£5 Halifax Reward

R34GTT

@ Beetwaste:
If you already have one Reward current account getting the £5, could you then open an URCA in addition and subsequently have it changed into a normal Reward current account? Thus making two £5 per month if chucking £1000 through both accounts?

NeverInDebt

As long as you pay in £1k per month doesn't matter if its dribs and drabs you will qualify

noh

opinions4u wrote: »

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.

Further to that.
If you have an overdraft facility on your Reward Current account you can use the amount of the the overdraft to fund the £1000 by moving it out to another halifax account and back instantly. You don't need to use your own money.
You are not charged the overdraft usage fee if you are in credit at close of bussiness.

JasX

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!

there is no time requirement,

I have 2 halifax reward accounts and on the 2nd of each month £1000 is fast payment transferred in to account A, 1005 is internally transferred to account B then 1010 gets fast transferred back out to my main bank account.

They have my money for barely a minute and pay me £10..... I've not worked out what that is as an APR

cheekymonkeb0y

anyone doing this with the rewards other banks offer as well?

gordon2

If you have an overdraft facility on your Reward Current account you can use the amount of the the overdraft to fund the £1000 by moving it out to another halifax account and back instantly. You don't need to use your own money

I have a £1000 overdraft that I never use because I am not going to pay a £1 a day unnecessarily, so does that mean I can transfer that £1000 overdraft into my savings account and transfer it right back again without it costing me £1?

Does it have to be during banking hours or will 2 in the morning be OK?

So I don't even need to have money in my savings account, I can use the overdraft?

So if I open another reward account in my wife's name I can use this same £1000 overdraft and even open another account in my name?

The present reward account is in joint names.

MoneySaverLog

gordon2 wrote: »

I have a £1000 overdraft that I never use because I am not going to pay a £1 a day unnecessarily, so does that mean I can transfer that £1000 overdraft into my savings account and transfer it right back again without it costing me £1?

Does it have to be during banking hours or will 2 in the morning be OK?

So I don't even need to have money in my savings account, I can use the overdraft?

So if I open another reward account in my wife's name I can use this same £1000 overdraft and even open another account in my name?

The present reward account is in joint names.

Are you sure you wont get charged the overdraft fee for the day, even by going overdrawn for a few minutes as technically you used the overdraft as there was no money in the account when you transferred it.

Have you checked what will happen?

noh

gordon2 wrote: »

I have a £1000 overdraft that I never use because I am not going to pay a £1 a day unnecessarily, so does that mean I can transfer that £1000 overdraft into my savings account and transfer it right back again without it costing me £1?

Does it have to be during banking hours or will 2 in the morning be OK?

So I don't even need to have money in my savings account, I can use the overdraft?

So if I open another reward account in my wife's name I can use this same £1000 overdraft and even open another account in my name?

The present reward account is in joint names.

Yes it will work ok with no charges.
I have done the transfer at random times including 2am. Best to avoid doing it around midnight.

The overdraft fee is only charged if the account is in debit at the end of the day.

I have 3 Reward accounts, opened when they allowed that many.
Each has 1p balance. I also have a current account (which is like the Reward but with no reward!) that sits at 1p balance but it has a fairly large overdraft facility.
I cycle >£1000 from it through each of the 3 Reward accounts and then back to the current account. No fees are charged.

Here's a link to info on overdraft charges
http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/?pagetabs=1


"With a Reward Current Account you won’t have to pay any other fees if you go overdrawn, so you need never worry. It makes perfect sense. What's more, we won't charge you any fees, as long as you pay in enough money to return your bank account back in credit by the end of the day."

clare64

Many thanks Opinions4you and JasX.
I was told by Halifax that it had to be for 24 hrs - next time I will ask them to transfer it back during the same call. I assume that will work?

Azrael_1701

R34GTT wrote: »

@ Beetwaste:
If you already have one Reward current account getting the £5, could you then open an URCA in addition and subsequently have it changed into a normal Reward current account? Thus making two £5 per month if chucking £1000 through both accounts?

Its against the t&cs to hold more than 1 sole and 1 joint standard reward account. When you phone to downgrade they will check if you already have a reward of the type and if you do, it will go down to the standard current account instead.