re halifax reward account

second_chance

hi not sure if this is the right place ...would it be worth my while transferring £1000 from my hsbc account to the halifax reward account to get the £5 reward and then transferring the £1000 to my nationwie account to pay my direct debits every month? seems like a good idea to me but is there a min time the money needs to be in the halifax account as I would have to transfer it out immediatley? sorry for the waffle and thankyou in advance!!!

Solomon_Broad

There's no minimum time it has to be in the account. As long as it actually goes in, you can take it out straight away. Find out whether you can do faster payments out of Halifax and into Nationwide, though, to make sure it gets to your other account in time for the DD's to go out.

1jim

I havnt done this yet but it seems that it just needs to hit the account so can be taken out straight away.....I plan on leaving mine in overnight just to make sure but I would make sure that you time the payments so that you dont miss the dd date in the nationwide

second_chance

thanks!!! I know I sound dim it would just be my luck that I transfer the money then lose the £5 because I didnt leave the cash in for long enough!! xx

second_chance

oh noooooooooooo!! just read the small print the account costs £12.50 per month scrap that then grrrr!!!

catwoman73

No need to leave the £1k in overnight to get the £5. I just transfer mine from FD to Halifax and then straight back by faster payments - takes 2 mins and is just one on my list of little 'financial admin' tasks I do when I get paid each month. Fiver gets paid without fail early in the month after. Eg I get paid on Friday, so this weekend I'll balance my bank, check my DDs etc and do the transfer and the £5 will be paid early in March

R34GTT

second_chance wrote: »

oh noooooooooooo!! just read the small print the account costs £12.50 per month scrap that then grrrr!!!

No, that's the Ultimate Reward Account.

The Reward Account has no monthly fee.

second_chance

ooooh thankyou!! must pay more attention!x

Solomon_Broad

I've transferred money into the account, across to another Reward account, and then another, and then back out again in about as much time as it's taking me to write this post. I get the £5 applied to each account the following month as normal. Never had a problem with it at all.

Wood.Justin

Yes I believe that it can go straight in and out. I have done this on my reward account for the first time as I've only just recently applied... Looking forward to seeing the £5 there in March!

Good luck.

fiendishlyclever

Wood.Justin wrote: »

Yes I believe that it can go straight in and out. I have done this on my reward account for the first time as I've only just recently applied... Looking forward to seeing the £5 there in March!

Good luck.

18 months of this. Faster payment to Halifax, faster payment out. It's moved from one account to another in the time it takes to log on.

If you want to double your returns and you spend £300 a month, the reward clarity credit card pays a further £5 (as a credit to your card account though).