Halifax

keadd

Hi Everyone,

I have around 1k in savings and was thinking about opening a halifax reward account for the fiver each month.

I was going to transfew each month the money from the savings account to the halifax current just for the fiver.

Is there any reason why i couldnt do this? cheers

Snippa

So you'd trasfer the 1K a month in, then back out, from savings to reward, to savings to reward every single month? It would get a bit irritating, wouldn't it? I can't see any reason why you couldn't do it, in theory. I guess you'd just have to be careful not to go into overdraft, as you'd constantly be sitting at zero once the money was transferred out, and being in overdraft is £1 a day.

glider3560

Many people do this, have a search around the forum.

It is probably best to keep a couple of quid in the account, to ensure you are always over £0 balance. You shouldn't ever go overdrawn if you are transferring out the same amount as you transfer in.

cottager

Absolutely fine, it's what we do every month, but keep a little 'float' in there permanently as glider says.

southantrim3

Just make sure that the savings account you're transfering from allows you to do this as some have a limit on the number of withdrawels you can make in a year which could in turn damage the interest you get on that account.