Halifax reward account

nogoodwithmoney11111

Have applied for the standard Halifax current account (NOT the reward or ultimate reward account) to reduce exposure to Natwest after the recent goings on. The main driver is good internet / mobile banking facility above all else. Was planning on using it as emergency fund only really with cash card. No overdraft or other frills. Didn't go for the reward account as will leave a few hundred in there and check it regularly for any fraud etc but leave it largely alone.

I get the welcome pack through but I have to go into a branch and provide id (passport and utility bill). I understand the money laundering checks but was under the impression that these can be satisfied using a variety of databases now, and that the 'paper' checks were a back up should the details not be right.

I check on experian this morning and there are 2 recent checks on my file. An id check from lloyds tsb and 4 days later the current account itself.

I noticed that the original dob is correct but the second "search" has the incorrect decade on my dob - is this what's causing me to go in to the branch? I need to sort it anyway so probably moot.

BUT they have given me the reward account and I didn't ask for it. Maybe I should take advantage and get the fiver by moving money about?

But why would they give me something that I didn't ask for?

MoneySaverLog

Why not put a thousand pound into it and take it back out again every month. You'll get a free fiver that way.

No idea why they opened a different account. May be they thought this would be better for you as reward account is just the same as the current account I believe but you're eligible for the free fiver.

If you do the switch I believe you can also get £100 but think you also have to have your salary paid in here for that :-(

Yorkie1

Halifax seem to always want you to make an appointment in branch for anything ... doubt it's personal.

rb10

Yorkie1 wrote: »

Halifax seem to always want you to make an appointment in branch for anything ... doubt it's personal.

You should not need an appointment if you are just providing ID for a newly opened account.

Gromitt

I believe the account you get is based on your credit report. You obviously had sufficient "points" to get the reward account so they just upgraded you.

opinions4u

Gromitt wrote: »

I believe the account you get is based on your credit report. You obviously had sufficient "points" to get the reward account so they just upgraded you.

Not the case.

My guess is that if you don't have a Reward account it will default to that.

epm-84

Likely a human error was made in the opening process and you were given a different type of account to the one you asked for. If you don't want the Reward account then ask them to correct the error but note that Halifax aren't usually quick at correcting mistakes and may ask you to go through security checks to correct their mistake.

Stephen_Leak

Banks really don't like these basic "government" accounts, as they don't make any money on them. They will do everything possible to switch you to one of their own basic accounts, even if these have an incentive that costs them money.

If you have £1000 in a savings account, earning 3% or less, set up two Standing Orders to cycle it into and out of the Reward account. £60 interest on £1000 is 6%.

noh

Stephen_Leak wrote: »

Banks really don't like these basic "government" accounts, as they don't make any money on them. They will do everything possible to switch you to one of their own basic accounts, even if these have an incentive that costs them money.

............................

The Halifax Current Account that the OP applied for is not a basic account.

It is much the same as the Reward account but does not have the £5 reward payment nor does it require a minimum monthly deposit of £1000 as the Reward account now does.

Gromitt

noh wrote: »

It is much the same as the Reward account but does not have the £5 reward payment nor does it require a minimum monthly deposit of £1000 as the Reward account now does.

I didn't think the reward account required a minimum monthly deposit of £1000, just that you got £5 for each month you deposited at least that amount.

noh

Gromitt wrote: »

I didn't think the reward account required a minimum monthly deposit of £1000, just that you got £5 for each month you deposited at least that amount.

No one has reported any sanction for not doing so but the condition is there.

Page 18 of the T+Cs
http://www.halifax.co.uk/bankaccounts/pdf/reward-current-account-guide.pdf

Special Conditions

(f) Reward Current Accounts opened after 6th December 2009
must be funded with at least £1,000 per calendar month.