Any negatives to the £5 halifax account?

Empty_pockets

Hi,

Trying to make the most of my money.

Any negatives or potential issues with regard to opening a reward account and soley taking the £5pm.

Would they close the account if it wasn't made 'full' use of?

I can easily transfer in the £1000 required and leave it there a day or two before transfering out again.

Does this account accrue interest? Worth building £50pm as credit

Thanks.

Baldur

Empty_pockets wrote: »

Any negatives or potential issues with regard to opening a reward account and soley taking the £5pm.

Would they close the account if it wasn't made 'full' use of?

Many of us do this with no problems.

I can easily transfer in the £1000 required and leave it there a day or two before transfering out again.

On initial opening you need to leave £100 in for 24 hours/overnight to 'kick start' the account - but after that the £1,000 per month can be in the account for seconds and still qualify.

Does this account accrue interest?

No.

pinkdalek

The only negative as such is if you use the overdraft facility you are charged £1 per day or £5 per day (unauthorised).

As long as you pay in £1000 each month, cash, cheque, transfer you get £5 back.

Empty_pockets

Thanks, I'll make my application.

Empty_pockets

Opened online.

Tried to do my £100 bank transfer but failed. I guess it's not properly set up yet possibly due to it being the weekend.

kevin52

I predict that at some point in the future they will downgrade this account, and stop paying £5 pm to existing account holders. And then they will announce a new account with a different incentive for new customers.

opinions4u

kevin52 wrote: »

I predict that at some point in the future they will downgrade this account, and stop paying £5 pm to existing account holders. And then they will announce a new account with a different incentive for new customers.

It's a certainty.

But until they do, cash in!

YorkshireBoy

opinions4u wrote: »

It's a certainty.

But until they do, cash in!

Losing the £240 a year I make from my 4 accounts will just mean I have to find another way of financing my mid-Winter break in the sun.

As one door closes...:D

andy_allblack

As a matter of interest, how long has the Reward Account been going for? Also, how do I thank someone, properly? Still pretty new to forum,

YorkshireBoy

andy_allblack wrote: »

As a matter of interest, how long has the Reward Account been going for?

Just over 2 years (it was launched in February 2009).

Milarky

andy_allblack wrote: »

As a matter of interest, how long has the Reward Account been going for? Also, how do I thank someone, properly? Still pretty new to forum,

Feb 2009, I think. It coincided with a 're-branding' as they took away our 'high interest' current account and offered this in exchange. Then someone spotted there was nothing to stop you having multiple reward accounts at first.