Halifax Reward Current account - making payments into account

tashalove

Hello

I've just opened a Halifax Reward Current account and have put in the initial deposit of £100. However, I'm not sure how the £1k process works. I'm due to pay all my bills next week so it won't be possible to deposit my salary in it or I risk missing payments.

I realise you can put in amounts totalling £1k throughout the calendar month but is it okay to withdraw say, £400 and then deposit this same amount back in again the next day? Is this allowed and will it count towards the required £1k? (Sorry I know this sounds like a really silly question!)

Also, when they refer to the calendar month, is this from the date you opened your account/made your first deposit or is it a general date for everyone (1st of every month to 30-31st of every month)?

Sorry if all these questions have been answered before! I'm just a bit behind on the cashback wagon

rb10

Probably best to let your bills go out of your existing account this month if they are due next week - you then have a whole month to transfer them and your salary across to Halifax, which should be plenty of time.

You can withdraw £400 and pay it straight back in, instantly, and it will count towards the £1k.

A calendar month runs from the 1st to 31st of the month.

savemoney

Yes it should be okay as long as 1k goes into your account each month. We have 3 accounts only two ever have £20-£30 in, one account has just over 1k. I just move that 1k into each account after 1st, Easy £180 per year for 3 accounts

mealmond

I have just opened this account as well and I have moved £1k in from my current bank account with the idea of taking out again tomorrow to get the £5.

Now the account has been suspended subject to security checks, just hope I get access by Friday as the money is to pay off a credit card.

Martin

savemoney

I take mine out within minutes and move it to another account to get the £5 for each account the only thing you need to do is make sure 1k+ goes in each month. Usually get credited on 2nd

PNPSUKNET

I complained about this account, I jsut oppened one this month. Deposited the £100 via bacs and it didnt come back for near a week. Customer services were a waste of time, so be carefull transfering £1k in at once the first time although the second its fine

tashalove

thanks everyone for the replies! You have all been very helpful!

Am I right that the only penalty associated with this account would be that if for some reason I couldn't pay in £1k, then I won't get the £5 for that month?

rb10

tashalove wrote: »

Am I right that the only penalty associated with this account would be that if for some reason I couldn't pay in £1k, then I won't get the £5 for that month?

Yes, that is correct.

But remember that if in any month you know that your salary will be below the £1k, just transfer some out and back in, then you'll hit the £1k and get the £5.