Halifax Reward Help

Mikeyorks

neilsedaka wrote: »

Can anyone confirm that it is possible to cycle £1000 around Halifax Reward accounts on the same day by standing order automatically,

I can confirm it's not possible.

Not only the fact that SOs don't work on non-Banking days (not an issue if you're attempting them on the same day - as they're all deferred to the same day) ...... but mainly that you have no control over the order of processing. So it's quite likely that a transfer will attempt to be made out of an account still awaiting the SO from another account! Recipe for problems and charges.

If you want to SO you have to allow several days (taking into account all permutations of weekends / bank holidays) between accounts. In MSE terms ..... manual transfers are easier / safer / a better return?

Mikeyorks

steveksullivan wrote: »

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!!

That's plain misleading.

'You don't need money in the accounts' ........ only works if you have an agreed overdraft of at least £1k in the initial account. Halifax online won't allow you to transfer a phantom £1k no matter what the order of credits / debits ultimately.

savemoney

Just set up payment, Halifax do fast payments now

I log in one account that allowed me to show my account and a joint I keep 1k in my account move to joint. Go to joint account move money to OH, log into hers and move money back takes a couple of minutes and I then get £5 by 2nd of the month, easy money.

neilsedaka wrote: »

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?

TOP_CAT

What does STEVE mean when he says a fictitous £1000 pounds,Hoping you could explain it in bit more detail.

Two9A

The £1000 isn't fictitious. In Steve's case, it's coming out of his agreed overdraft on the account; he goes overdrawn, cycles the money around and puts it back.

If you don't have an overdraft on your account (myself, for example), you'd have to do this with a "real" £1000.

Mikeyorks

TOP_CAT wrote: »

What does STEVE mean when he says a fictitous £1000 pounds,Hoping you could explain it in bit more detail.

Post #13 does? If there's no money in the account it can only work on an agreed overdraft of at least £1000 on the first account to be processed.

Halifax won't let you transfer fictitious sums.

TOP_CAT

Ok Got it,thats what I thought Stevek may have been saying.I think its clever and good info on here.

He actually just uses his £1000+ overdraft,ie no credit balance in account except 1p or £1.00 ?.

Its still a interesting point,that this works with lloyds,santander and halifax banks before the end of day cut off time.
Incurring no authorised overdraft interest charges or in halifaxs case,no £1.00 daily fee.
I though halifax would have incurred the fee?

You have too wonder how much longer we have got with this multiple £5.00 account deal.
More importantly how to stay under the radar if possible, when the culling of accounts starts.
As is bound to happen sooner or later I would think.

noh

TOP_CAT wrote: »

....................................
He actually just uses his £1000+ overdraft,ie no credit balance in account except 1p or £1.00 ?

Its still a interesting point,that this works with lloyds,santander and halifax banks before the end of day cut off time.
Incurring no authorised overdraft interest charges or in halifaxs case,no £1.00 daily fee.
I though halifax would have incurred the fee?

.

No it doesn't incur a fee because Halifax Reward Accounts don't charge a fee if the account is in credit at the end of the day.

http://www.halifax.co.uk/bankaccounts/reward-current-account.asp?pagetabs=1

"With a Reward Current Account you won’t have to pay any other fees if you go overdrawn, so you need never worry. It makes perfect sense. What's more, we won't charge you any fees, as long as you pay in enough money to return your bank account back in credit by the end of the day."

neilsedaka

Mikeyorks wrote: »

I can confirm it's not possible.

Not only the fact that SOs don't work on non-Banking days (not an issue if you're attempting them on the same day - as they're all deferred to the same day) ...... but mainly that you have no control over the order of processing. So it's quite likely that a transfer will attempt to be made out of an account still awaiting the SO from another account! Recipe for problems and charges.

If you want to SO you have to allow several days (taking into account all permutations of weekends / bank holidays) between accounts. In MSE terms ..... manual transfers are easier / safer / a better return?

Thanks for your thoughts. My point is, if all the standing orders are actioned on the same day, even if that day has been delayed by a weekend or non-banking day, the end result should be that no account ends up in deficit at the end of that day. Therefore no fees should be encountered. Has anyone actually attempted to cycle £1000 around Halifax Reward accounts by standing order on the same day?

rb10

Note that internal (i.e. Halifax -> Halifax) standing orders operate on all days, and not just working days.