Meeting the Halifax £5 reward requirement??

Nine_Lives

Been on this since January & all is well so far, but i'm just wondering:

the account has to be credited with 1k in the month to get the £5.

How long does the figure have to STAY in the account for? Does anyone have a factual answer (as opposed to just an opinion)?

Reason i ask is i'd have 1k to cycle through my solo, the joint with the g/f, the g/f's, my mothers solo, my mothers joint.

I could do all that in a matter of minutes if it just needs to be paid in (but not stay in for a period of time), otherwise it'd take 5 days.

fozzeh

I think it is a grand total of "however-long-it-takes-you-to-move-it-in-and-move-it-back-out". As long as it is creditted, you qualify.

I also believe the £1k doesn't have to be in one go.

I also believe I have made £105 from cycling money around. Got to love having 3 accounts.

chris_m

I only have two accounts and I cycle £250 between them four times a month using Standing Orders - just need to check whenever Bank Holidays occur to make sure that there's no risk of one occuring without the previous one having happened first. ISTR I leave it in each account for four days, but it's not really necessary for it to be there that long.
Ten squids a month earnt on £250, at 48% APR it easily beats anything else I have - loverly jubbly ;-)

Nine_Lives

Tiz alright for those who joined up early for the 3 accounts!!! lol.


Well, i've cycled it in & out & i'll see what happens in a months time when the reward does or doesn't come through

Stephen_Leak

The deal is that, as long as you pay in £1000 or more in a calendar month, you will get £5 by the 10th of the next month.

The advertising says it will be paid on the first of the month, the T&C's say it will be paid by the 10th of the month. In fairness, I suppose that this does give them a bit of leeway to sort out the inevitable problems. All my reward payments to date have been credited on the first of the month, even when this was on a weekend.

The T&C's make no mention of any "minimum stay".

I only take home £993.63 a month. Therefore, I have a Cahoot account with £11 in it and 2 Standing Orders to transfer £10 of this between the 2 accounts. Allowing for the time it takes in the limbo of the clearing system, it has spent 7, 7 and 5 days in my Reward account.

Fortunately, I am paid on the last working day of each calendar month. Therefore, the usual early payment in December shouldn't cause me any problem. Of course, a payroll failure and late payment could result in no salary credit in one calendar month, which would cost me that month's £5 and two in the next calendar month, which would still earn me just £5. However, this would be my employer's fault, not Halifax's.

fiendishlyclever

K_P83 wrote: »

How long does the figure have to STAY in the account for? Does anyone have a factual answer (as opposed to just an opinion)?

I send a payment by faster payments to my reward account, and send it back to my main account immediately by faster payments.

I still get the £5 reward with no other payments into the reward account.

Biggles

K_P83 wrote: »

How long does the figure have to STAY in the account for? Does anyone have a factual answer (as opposed to just an opinion)?

The 'factual answer' is to be found in nearly all the other threads that have been posted in this forum since the Reward Account began. Try a little search.

LongTermLurker

K_P83 wrote: »

How long does the figure have to STAY in the account for? Does anyone have a factual answer (as opposed to just an opinion)?
...otherwise it'd take 5 days.

about 5 seconds would be playing it safe! They even have a "quick transfer" setup at the top of your accounts page - if it wasn't for the pesky need to confirm each transfer, combined with faster payments, I could have all 3 of my accounts serviced and the money back out to an external bank account within 30 seconds.

The factual answer? It doesn't need to stay in at all - £1000 credit is enough to fire the reward payment.

Dave_®f©

Mine are in and out in about 3 seconds on each of my three accounts.

preable

lol mine is 5 seconds

sparch

Does anybody know if it is still possible to open 3 reward a/c on the same name? If so, how do you do it? I just called Halifax and they assured me that you can only open 1 current ac/person.

Thanks