Earning Bank Rewards for Transferring Rent Payment

shall14

Hi, I'm a student and am about to move into a shared flat with 2 other student friends. We are planning on creating a bank account of which all our bills, rent, etc. gets paid into by us in order to make sure any extra money is available to use for the house.

Was having some trouble setting up a secondary current account with my previous accounts, (didn't actually have one with Santander, but it said I couldn't apply for a current account if I'm a student??), so by looking for other banks I discovered Halifax reward account, which pays £5 a month as long as £1000 is paid into it.

Would 3 students transferring over £1000 a month of rent which is then paid out to the landlord constitute as paying £1000 into the account?

YorkshireBoy

shall14 wrote: »

Would 3 students transferring over £1000 a month of rent which is then paid out to the landlord constitute as paying £1000 into the account?

Yes.

But if you're thinking of making this a joint account then don't!

Also, with Halifax, and if it'll be a sole account in your name, be aware that if your "friends" don't pay in one month you'll be incurring up to £5 per day in charges (£150+ a month!!!) if they pay your rent with insufficient funds in the account.