Am I missing something

new_owner

Halifax pays £5 per month if you pay in £1000 in a calendar month.

So if I transfer £1000 from my Bank Account to my new Halifax Account then transfer it back again after a few days they will give me £5???

And I can do this every month...?

There does not appear to be any small print on how long the money needs to stay there... only about tax

is this right?

AppleMatt

new_owner wrote: »

Halifax pays £5 per month if you pay in £1000 in a calendar month.

So if I transfer £1000 from my Bank Account to my new Halifax Account then transfer it back again after a few days they will give me £5???

And I can do this every month...?

There does not appear to be any small print on how long the money needs to stay there... only about tax

is this right?

Yes and if you have a partner that gets one too, it's a tenner :T

new_owner

AppleMatt wrote: »

Yes and if you have a partner that gets one too, it's a tenner :T

So whats in it for them? Obviously some people will move accounts but they must have lots of people who think oooh a free fiver...

I take it I can only have one account be nice to keep transferring money around a few dozen accounts

innovate

new_owner wrote: »

So whats in it for them?

Good Q. I recking they a looking for mugs who will eventually go overdrawn, take out loans and mortgages, take out debit cards and pay off minimum per month, and who will generally yield loads of profit. There seems to be a competition for current acct customers going on - Halifax, Nationwide, Lloyds, FD, Santander are all courting for your custom. The good news for many people is, we can take all those banks up on all their offers because we are resourceful

new_owner wrote: »

Obviously some people will move accounts but they must have lots of people who think oooh a free fiver...

There's loads of 'ooooh free fiver' people already. Welcome to the club

new_owner wrote: »

I take it I can only have one account be nice to keep transferring money around a few dozen accounts

Halifax have already clamped down on the number of accounts you can have - it's one sole, and one joint account max now

shelly

new_owner wrote: »

Halifax pays £5 per month if you pay in £1000 in a calendar month.

So if I transfer £1000 from my Bank Account to my new Halifax Account then transfer it back again after a few days they will give me £5???

And I can do this every month...?

There does not appear to be any small print on how long the money needs to stay there... only about tax

is this right?

My bolding. You don't even need to leave it there for a few days. You can put it in then straight back out again and you will get your £5.

new_owner

Fantastic

Of looking at how many accounts I can transfer to before it gets back to my main account..and make some money

It must be obvious to them since I unticked the option for a card and overdraft ... But I guess your right..

Its the temptation to be able to access money which will appeal to some

eschaton

shelly wrote: »

My bolding. You don't even need to leave it there for a few days. You can put it in then straight back out again and you will get your £5.

Very true, my £1000 rarely stays in the account for over 60 seconds. x2 accounts = £10 per month for very little work.

The 2 x £1000 normally then make it the Lloyds Vantage accounts the next minute leaving just one more Vantage account to fund.

Gromitt

new_owner wrote: »

It must be obvious to them since I unticked the option for a card and overdraft ... But I guess your right..

I accepted the offer of a card, every other month I use it to withdraw my free £10. It seemed cheeky to transfer it via faster payments