Halifax £5 Reward Current Account

jennifernil

LLoyds Vantage rates are....(AER)

0 to £1000.........0.1%

£1000 to £3000...2%

£3000 to £5000....3%

£5000 to £7000....4%

Very useful account.

Cmdr_Bond

Exactly... So... If you have less than £1000, get Plus (which is 1.5% upto £2,500 (0% on anything over £2,500).

Once you are regularly overy the £1000 mark, u/g to Vantage (0% on any money over £7,000 though)

I believe you can have up to 3 of these accounts - no monthly/annual fee for Plus or Vantage (just bolt it on to your Classic account)

Only requirement is you push the £1000 through them a month.

Once you have a buffer set up you can choose which account to start with and then just rotate £1,000 month through all the accounts.

in the OP's case this would be:
Halifax Savings £1,000 -> Halifax Reward £1,005* -> Lloyds Classic Plus/Vantage £1,000 -> Halifax Savings

Although My recommendations would be:
Lloyds Classic Plus/Vantage £1,000 -> Halifax Reward £1,005* -> Lloyds Classic Plus/Vantage

* £1,010 if using the Halifax Rewards Clarity Credit Card and spending more than £300/month on it.

Thereby cutting out 1 transfer. The benefit here is a good comparable savings rate in a current account without any withdrawl penalties or restrictions - If you desperately need the cash, you don't have to transfer it to a current account, just use your card or chequebook.

1jim

Cmdr_Bond wrote: »

Although My recommendations would be:
Lloyds Classic Plus/Vantage £1,000 -> Halifax Reward £1,005* -> Lloyds Classic Plus/Vantage

* £1,010 if using the Halifax Rewards Clarity Credit Card and spending more than £300/month on it.

.

Have been looking at this could I do the following
Joint Lloyds vantage £1000 -> My Halifax reward acct (with my rewards clarity card) £1010 -> joint halifax reward acc £1015 -> wifes halifax reward acct (with rewards clarity card) £1025 ->joint lloyds vantage account.

Would keep money in current acct with 2% interest, move to each of the current accts for 1day then back to lloyds so by my reckoning this would be £300 a year or have I misunderstood. Would only spend the £300 on credit cards each mth as would then put rest on egg card for 1% cashback and pay off in full every mth

Cmdr_Bond

£25 x 12 = £300

So yeah, I think you are right.

Azrael_1701

1jim wrote: »

Have been looking at this could I do the following
Joint Lloyds vantage £1000 -> My Halifax reward acct (with my rewards clarity card) £1010 -> joint halifax reward acc £1015 -> wifes halifax reward acct (with rewards clarity card) £1025 ->joint lloyds vantage account.

Would keep money in current acct with 2% interest, move to each of the current accts for 1day then back to lloyds so by my reckoning this would be £300 a year or have I misunderstood. Would only spend the £300 on credit cards each mth as would then put rest on egg card for 1% cashback and pay off in full every mth

The £5 from the clarity card goes as a credit onto your card statement, not into your current account.

1jim

Azrael_1701 wrote: »

The £5 from the clarity card goes as a credit onto your card statement, not into your current account.

ahhh right, thanks for that, might not bother with that bit then, get 1% cashback from egg (credit once a year) so would get £3 a month on the £300 anyway so would only be £24 a year difference so maybe not worth the trouble of having another card.....although wife could do with one in her name (dithering now)

jennifernil

These Reward accounts and Vantages are really good value! We have the following...

1 joint HBOS Reward current account
Me............3 sole HBOS Reward accounts + Clarity Reward CC + 3 Lloyds Vantage
OH............2 sole HBOS Reward accounts + Clarity Reward CC + 3 Lloyds Vantage
Daughter...1 sole HBOS Reward account + Clarity Reward CC + 2 Lloyds Vantage

My £1000 goes round the 6 sole Reward accounts plus daughters 2 Vantages.
We just circulate an existing £1000 each round our Vantages as they are now full.

So my £1000 is getting us a total of £360 in rewards (before reclaiming some tax), plus we have another £60 rewards on our main account and £60 each on the credit cards. And of course there is also the Vantage interest. Can't be bad!

Mikeyorks

jennifernil wrote: »

So my £1000 is getting us a total of £360 in rewards

........... if you're doing that via online ...... I reckon you need to register with HMRC as self employed! Not sure what the description of trade would be, however. Choose 'entrepreneur' if all else fails!

dtaylor84

The £5 reward is already net of tax.

Llubrevlis

jennifernil wrote: »

These Reward accounts an Vantages are really good value! We have the following...

1 joint HBOS Reward current account
Me............3 sole HBOS Reward accounts + Clarity Reward CC + 3 Lloyds Vantage
OH............2 sole HBOS Reward accounts + Clarity Reward CC + 3 Lloyds Vantage
Daughter...1 sole HBOS Reward account + Clarity Reward CC + 2 Lloyds Vantage

My £1000 goes round the 6 sole Reward accounts plus daughters 2 Vantages.
We just circulate an existing £1000 each round our Vantages as they are now full.

So my £1000 is getting us a total of £360 in rewards (before reclaiming some tax), plus we have another £60 rewards on our main account and £60 each on the credit cards. And of course there is also the Vantage interest. Can't be bad!

Can you please tell me more? Got any links to these vantage accounts?

I thought I was doing well to get 5er from Halifax