Halifax Reward Question

jon142

Hi all just a quick question on something I have picked up on.

I have noticed quite a few people on the forum have a Halifax reward acc.

they all seem to say move your £1000 from one acc to another to get the £5 reward but only leave it in for 5mins. but my question is do you think Halifax internal system's mark you down for this type of moving money around in order to make money off the banks? I bet all these £5 are costing them a fortune.

I have about £4k in my current account at the moment but dony want to cheat the bank if you like by transfering the money around.

Gromitt

Your not 'cheating' the bank, just 'taking advantage'. If they didn't want you to do it, they'd add some rule to the T&Cs such as for the £100 switch offer (eg. require 2 DDs or salary to paid in, etc)

Then again, they might be thinking that you already have an account with them, so there's more chance that you'll take something out that they'll make profit on, like a savings account or credit card. For that, £75/year may be worth it to them.

psychic_teabag

Maybe they're hoping we'll slip up with the transfers one month, and they'll sting us for the unarranged overdraft fees. I bet they won't have any second thoughts over taking our money.

Bear in mind that there are also various referral bungs going on all over the place. I just got £55 from quidco for opening a Santander 123 account. So clearly current accounts are worth this sort of money to the institutions. (Perhaps they want to collect as many customers as they can before "free" current accounts are ended.)

flyfto

psychic_teabag wrote: »

Maybe they're hoping we'll slip up with the transfers one month, and they'll sting us for the unarranged overdraft fees. I bet they won't have any second thoughts over taking our money.

Bear in mind that there are also various referral bungs going on all over the place. I just got £55 from quidco for opening a Santander 123 account. So clearly current accounts are worth this sort of money to the institutions. (Perhaps they want to collect as many customers as they can before "free" current accounts are ended.)

Just been on quidco is the cashback not £33.33 for opening a santander account ? first time i been on quidco so may have picked it up wrong !

innovate

flyfto wrote: »

Just been on quidco is the cashback not £33.33 for opening a santander account ? first time i been on quidco so may have picked it up wrong !

You are looking at the Everyday Account.

The £55 (which expires in 6 days, apparently!) is for the 123 account.

The Everyday one is free, pays no interest or anything

The 123 costs £2/mth and pays cashback on a multitude of Direct Debits, as well as interest. If it's easy for you to make more than £2/mth in cashback/interest, the 123 is the one to go for.

Eponym

If it makes you uncomfortable, why don't you actually use the account? I know you said you already have a current account but you could still use the Halifax a little bit.

For example, my main account is with Santander. There's where I get paid into and the account I use to pay bills and withdraw money. But I get my expenses paid into my Halifax so it looks a bit more active than if I was just cycling the £1000 and taking the fiver.