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Halifax reward account
savemoney
Posts: 18,125
Forumite
Can you move money from that account to another in another bank per month over 1k then move it back again to qualify for the £5 per month
Thanks
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Can you move money from that account to another in another bank per month over 1k then move it back again to qualify for the £5 per month
Thanks
yes you can the £1000 doesnt have to stay there, indeed it stays in my account for a few minutes only
i have 3 halifax reward accounts so it goes from account 1 to account 2 to account 3 and out again (as you can see from my signature, earnt £90 so far via the rewards accounts)
you can also transfer it bits it doesnt have to be £1000 in one go to get the £5
have you opened the account yet, and paid in? The first payment in gets a bit stuck for a day or two so you wont be able to withdraw it the same day, (usually the next working day) so if you need the money else where, i would just pay a small amount to activate the account overnight, then when you can withdraw that, then top it up so the £1000 is paid in and out again (£100 has to be left in to enable it to issue the debit /cash card etc anyway)MFW#105 - 2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12 / 2019 Overpaid £2583.12 / 2020 Overpaid £2583.12/ 2021 overpaid £1506.82 /2022 Overpaid £2975.28 / 2023 Overpaid £2677.30 / 2024 Overpaid £2173.61 Total OP since mortgage started in 2015 = £37,286.86 2025 MFW target £1700, payments to date at April 2025 - £1712.07..0 -
not sure you've completely got it ...
you talk about keeping 1K in the account - you dont need to!
You only need to MOVE £1000 through the account each month to get the £5
My money is in a different higher interest paying account, then one day each month I pay £1000 into my first reward account - then 5 seconds later transfer the same £1000 into my second reward account - 5 seconds later transfer the same £1000 into my third reward account - then 5 seconds later, using faster payments, transfer it back out again to my high interest paying account
(and do the same for my partner and my adult son!)
(got our accounts back in the days when you were allowed three accounts each ......)
£45 earned in about 5 minutes......0 -
oh, I never thought of having more than one reward acct - - can you open the other two on the Internet or do you need to go into a Branch?0
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They changed the T&Cs in Nov (?). You can now only have one Reward account in a sole name and one in joint (so, 3 in total ..... if you have someone you are 'joint' with!)If you want to test the depth of the water .........don't use both feet !0
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