Premium bond and Halifax reward current account idea.

miggz

Hey folks, I have been lurking in the shadows of MSE for a while now but couldn't find an answer to my question, so thought I'd join the very helpful forums here.

So I recently opened a halifax reward current account purely for the £5 reward for paying in £1000 each month. I also own a few premium thousand premium bonds. My question is, would it be possible/legal using the online management service on the NS&I website to transfer a £1000 bank and forth between my premium bonds and my reward account so as to benefit from both schemes. I know the premium bond draw is on the 1st of each month, so my plan was to set up a standing order with my reward account at the end of each month and then cash in my £1000 premium bond into my reward account after the 1st of each month.

I was just wandering if anyone had ever thought of doing this before? If it is within the terms and conditions of both schemes? and whether one could go further with this idea? For example I know it is possible to open a second reward account as a joint account. If I did this what would be stopping me from transferring the £1000 between all 3?

Thanks for taking your time to read my post.

joedenise

Nothing to stop you doing this but the premium bonds need to be in place to be in the next months draw. What you are planning seems to me that you wouldn't actually end up with any bonds being in place to be in the drae.

Denise

pvt

Your investment in Premium Bonds isn't eligible for entry into the draw until it has been there 3 months.

So it's a stupid idea.

Though Premium Bonds are pretty naff as an investment anyway.

You would be better off with all the money from the Premium Bonds in a Halifax Web Saver account, earning interest, and do the transfers you suggest online each month. Then you only loose a couple of days interest.

opinions4u

http://www.halifax.co.uk/savings/savers-prize-draw/

Might be preferable.

Interest and a chance of winning.