Changes to Reward and Ultimate Reward Accounts

7sefton

Sorry to be really dim, but I'm a bit confused about what I need to do in my situation to keep receiving my £5 monthly rewards. If anyone could take a look at the following and advise I'd be very grateful:

I have 3 Halifax Reward current accounts that I cycle £1000 per month through. Other than this, they do not see any other action and have no standing orders or direct debits on them.

Can I just open 2 savings accounts which permit direct debit payments into them (I've heard AA and Tesco get mentioned a lot), set up direct debits for each of my Halifax Reward accounts, and then just make sure I use them once a month? Or do I need to find 6 separate savings account that have this function?

Like I say, the best and most straightforward method would be music to my ears!

Funkyfreddy

zerog wrote: »

...
i.e. did Lloyds say that you have to set up 2 DDs and keep them there, would you lose the 4% if you switched from Lloyds after 31 Oct or whenever it was?
...

No - the Lloyds deal was that two Direct Debit instructions had to be set up by the 31/10/12. Nothing in the T&C stated that they had to remain on the account for the duration of the promotional rate or indeed "active".

The problem with the upcoming Halifax terms are that they DD's have to be active monthly ones - Direct Debits come in various flavours - fixed monthly, bi monthly, annual or other periods together with variable both in amounts and on what dates. Anybody with a PayPal account linked to a Bank account for payments by DD might see several debits in one month then none for some time.

I have several DD I could move but they would not meet the upcoming criteria and I'm not sure its really worth the hassle - setting up two £1 donations is an option but I don't really like taking advantage of the Charities when they may not actually see much of that when their processing costs are finally taking into account. [After thought: Gift Aid might cover that !]

FF

innovate

Thanks, Dr_Cuckoo3, I have added your find to the collection of other charities and savings DD possibilities https://forums.moneysavingexpert.com/discussion/4168667 (post #1)

Dr_Cuckoo3

innovate wrote: »

Thanks, Dr_Cuckoo3, I have added your find to the collection of other charities and savings DD possibilities https://forums.moneysavingexpert.com/discussion/4168667 (post #1)

great - the rewards money pays for a few four packs of Special Brew and I have found a shop that sells it cheap in Brixton (and they have a free ATM in store)

Funkyfreddy

7sefton wrote: »

..
Can I just open 2 savings accounts which permit direct debit payments into them (I've heard AA and Tesco get mentioned a lot), set up direct debits for each of my Halifax Reward accounts, and then just make sure I use them once a month? Or do I need to find 6 separate savings account that have this function?
..

As far as I can understand yep - they would both be originating from different institutions so shouldn't be a problem ?

FF

time2save

So am I right in thinking that from till April £1000 need to go into the Halifax Rewards Current Account then from May -> need to be £750/month?


If lets say you have 2 different accounts with a bank could you get DDs for i dont know (£1 each) to go to them from the Halifax account evry month

Would this be ok with Halifax's issue of two different DDs


Really great to see many ppl givin to charity esp in these day :A:A:)


p.s. is a debit balance an overdraft

Dr_Cuckoo3

time2save wrote: »

Really great to see many ppl givin to charity esp in these day :A:A:)

Yeah man - Philanthropy is all the rage

Free Special Brew - burp

chaotic_j

Hi,

Now that my Nationwide MySave Online Plus account is set up, I've logged on and can only see the option to fill out a form to change the direct debit for the nominated account.. so it looks like you can only have one direct debit for one Halifax Reward Current Account.. I have 4.. so this isn't suitable for me.

As well as Tesco, does anyone know of another easy/instant access savings account I can quickly open and set up multiple DD's to?

Many thanks!

innovate

loads been mentioned already in this thread.

OneLife_OneShot

I normally pay in over £1000 each month but I have never used my URCA for DDs and I don't plan to. I have a £200 overdraft and sometimes at the end of the month I am in it.

My account costs £10 a month due to the £1000+ I pay in.Does this mean it will just go back to costing £15 a month?