Halifax Reward Account

keadd

Hi Everone,

Im going to apply for a Halifax reward account tonight simply because I want the fiver each month. Do I need to have an overdraft? I dont really need one as I will only use the account for the free fiver each month.

Also is the decision instant if i apply online?

Thanks

heloid

Decision may not be instant. Mine wasn't. I have no overdraft and was accepted.

keadd

Just applied and got the same. It said they need to check something before making a decision!

Hopefully I will get it I think I have a good credit rating..

Do they ever make instant decisions?

Baldur

keadd wrote: »

Do they ever make instant decisions?

Yes, mine were all instant but I already had an ISA and Websaver account with them.

Mumolulu

Are there any sneaky catches with this account? I am seriously considering getting one, as I want to try and clear my £500 overdraft with barclays, as I'm currently a current account holder there, and trying to clear overdraft, but think it will work better starting again with a seperate account, and paying bits of it off every now and then.

We have our mortgage with Halifax so is this a good idea? We hope to change our mortgage and move in the future.

Any advice welcome.

YorkshireBoy

Mumolulu wrote: »

Are there any sneaky catches with this account?

It could prove far more costly than Barclays if you (ab)use it (£1/£2 per day authorised overdraft fees and £5 per day unauthorised overdraft fees...with no cap!).

I am seriously considering getting one, as I want to try and clear my £500 overdraft with barclays, as I'm currently a current account holder there, and trying to clear overdraft, but think it will work better starting again with a seperate account, and paying bits of it off every now and then.

If you switch your salary/banking to Halifax then it's quite possible, due to the reduced throughput/regular credits, that Barclays could call in the overdraft. If finding £500 in 30 days would be a problem then you may wish to re-think your plans.

mswan

Hi, I switched account to Halifax and left my overdraft at nationwide but because I have only been putting in £50 to Nationwide a month they have reduced the OD limit which needs to be paid within 3 weeks. I will still be left with an overdraft but I presume they will be reducing it again so will need to pay it off a lot quicker than I thought.

LoopyLuna_2

I wasnt aware you needed a overdraft to get this.... but I have one but I wouldnt recommend using the overdraft. to get the £5 I just have all my pay go into my halifax account (I think to be eligible you have to put in over £1000 per month), then I filter the money to my other accounts =] *cheeky I know* =]

Mumolulu

LoopyLuna wrote: »

I wasnt aware you needed a overdraft to get this.... but I have one but I wouldnt recommend using the overdraft. to get the £5 I just have all my pay go into my halifax account (I think to be eligible you have to put in over £1000 per month), then I filter the money to my other accounts =] *cheeky I know* =]

Do you do that all on the same day? Is there no restriction or anything?

cottager

I also had existing savings accounts when opening my Reward a/c, so it was an instant decision (over the phone, not online). I didn't want an overdraft either, which wasn't an issue for them and I could have just not had one, but the adviser pointed out there might be the odd occasion when I could inadvertently go o/d, so instead of the £500 they were offering at the time we settled on £100 (which I haven't in fact needed to use but it's there anyway).

keadd

I just looked online and it says I have been accepted for the account!

I wish Id have asked for a small overdraft now!!

I suppose if I applied for the overdraft online they would do another credit search, even though they have just done one to open the account?