Halifax free £5 a month

MarkFromCornwall

mrchagle wrote: »

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?

The latter.

Mark

stuzhunter

Coeus wrote: »

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)

Coeus.

Is the extra £50 advertised anywhere or is this just a branch offer?

jfke

A bit of conflicting information here;

Does the money have to rest in the account overnight? If not then why are people advocating transferring the money in consecutive days? Surely you can online banking it in less than a minute between your three accounts and back out the door.

Anyone know what faster payments agreements HBOS have with Co-op or Santander?

Cheers.

glider3560

jfke wrote: »

A bit of conflicting information here;

Does the money have to rest in the account overnight? If not then why are people advocating transferring the money in consecutive days? Surely you can online banking it in less than a minute between your three accounts and back out the door.

Anyone know what faster payments agreements HBOS have with Co-op or Santander?

Cheers.

It doesn't need to be overnight, however if you are going to setup standing orders to send the money automatically, then you'll have to do each payment on different days to avoid any charges for bounced standing orders.

jfke

Ah excellent, thanks.

I'd much prefer to do this with online banking from one account to the next and then shuffle it off to my main account.

I applied for this online the other day and the latter stages went by so fast I didn't take any of it in. I seem to remember them asking me to take some ID documents into a local branch to finalise the account. Does this mean it's all gone through fine?

Should've been paying more attention I suppose....oops.

partlydave

jfke wrote: »

Ah excellent, thanks.

I'd much prefer to do this with online banking from one account to the next and then shuffle it off to my main account.

I applied for this online the other day and the latter stages went by so fast I didn't take any of it in. I seem to remember them asking me to take some ID documents into a local branch to finalise the account. Does this mean it's all gone through fine?

Should've been paying more attention I suppose....oops.

If youve had all your online log in details you wont need to take any ID into a branch. Check online that your account is there first.
The only thing you have to remember is that if you want a debit card you have to fund the account with min £100 to activate a card being sent to you

glider3560

partlydave wrote: »

If youve had all your online log in details you wont need to take any ID into a branch. Check online that your account is there first.
The only thing you have to remember is that if you want a debit card you have to fund the account with min £100 to activate a card being sent to you

Also, the £100 must be left in overnight for the card to be sent.

rogue_elements

my query is that wouldnt they get !!!! ed off when they see you are just with drawing it straight away? i mean they would not want to just give away £5 for absolutely nothing would they.

i think they would see what you are doing and cut your account... if all your accounts are in your name, they would see ie. bob smith transfer to bob smith, bob smith transfer to bob smith... they would think hang on why is bob smith senting himself to the same moneys... oh yes so he can just get a £5

i think the incentive is that they expect you will keep this with them... it is a meant to be a interest so i guess it would be not too happy for you to do this.

also as its interest wouldnt you receive taxed on it meaning you only received £4 (at 20% rate £1 lossed from £5).

Baldur

rogue_elements wrote: »

also as its interest wouldnt you receive taxed on it meaning you only received £4 (at 20% rate £1 lossed from £5).

No, the £5 Reward is net (i.e. after the deduction of basic rate tax)

An important note… This payment is 'net' of income tax. This means we pay it after taking off income tax at the rate set by law (currently 20%).

Cook_County

Grade_A_Reject wrote: »

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.

Interesting - I still have 4 and my wife still has 3...(we have been getting £35 a month for probably a year now so it is decent money)