Halifax £5

mortgage_help_3

Hi

I am thinking about opening a halifax account just to receive the £5 per month. However I have a few questions

1) Do I have to move my direct debits?
2) Can I transfer £1000 from my natwest account and then transfer it back a few days later? If so will I still receive my £5?

Thanks for your help

jen245

I did exactly the same thing. You dont have to move your dd's, and I also bank mainly with Natwest, and have set up a standing order from my Natwest current account, to go into my Halifax account, and Ive set up a standing order for a few days later from my Halifax account straight back into my Natwest account.
I applied online for the Halifax account last Tuesday and was accepted and account opened instantly. They require you to pay in £100 to activate the account and trigger the sending of your debit card, and I did that straight away (just be aware the £100 will disappear for 48 hours, as the account isnt fully active, but it will re-appear). Last Friday I paid another £900 into the account, and I got my first £5 reward payment yesterday :beer: It was really easy, so go for it!

I should add, Im still waiting for the debit card to arrive, but considering we havent had any post since Monday because of the snow, I think its probably stuck in the backlog!

albacookie

I move my £1000 out the same day and never had any problem.

Loughton_Monkey

albacookie wrote: »

I move my £1000 out the same day and never had any problem.

Yes. Same here. My "route" is Santander e-saver to Santander Current (instant). Then Santander to Halifax (3 days). From there it's Halifax to Lloyds (instant), Lloyds to Santander Current (Instant) and thence to Santander e-saver (instant).

Brings a whole new meaning to money laundering!

mortgage_help_3

How much money do you make shuffling the money through all of those accounts?

YorkshireBoy

mortgage_help wrote: »

How much money do you make shuffling the money through all of those accounts?

Can't answer for LM, but my 4 Halifax Reward accounts make me £240 a year for 5 minutes work a month...which pays for a week in the sun in February.

mortgage_help_3

Are the 4 accounts in your name?

YorkshireBoy

mortgage_help wrote: »

Are the 4 accounts in your name?

Yes, that's why I said "my".

I bagged 3 before they placed the 1 per sole customer restriction on, and then redesignated my HICA a Reward account to make 4.

blueberrypie

YorkshireBoy wrote: »

Yes, that's why I said "my".

I bagged 3 before they placed the 1 per sole customer restriction on, and then redesignated my HICA a Reward account to make 4.

Also £240 here - from three Reward accounts and a Clarity card. I just use the Clarity card from the statement date until I've spent the required £300, then switch to using whatever other card is offering me the best deal.

My partner has the same, so that's £480 between us. That's more than one month's mortgage payment :-)

cing0

You don't need to switch (transfer DD's) to get the £5 per month, its to get the £50 for switching.
If you switch, the DD's at your old bank will be canceled.
It doesn't matter where the money comes from, as long as the money in bottom line equates to over £1000 every month.

Chorlie

I opened one of these A/c's online last week, all setup ok so I thought; I credited the £1000 into the A/c on 30th Nov. same day got a letter stating I had to provide a shed load of ID and the enclosed leaflet explains more, but there wasn't an enclosed leaflet.

So now I can't get my money out of the A/c, won't let me transfer online, no debit card etc. When I can get into town I'll take everything with me to the branch and put in a complaint.

Still the £5 was showing on 1st Dec....