Halifax Savings Rewards

King_Of_Fools

The Halifax Saving Rewards scheme lets you earn 0.20% extra interest on a range of savings accounts for 12 months if you fund a current account appropriately:
http://www.halifax.co.uk/savings/rewards/

But what happens after 12 month?

You will stop getting the reward after 12 months on existing accounts but if you open a new account do you get a 0.20% reward on that for 12 months?

If so, what is to sop you opening a new savings account each year and closing the old one?

amictus

I recently opened an ISA Direct Reward account (2.8% + 0.2% reward) and asked what happened at the end of the first 12 months. I was told my account would revert to the standard low rate (whatever that is) but that, if requested, the account would be upgraded to ISA Direct Reward account available at that time. I assumed this would include the 0.2% reward, but this was not mentioned explicitly.

terakris

I just got my 0.2% extra on all savings automaticly - they sent me a letter to say its been extended for another 12 months automaticly so i assume that will happen again, depending of course if they still offer this bonus in 12 months time. worth keeping an eye on though when you get your bonus interest adjustment.

King_Of_Fools

terakris wrote: »

I just got my 0.2% extra on all savings automaticly - they sent me a letter to say its been extended for another 12 months automaticly so i assume that will happen again, depending of course if they still offer this bonus in 12 months time. worth keeping an eye on though when you get your bonus interest adjustment.

Interesting, thanks. I am at my anniversary now but have not received a letter so far.

terakris

King_Of_Fools wrote: »

Interesting, thanks. I am at my anniversary now but have not received a letter so far.

i got my interest maybe a month or so ago. i didnt know what it was for, assumed it was standard interest or something. I sent off a form a few weeks ago about the extra 0.2% and a couple of days later (i guess crossed in the post) i got this letter saying they have paid my bonus' and are applying it for another 12 months... so perhaps you will get something shortly.

if not, maybe send off another form or give them a call... when i called them recently about getting the better rate isa they did a check for the additional percent then too so it seems they can apply it over the phoen too.

soulsaver

King_Of_Fools wrote: »

The Halifax Saving Rewards scheme lets you earn 0.20% extra interest on a range of savings accounts for 12 months if you fund a current account appropriately:
http://www.halifax.co.uk/savings/rewards/

But what happens after 12 month?

You will stop getting the reward after 12 months on existing accounts but if you open a new account do you get a 0.20% reward on that for 12 months?

If so, what is to sop you opening a new savings account each year and closing the old one?

Why not just ask the Halifax? If you want to avoid the 0845 no. use 0113 380 9574 and follow the options. Let us know the answer:)

King_Of_Fools

An update: I too received a letter from Halifax stating that they are continuing the extra reward interest for another year.

It looks like they are using common sense and saving themselves money from having to issue new cards for new accounts every year.