Halifax URCA £5 Reward

OneLife_OneShot

I have a Halifax Ultimate Reward Current Account, if you pay in over £1000 a month you get the £5 fee, I was just wondering is there a criteria for payments going in?

e.g only envoys or deposits in the bank/ payment from wages etc. As I could move the amount from my other bank account and straight back in would that be cheating lol.

Cheers.

innovate

Just needs to be £1K in total per month, from a reputable source, which [presumably] would include another bank account of yours :-). Sending money from one account to another is usually not cheating

AdamJK_2

Just to point out you won't see a £5 reward being added to the account. The URCA is £15pcm, if you pay in £1,000pcm then this fee is reduced to £10pcm.

So you do get the reward but it's not obvious in the sense that you don't see the £5 reward being added on the statement. If you're just in it for the £5 reward then you need the non-fee paying account below that (the one without the insurance etc) - the Reward Account.

OneLife_OneShot

Yeah I know thats why I wanted to know I get it reduced to £10 per month, I do some travelling now and then and have an iPhone etc so the URCA is good for me. Just wondered how they determine about the £1000 being paid in.

catieeb06

My DH pays the money in as a direct transfer from his wages account and that qualifies for the £1000 a month. As far as I know as long as money is shown as being paid into the account it doesn't really matter from what source. I say this because I know of people that use the URCA and Reward with a fixed standing order of £1000 a month going between them.

OneLife_OneShot

I have an Ulster Bank account and its what I get paid into, so If I just tranfser the £1000 each month from it in to my URCA then I should get it down to costing £10 a month!

~Davey~

My Wife and I have been in to Halifax to find out more about the £5 reward account. We were told explicitly that we can qualify for the £5 reward by moving an amount of money between accounts and that as long as the account "sees" £1000 total credit within 1 month, then you qualify for the reward. An example was given that if we moved £100 between our 3 accounts (1 personal each and 1 joint) 10 times within a month then we will get 3 x £5 = £15 per month. Seeing as this can be set up automatically, its a "No Brainer" (Halifax staffs' words - not mine).

This is what we intend to do. We will get £15 per month for £100. That's £180 per year from £100. All it costs is a little time to set it up.