Santander Current Account: £1k a month?

adindas

You could I have a/c in many of UK main Banks and still be able to manage opening Halifax Reward current A/C and I only have less than £200 in it.

Sackagold wrote: »

T
But to receive the offer doesn't the current account have to be opened as a transfer? So, if you accounts elsewhere, you'll be unable to have both the Santander account and the Halifax account.

Sackagold

adindas wrote: »

You could I have a/c in many of UK main Banks and still be able to manage opening Halifax Reward current A/C and I only have less than £200 in it.

And you opened your Halifax account without making a transfer from one of your other banks?

Rob_192

Sackagold wrote: »

This is exactly what I was considering. But to receive the offer doesn't the current account have to be opened as a transfer? So, if you only have one account elsewhere, you'll be unable to have both the Santander account and the Halifax account.

Sackagold

Opening a Halifax reward account is simple, no transfer involved. I can't remember if we needed to add any money at the time, probably just £1. They then pay you £5/month for each month you pay in £1,000. There is no requirement to have any minimum balance in the account.

We have a DD from my Santander acct into my Halifax Acct, two days later it leaves via another DD into my wife's Halifax acct, two days later into her Santander acct and then from there back into my Santander acct. This took very little time to set up and just repeats each month. On our £6k (£2.5k in each Santander earnig 5% and £1k floating around and earning us £120/year at Halifax) it generates over 6% average.

R

Sackagold

Nice set-up. And have you had any problems with the infamous-Santander?

blinko

although really and truly its £5 a month it just doesnt make a difference at the end of the day, it gets you a pint thje local...

Rob_192

Sackagold wrote: »

Nice set-up. And have you had any problems with the infamous-Santander?

None whatsoever, we have found them to be fine.

Blinko, I disagree, we are being paid £120/year for doing absolutely nothing! That buys a few pints

R

Sackagold

@Blinko: True but when in conjunction with other 'incentives' it still adds up. For instance there's the £50 reward plus another £50 if you apply via moneysupermarket = £160. Then there's the Santander 'incentives' on top of that.

YorkshireBoy

Rob_192 wrote: »

We have a DD from my Santander acct into my Halifax Acct, two days later it leaves via another DD into my wife's Halifax acct, two days later into her Santander acct and then from there back into my Santander acct.

Are you happy with leaving only 2 days, when weekends and/or Bank Holidays could get in the way? Unless you're leaving a (wasteful) 'float' in the accounts?

And I think you mean SO (standing order), not DD (direct debit) don't you?

adindas

I did not need to use transfer services to open a/c in Halifax.
So I do not need to close my main a/c in other bank. But of course I need to tranfer money £1000.00 from my other bank to the Halifax to get £5, but it only stay in Halifax for 1 days as i kick it out again the following day.

ADINDAS

Sackagold wrote: »

And you opened your Halifax account without making a transfer from one of your other banks?

Rob_192

YorkshireBoy wrote: »

Are you happy with leaving only 2 days, when weekends and/or Bank Holidays could get in the way? Unless you're leaving a (wasteful) 'float' in the accounts?

And I think you mean SO (standing order), not DD (direct debit) don't you?

YB

I think it probably is 3 days and yes meant SO, it was several months ago we set it up and the wife does the admin;) - I was just trying get across that it's very simple.

R