, so I said to the lady on the phone that maybe they should think about changing the details on the website if weekends were counted as the Monday.

There has been a thread of this previously. I can't remember the exact reason, but it is something like Halifax say the money must be in before the last working day of the month. It is a really pathetic excuse and should be made clearer to the customer.

Coeus

Hi there all! Opened my Halifax £5 reward a/c today with extra £50 for transferring a DD to that account (goes to a Halifax S&S anyway) however quick cash flow question if I may?

Am aware that if one has multiple accounts, can cycle the £1000 through them to get £5 per account. Curious as to dates you put standing orders on this to work on. For example:

05-03-10 £1000 received in main a/c (say Barclays) SO to HF1
06-03-10 SO £1005 to HF2
07-03-10 SO £1010 to HF3
08-03-10 SO £1015 to HF4
09-03-10 SO £1020 back to main a/c (Barclays)

Is setting 1 day between SO's sufficent to ensure the £1000 is received and £10XX is transfered? Is the £5 reward paid within 24 hours of the £1000 deposit being received?

Happy Savings!
Coeus.

rb10

Remember that Standing Orders from Barclays to Halifax (and vice-versa) will only work on bank working days, and not on weekends or bank holidays. Additionally, they may or may not go via Faster Payments, and so could take up to three working days to go through.

Standing orders from one Halifax account to another will go instantly, on any day of the year, so it is fine to have these on consecutive days.

I would personally make Reward Account One my main account (rather than Barclays), with salary going in there. You can then have standing orders from here to Reward Account Two, and on to RA3 before returning to the main RA1. This ensures that the standing orders will take place as planned and so you don't end up with charges being added. The money is also 'out of action' for the least amount of time by doing this option.

This would be the option that would require the smallest amount of manual input from you - you would simply sit back and collect the fivers, rather than having to always keep an eye on the calendar.

Alternatively you can spend a few minutes each month manually transferring the money around. But just don't forget, as then you'd forfeit the £5!

The £5 will be added overnight on the 1st/2nd of the month after £1000 is credited, e.g. if you pay in £1000 during March, it'll show up on internet banking first thing on 2nd April.

(Note: If you already have three accounts, then you are fine. But for new applications, you can only have one Reward account in your sole name and one in joint names.)

mrchagle

rb10 wrote: »

The £5 will be added overnight on the 1st/2nd of the month after £1000 is credited, e.g. if you pay in £1000 during March, it'll show up on internet banking first thing on 2nd April.

Still a little confused by this - Do you have to have £1000 paid in full at any one time.. or is it a case the account has to be seen as having £1000 passed through it (credit) throughout the month?