Reward current account

bermary

I have in the halifax a online saver account and on occasions when I log in to halifax banking I get offered the chance to open a rewards current account and all my direct debits and bills would be paid from this account,well I don't have any debts to pay out of such an account and dont get £1000 a month to pay into it all our debits are paid out of my husbands reward account,what I would like to know is if I opened this account would it be deemed alright for my husband to pay me £1000 into the account,leave it there for a couple of days then transfer it back into his account to obtain the £5 per month reward or would this be frowned upon.

MarkFromCornwall

bermary wrote: »

I have in the halifax a online saver account and on occasions when I log in to halifax banking I get offered the chance to open a rewards current account and all my direct debits and bills would be paid from this account,well I don't have any debts to pay out of such an account and dont get £1000 a month to pay into it all our debits are paid out of my husbands reward account,what I would like to know is if I this account would it be deemed alright for my husband to pay me £1000 into the account,leave it there for a couple of days then transfer it back into his account to obtain the £5 per month reward or would this be frowned upon.

Yes, you can do that. Lots of us do. You don't need to leave it there for a couple of days - just a few seconds.

McKneff

No problem at all with that, in fact you could also open a joint current account, and get the £5 reward.

His acccount to yours, your account to the joint account, joint account back to his, all in a day.

marathon_man_3

My wife and I have a joint Halifax rewards account and I was content getting the £5 each month. I hadn't thought of opening up an account each in our individual names to get an extra £10 per month by moving the same monies about. Wouldn't the bank want to see some other transactions?
Am I correct then in thinking that there is nothing to stop me opening an account each and making the £1,000 by standing orders such as from the joint account to my account on day 1, from my account to her account on day 2 and from her account back to the joint account on day 3? By doing this, I would get an extra £10 per month? It seems a bit too easy. Surely Halifax would cotton onto this and stop it.

YorkshireBoy

marathon_man wrote: »

Wouldn't the bank want to see some other transactions?

It appears not, at least with 3 of my 4 Reward accounts.

Am I correct then in thinking that there is nothing to stop me opening an account each and making the £1,000 by standing orders such as from the joint account to my account on day 1, from my account to her account on day 2 and from her account back to the joint account on day 3?

Nothing to stop you doing that, but it's a recipe for disaster when weekends and Bank Holidays get in the way...unless you've (at least) a £1K overdraft facility on each.

Since you'll be logging in on the second working day of the month anyway (to cream off the fivers), I'd suggest manual transfers that day would be the safest.

By doing this, I would get an extra £10 per month?

Of course!

It seems a bit too easy. Surely Halifax would cotton onto this and stop it.

Well they haven't so far, and I've been abusing it for nearly 4 years now, netting me the best part of £1,000.

Gromitt

marathon_man wrote: »

It seems a bit too easy. Surely Halifax would cotton onto this and stop it.

They have - your now only allowed 2 reward accounts: 1 sole and 1 joint. Some people here are getting £25/month as they opened the accounts before the new rules.

There's rumours that they'll introduce more restrictions in the future, but they have yet to be implemented.

marathon_man_3

Gromitt wrote: »

They have - your now only allowed 2 reward accounts: 1 sole and 1 joint. Some people here are getting £25/month as they opened the accounts before the new rules.

Do you mean one sole account each plus the joint account?

DragonQ

Yeah I don't use my Halifax Reward account any more but I just transfer £1000 between it and my Vantage account to get a free £5 per month (plus 4% from the Vantage account). You don't need to leave the money in there for any length of time.

Gromitt

marathon_man wrote: »

Do you mean one sole account each plus the joint account?

Indeed, but you used to be able to have several reward accounts each, plus the joint account, so you could easily get £25+ per month for free.