Halifax Reward Help

clingwood

Hi All
I'm thinking of opening a Halifax Reward Account but I don't want to transfer all of DDs to it or my wage, I was just going to set up a standing order so it pays the £1,000 each month. Has anyone opened up this current account without transferring all the DDs??
Any other information on current accounts would be good as there are a few deals at the moment, I am currently with A&L.
Thanks

footiemad

Hello

I have a Halifax Reward account. I didn't transfer any dds or sos. you don't have to transfer them to open it but at the moment I think you might get £50 if you do and open it through a comparison site? I just transfer £1000 from my Lloyds Vantage account every month and back out straight away.

The Lloyds Vantage accounts are good if you have £5000 or more to put in them as you get 4%. Again you need to transfer £1000 in every month but you can take it straight back out. You can have £5000 to £7000 in each Vantage account (you can have 3 max) to get the 4%. This obviously depends on whether you have savings or not.

There is also the Alliance and Leicester Direct current account where you get 5% on balances of upto £2500. You need to transfer £500 in (and out) every month.

I have all of these and find that they work really well. Hope this helps

hunsbury0

I have opened a Halifax reward a/c. My pay now goes to this a/c & then I transfer it to my original current a/c (different bank) where all my direct debits are already set up.
They will try to make you transfer the direct debits, but just say -not at the moment, & you will do it at a latter date when you are happy with a/c up & running smoothly.

clingwood

Thanks for the replies
I've just opened one of those Lloyds Vantage accounts yesterday after looking at a few threads as I do have some savings. If I put £7,000 in and then the £1,000 goes in and back out a day later do I miss out on the interest, so should I only put £6,000???
Any other tips etc greatly received.

MarkFromCornwall

clingwood wrote: »

Thanks for the replies
I've just opened one of those Lloyds Vantage accounts yesterday after looking at a few threads as I do have some savings. If I put £7,000 in and then the £1,000 goes in and back out a day later do I miss out on the interest, so should I only put £6,000???
Any other tips etc greatly received.

No, you'd still get the interest. So to maximise your interest, keep £7000 in the account. It doesn't matter that it will be £8000 for a couple of minutes once a month.

Mark

xrjtg

clingwood wrote: »

Any other tips etc greatly received.

You don't even need to keep it in for a day. £1000 from Lloyds to Halifax then back again 5 minutes later by Faster Payments is my usual technique.

G_M

If you have multiple Lloyds accounts just set up standing orders to move £1000 around them on the same day each month automatically.

savemoney

WE have 3 accounts, me, oh and joint and get £15 a month just move £1k from one account to other less than 1 minute money is in. We dont use it for anything else like dd or pay any new money in

clingwood

Oh thanks for the tips, so I should get two more vantage accounts and set up a standing order for the £1,000 to go in and out on the same day?
Then put the £1,000 float back into my current account and use it for bills etc?
If I use the faster payments e.g with A&L no matter what time I take the money out it always shows up first on the statement so then it looks like I'm overdrawn if I haven't enough money in the bank to cover it.
Any other tips I need to make some money fast!!!!
And is it worth getting another account with the Halifax??

steveksullivan

Read savemoneys post again more carefully -

If (like most of us on here) you have the maximum (now) of three Halifax reward accounts, you can actually 'move' a fictitious £1000 from account one to account two, account two to account three and then account three back to account one all within the space of a minute using internet banking. YOU DONT EVEN NEED ANY MONEY IN THE ACCOUNTS!! (just a minimum balance of, I think ,1 penny- although I have £1 in each)

Because Halifax show credits before debits on their statements, whatever order the transactions are made, each account will show £1000 in then £1000 out and not go overdrawn........

You can use the same process with most banks that operate these rewards - I do the same with my three LLoyds Vantage accounts (although there is real money in them - £7000 in each to get the high interest rate) - but no NEW money goes in each month, just the transfers between accounts as described above.

Same with ABBEY, as I have two accounts with them, although because they show transactions in the right order this account briefly goes overdrawn - but as its in credit again by the end of the working day (or more precicisely within one minute!) I still pay no interest on the overdrawn amount.

Only account I cant do this with is my Aand L account.

As it's the only account I have with them I have to transfer a 'real' £500 into it - although £250 only stays in it for seconds and comes back to the account it was sent from by internet 'faster payments' -the remaining £250 comes back by faster payments the next day ......

neilsedaka

Can anyone confirm that it is possible to cycle £1000 around Halifax Reward accounts on the same day by standing order automatically, as opposed to doing it manually? Do the standing orders work at weekends and public holidays, or are they delayed to the next working day?