Halifax Reward Help

savetilibleed

footiemad wrote: »

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 don't see thus account on their website now. Is it no longer avail, and if it is, do you have to transfer DDs or is it just poss to transfer £500 in and out as I do with my Halifax Reward from my Vantange?

scottishblondie

http://www.alliance-leicester.co.uk/current-accounts/index.aspx

You have to pay in £1000 now, same as the Santander Preferred In Credit account. I don't think you need to switch to get the interest rate, just to get the £100 cashback. You can just put £1000 in and take it out again, but A&L faster payments don't work properly since the migration to Santander. Before I could send £250 out by FP, now I'm only able to send £100. Oh and you can only send one payment to each "payee" once a day by FP. It's a real pain to maintain, esp since they charge an underfunding fee.

EDIT: I'm not actually sure that they charge an underfunding fee now, but if you don't pay in £1000 they don't pay your interest for that month.

clingwood

Ohhh this is a very interesting topic I'm learning so much. I've just got my TSB vantage account now so looking into transferring funds and working out what date to transfer the £1,000 and back out again.

Mikeyorks

neilsedaka wrote: »

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?

Not so much thoughts ...... as facts. And I fully understood the point you were making ........ it still will not work!

The SOs are processed overnight in Batch mode. The system will attempt to process all the SOs at the same time. Only one of the accounts will have money in it ....... the rest will fail. Why should anyone wish to try that?

If you wish to SO - the account needs funds in it (or an agreed overdraft of sufficient dimension) at the time.

neilsedaka

Mikeyorks wrote: »

If you wish to SO - the account needs funds in it (or an agreed overdraft of sufficient dimension) at the time.

Many thanks for the advice. I will stick to my current regime of setting up the standing orders day after day in turn. I have proved that works fine even when some days fall on weekends and non-banking days.

Mikeyorks

neilsedaka wrote: »

I have proved that works fine even when some days fall on weekends and non-banking days.

That is because - with Halifax - SOs internally don't exist and are dealt with as internal 'transfers'. And these transfers work 7 days ....... but, unlike FP, they are dealt with overnight in Batch mode.

Were you to attempt the same between different providers - you would fall foul of the fact SOs do not work weekends / Bank Holidays. And - as it's the work of seconds - it's much easier / safer / more cost effective to do Halifax only transfers online. It's instant and you don't even need to go into the accounts - you just use the quick transfer box at the top of the Portfolio

savetilibleed

clingwood wrote: »

Ohhh this is a very interesting topic I'm learning so much. I've just got my TSB vantage account now so looking into transferring funds and working out what date to transfer the £1,000 and back out again.

I have money transferring betwen the three acounts dated on the 6th of each month. If the 6th is a non-banking day then it transfers the first banking day thereafter. For LTSB Saturday, Sunday and Bank Holidays are non-banking days. Not sure why I chose the 6th now - there was a reason!

Ian3_2

How many Halifax Reward current accounts can you have in your own name?

10_66

Ian3 wrote: »

How many Halifax Reward current accounts can you have in your own name?

They have now restricted this account to one in sole name and one in joint names. See HERE, page 14, Section 2.

steveksullivan

I'm normally on here (trying to) give advice when I can, but now have my own question - hope I already know the answer but could do with confirmation!!

I originally opened my first 'Reward' account when Halifax were offering £100 to switch accounts...... I switched AWAY from Abbey (Santander)

Now Santander are offering me £100 to switch BACK and this is happening at the same time as my '5% on £2500' second account with Santander comes to the end of its promotional year - If I switch back I can carry on getting the 5% on £2500 in the new account.

My question is simply - is there anything in the Reward account
't's and c's' which would stop me transferring back as long as I continue to fund the Reward account with the £1000 per month?

(I know about Santanders poor reputation for customer service etc. with some products - ISA's etc. - but dont remember having TOO many probs when I had my current a/c with them - and on the one occasion I did I got LOADSAMONEY in compensation !!)