Halifax Reward Account and £1000 overdraft

allan2011

I have a Halifax Reward Account that I am no longer using as I have transferred to another bank, but I still have a savings account with the Halifax with £1000 balance to transfer online to and from the Reward Account to get my £5.

Could I do this in reverse, having a savings account with £0.00 balance having a balance of £5.00 in the Reward Account when the reward is paid in, then transfer £1005 to my savings account using my £1000 overdraft, then transfer £1000 back in again giving a balance of £0.00 in the Reward Account or will they charge me a £1 overdraft fee?

And leave the £5 reward to build up in the savings account just for the fun of it?

This is so that I don't have to keep a £1000 balance in a savings account for instant transfer back and forth to get my £5 reward and I could put all my excess savings into an ISA or other type of account that gives higher interest but only allows 3 or 4 withdrawals a year

trikidy

Depends on Halifax's policy, I know Lloyds give you up until 4pm on the day to pay off the overdraft before you get charged, so if they have something similar, then it would work in theory yeh.

noh

Yes it will work with no charges as long as your Reward Current account is not in the red at the end of the day.
I do something similar to fund my 3 Reward accounts using the overdraft available on my Halifax Current account.

allan2011

as long as your Reward Current account is not in the red at the end of the day

I will be transferring the amount out and back in within seconds so I hope so.

That's what I do now, from savings to Reward Account to savings but of course I need a £1000 in the savings account.

The other way I don't need the £1000 in the savings account.

The savings account is with the Halifax as well.