Halifax Reward account - can withdraw money after £1000 deposit?

tashalove

Hi

This is going to sound like a really daft question, but are you allowed to deposit £1000 into the Halifax account and then withdraw (say, for bills etc.) or does your balance have to always be £1000 + ?

Also are we allowed to have more than one current account? I have been a loyal customer of RBS and currently hold a graduate account with them. However, I am starting my first permanent job and will be earning over £1000 every month and think the Halifax Reward account will be really good to earn some extra cash!

Is it okay to open this new Halifax account and have my salary paid in whilst still having my RBS account?

atlantis187

yes u can withdraw the money straight out of the account doesnt even have to stay there overnight or anything just needs to reach the account for a few seconds a month.

anna42hmr

as the poster above said, yes thats fine, the money only has to be in the account for a few seconds.

however £100 has to be in overnight at some point during the opening stage as that is what apparently triggers the debit card etc to be issued.

also if you need the money quickly only make your first payment into the account small as the first few days the money cannot be withdrawn immediatly online (if you search the phrase "halifax missing money" you will see that the money vanishing online and then reappearing 2 days later during the opening process is common)

LittleVoice

tashalove wrote: »

Hi

Is it okay to open this new Halifax account and have my salary paid in whilst still having my RBS account?

Others answered your question about the £1K into Halifax Reward - this is just to add that it is perfectly OK to have both a Halifax and an RBS account at the same time.

IMO also a good idea to have an account set up other than at RBS (though keep the RBS account for now). This is because of the intended takeover of the English and Welsh branches of RBS by Santander.

jinkster

Yes, works fine. All you need to do is transfer 1000£ into the account and transfer it out if you want, Bingo £5 in your hand!

rtc6

If you go into a branch to open the account and transfer some direct debits onto it from your existing RBS account they'll give you £50 as well. It won't close your rbs acc either, unless you want it to.

BargainGalore

As long as you have £1k paid in before 1st of the month you get £5. I move money in 3 accounts every month around 2nd 3rd of the month and then leave it in one account and I get £5 for each account. It doenst have to be any new money

trinidadone

if you wanting to earn money, I have a santander bank account and a halifax reward account. My salary is paid into the halifax, triggering a £5.00 a month, and then I altermatically transfer the money into my santander bank account which is paying my 5% interest on up to £2500.00

in a nutshell, earning money with the same money, just moving it about

tashalove

Thanks everyone for the replies!

rb7oaks

tashalove wrote: »

Hi

This is going to sound like a really daft question, but are you allowed to deposit £1000 into the Halifax account and then withdraw (say, for bills etc.) or does your balance have to always be £1000 + ?

Also are we allowed to have more than one current account? I have been a loyal customer of RBS and currently hold a graduate account with them. However, I am starting my first permanent job and will be earning over £1000 every month and think the Halifax Reward account will be really good to earn some extra cash!

Is it okay to open this new Halifax account and have my salary paid in whilst still having my RBS account?

No - you are fine, as long as there is £1000 going in every month, you can spend as much as you like - you can even have (e.g.) £800 paid in, withdraw £200 then pay it in again and you will still qualify for the £5 reward.

tashalove

Hi guys

I have another question related to the Halifax account.

Does it take a while to open this account if you do it online? Is it much quicker opening it in the bank if i bring the right documents beforehand?

I don't think I will get my first salary paid until October so I won't be able to pay in £1000 if I say, open the account now. Do you have to have £1000 ready to pay in when you initially open the account? Is there also a penalty for not depositing £1000 in (if for any unforeseen circumstance)?

Thanks for all your help, sorry for all the silly questions!