Halifax Rewards & Santander e-saver

ricky.patel89

i have about £1300 in my Santander e-saver but would like t take advantage of the free £5 if you pay in £1000 into the Halifax Reward Current Account. I was wondering could I just transfer the £1000 out of the e-saver straight to the Halifax and then back again?

Also as I'm just taking the £1000 out of the e-saver for a matter of minutes would I loose any interest. Also if I make the transfer on the first of every month when will the £5 be paid in?

Sorry for all the questions.

opinions4u

Your plan should work - but I don't think your payment from Santander to Halifax will go via Faster Payments, so will take 3 working days to get there, during which time you won't earn any interest. I reckon you'll lose about 14p a day in interest.

Although Halifax say the £5 will be credited by the 10th of the month my experience is that it always turns up on the second working day of the month, backdated to the first working day.

ricky.patel89

Whenever I've made transfers between the accounts before the money has always appeared in the other account almost instantly. Thanks for the reply.

LittleVoice

ricky.patel89 wrote: »

(1) Also as I'm just taking the £1000 out of the e-saver for a matter of minutes would I loose any interest.
(2) Also if I make the transfer on the first of every month when will the £5 be paid in?

(1) Normally funds taken out of an account receive interest up to and including the day before the withdrawal. Again, usually, interest is earned on funds from and including the day after they are deposited. So you would lose a day's interest (interest for the day the money is taken from and returned to the account. But, as mentioned above, there would be a longer gap because Santander do not do FPs (or do they now?).

(2) The day the money reaches the Halifax account doesn't matter: it could be the last working day or the first and the payment of the £5 would reach your Halifax account exactly the same.

organic_wanabe

It wont when you use Santander!

ricky.patel89

I'll just make the transfer on the 1st September, easy for me to remember, I may loose up to 50p in interest but gain £5, so not bad.

Thanks

opinions4u

ricky.patel89 wrote: »

Thanks

The button is excellent for that .