£5 Halifax Reward

matthewdownloads

I have 2 bank accounts, one with 1 bank, and a halifax reward account where you get £5 if you pay in £1000 per calender month (actually £1200 I believe, after tax etc).. The halifax account is this: http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/

I don't have £1000 in either of these accounts, BUT I am aware some people have something like £300 money and can withdraw and pay in 4 times (so they payed in >£1000 but paid out the same). So they get the £5, essentially exploiting the 'loophole'.

My question is, can I toss £300 between my 2 banks from the comfort of my home 4 times by a standard online bank transfer and get the £5 WITHOUT having to actually go to the ATM or the bank?

noh

My question is, can I toss £300 between my 2 banks from the comfort of my home 4 times by a standard online bank transfer and get the £5 WITHOUT having to actually go to the ATM or the bank?

Yes you can. You need to credit the account with £1000 or more in total each month to get the £5 reward.

jen245

Short answer - yes

matthewdownloads

jen245 wrote: »

Short answer - yes

£5 for having to travel to the bank 4 times is poor pay.

£5 for 2 mins work is good pay

They make this too easy lol

chanz4

yup i do it every month between my two halifax

beetwaste

As an employee of said bank, I can confirm yes you can do this.

You can also have a joint account as well as a single account, and get the fiver.

If you have the Ultimate Reward account, you can have a second sole account and have it as a reward account, and get the fiver for this. But URCA costs 15 quid, so kind of negates the £10 you'll make.

hermante

chanz4 wrote: »

yup i do it every month between my two halifax

beetwaste wrote: »

You can also have a joint account as well as a single account, and get the fiver.

If you have the Ultimate Reward account, you can have a second sole account and have it as a reward account, and get the fiver for this. But URCA costs 15 quid, so kind of negates the £10 you'll make.

Hi beetwaste,

Can you have a student account and a reward account at the same time? To take it to the max, how about a joint reward account as well, which would then earn both holders £7.50 a month (actually £9.375 gross) plus any overdraft that we get accepted for?

If the overdraft is 500 and I keep an average 500 in the reward account (being rewarded £75 a year) that looks like 15% interest, but effectively the outlay is 0... can it be this easy? Of course I wouldn't keep the student account in the red continually and would have to try to use both regularly, which may be difficult given my other accounts

anamenottaken

matthewdownloads wrote: »

I have 2 bank accounts, one with 1 bank, and a halifax reward account where you get £5 if you pay in £1000 per calender month (actually £1200 I believe, after tax etc).. The halifax account is this: http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/

/QUOTE]
What you pay in isn't subject to tax. It is just the £1000 mentioned.

Chorlie

If you have a Halifax Web Extra Reward and a Current Reward A/c, can you just transfer £1000 from the Web Reward to the Current Reward and back again (on the same day) would this count or does the £1000 have to come from outside of Halifax?

clare64

Chorlie - my experience is that you can transfer the 1000.00 from either a Halifax a/c or from another bank, but it must be in the current a/c for at least 24 hours. So to be sure I usually leave it 2 days. Works for me - £5 for doing virtually nothing!

opinions4u

clare64 wrote: »

Chorlie - my experience is that you can transfer the 1000.00 from either a Halifax a/c or from another bank, but it must be in the current a/c for at least 24 hours. So to be sure I usually leave it 2 days. Works for me - £5 for doing virtually nothing!

The money can go in to the account, sit there for a fraction of a second and move out of the account.

There is no requirement for it to stay there for any period of time to qualify for the Reward payment.