Halifax reward account

pinkdalek

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.
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That's your clouded opinion, thinking the bank do not want the basic accounts as they don't give them much profit from the start.

Consider this though.......customer opens a basic account, is happy with the service their bank is giving them, is able to upgrade account after 6mths - 1yr due to good conduct.

Also basic bank account customer has their bills being paid from their account, do basic bank account customers not want insurances, savings, internet banking, even mortgages? All of which their bank can offer them.

So to say banks don't make money on basic accounts is not strictly true is it?

Yorkie1

noh wrote: »

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.

That condition doesn't mean you need to deposit £1K to open it; it means you have to cycle at least £1K through it per month.

I opened mine with £100 more recently than Dec 2009; and although I do put the £1K into it in a single payment, I could easily cycle the same £250 in / out of it 4 times per month.

innovate

Yorkie1 wrote: »

..... I could easily cycle the same £250 in / out of it 4 times per month.

Or any number of deposits, as long as they add up to £1K a month. Which I suppose means a calendar month.

There's no condition that stipulates how much has to stay in the account for how long, either.

Gromitt

If you have an overdraft, you can even use it to transfer to an online saver and back to satisfy the £1000 minimum monthly payment, and not actually move any of your own money

noh

Gromitt wrote: »

If you have an overdraft, you can even use it to transfer to an online saver and back to satisfy the £1000 minimum monthly payment, and not actually move any of your own money

Yes that's similar to what I do. I have a Halifax current account with a £4500 overdraft facility. I cycle >£1K of that through my 3 Reward accounts and back each month. Have done so for more than 3 years now.

gocat

How long do you have to keep the £1000 in the reward account to get the £5. I transferred £1000 into my newly opened reward account a few days ago, but no sign of the £5 yet. Is it safe to transfer this £1000 back to my regular bank account yet?

guesswho2000

nogoodwithmoney11111 wrote: »

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?

They did this to me a few weeks ago (kind of), I applied and was accepted for the reward account, but they paperwork they sent me had my surname, different forename and address entirely and was for an Easycash account.

I had to go into branch to correct all this and they opened the account there and then, but this didn't fill me with confidence initially. Seems to be running ok now though, touch wood.

Their online banking is dire though, especially in comparison to RBS NatWest (my opinion is that their olb and mobile banking is excellent) or Nationwide. Halifax's mobile banking app (for iPhone anyway) is a mini browser which displays the website in the app and doesn't like working over 3G, only WiFi (from my experience and that of many reviewers of the app on the App Store).

Just my experiences, yours may be different

guesswho2000

gocat wrote: »

How long do you have to keep the £1000 in the reward account to get the £5. I transferred £1000 into my newly opened reward account a few days ago, but no sign of the £5 yet. Is it safe to transfer this £1000 back to my regular bank account yet?

It gets paid in arrears the following month I understand, you only have to credit £1000, you can then take it straight out again

rb10

guesswho2000 wrote: »

Their online banking is dire though, especially in comparison to RBS NatWest (my opinion is that their olb and mobile banking is excellent) or Nationwide.

Once you're used to it, I am sure you'll find it significantly better than the RBS/Natwest online bank.

guesswho2000 wrote: »

Halifax's mobile banking app (for iPhone anyway) is a mini browser which displays the website in the app and doesn't like working over 3G, only WiFi (from my experience and that of many reviewers of the app on the App Store).

It's just a normal website, so if there are problems it's more likely to be due to your 3G connection than the website.

I've never had a problem with it on Android.

guesswho2000

rb10 wrote: »

It's just a normal website, so if there are problems it's more likely to be due to your 3G connection than the website.

I've never had a problem with it on Android.

The website works through mobile safari, just not via the app. Could just be an iPhone thing, no big deal really though