Halifax Reward Account - £50 Incentive - Do I have to Transfer My Salary?

pete_

Does anyone know if it is necessary to actually commit to paying your salary in to the Halifax Reward Account in order to qualify for the £50 incentive?

I started filling in the online application and then stopped at the question about "How do you intend to fund the account" ....

I don't really want to switch my salary from my A&L account.

I realise you have to switch a couple of DD's that's not a problem.

outofbounds_2

Yes. One credit and two debits are required.

HouseHuntr

No you don't ! you just have to credit the account with £1K per month to get the £5pm which can come from anywhere and be immediately transferred out again ! The £50 is for applying thru moneysupermarket only without any other criteria.

Eligibility Criteria


Before we pass you through to Halifax, can you please note the following points relating to the Reward Current Account:

• You must be a UK resident
• You must be aged 18 or over
• You must complete the switching service in order to receive the switching incentive
• All credit facilities are subject to a satisfactory appraisal of status
• To receive £5.00 each month you must pay in £1,000, whether you're in credit or overdrawn

outofbounds_2

HouseHuntr wrote: »

No you don't ! you just have to credit the account with £1K per month which can come from anywhere and be immediately transferred out again !

Eligibility Criteria

Before we pass you through to Halifax, can you please note the following points relating to the Reward Current Account:

• You must be a UK resident
• You must be aged 18 or over
• You must complete the switching service in order to receive the switching incentive
• All credit facilities are subject to a satisfactory appraisal of status
• To receive £5.00 each month you must pay in £1,000, whether you're in credit or overdrawn

It would appear there are different rules depending on which channel you apply through. If you apply via the branch network, you MUST transfer two debits and one credit from an eligible account elsewhere to benefit from the AATS £50 incentive. The £50 is also credited to your account immediately by the advisor in branch.

pete_

HouseHuntr wrote: »

No you don't ! you just have to credit the account with £1K per month to get the £5pm which can come from anywhere and be immediately transferred out again ! The £50 is for applying thru moneysupermarket only without any other criteria.

So you don't even have to transfer any DD's then?

YorkshireBoy

pete_ wrote: »

So you don't even have to transfer any DD's then?

There appears to be some confusion. Are you talking about the moneysupermarket offer or the 'in-branch' offer?

If the former, then the T&Cs are clearly shown here. If the latter, then ask in branch.

pete_

YorkshireBoy wrote: »

There appears to be some confusion. Are you talking about the moneysupermarket offer or the 'in-branch' offer?

If the former, then the T&Cs are clearly shown here. If the latter, then ask in branch.

I was talking about the MoneySupermarket offer and yes I agree there is confusion.

Can anyone say for sure what the criteria are to receive the £50 incentive?

Can we get away with:
a) not transferring salary
b) not transferring any Direct Debits

..... just funding the account with the £1000 per month?

YorkshireBoy

pete_ wrote: »

Can anyone say for sure what the criteria are to receive the £50 incentive?

Can we get away with:
a) not transferring salary
b) not transferring any Direct Debits

..... just funding the account with the £1000 per month?

Have you actually read the T&Cs I linked to above? Here are the relevant bits...

Terms and Conditions for the £50 switching payment:

• To qualify for the £50 switching payment you are required to:
  • Open a new Halifax Reward Current Account online via the Moneysupermarket "£50 to switch to the Halifax Reward Current Account" promotional campaign
  • Complete the switching section in the Halifax Reward Current Account application form with your existing bank account details
  • Use the Halifax Switching Team to switch your Direct Debits, Standing Orders and other regular payments from your existing current account with another bank to your new Halifax Reward Current Account
  • Move your salary and/or any other regular credits from your existing current account with another bank to your new Halifax Reward Current Account