Changes to Reward and Ultimate Reward Accounts

guitarman001

Jesus, I can't believe there are 15 pages on this! Here's my question/thread:

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Got a letter this weekend saying that to get the £5 on the Halifax reward account it must now be your MAIN account, e.g. salary paid in etc. It is NOT my main account, however I DO swipe £1000 in and then out every month to get the £5.

Conditions seem to be:
-Needs to be your 'main account' with £750 in every month.
-Need to be in credit at the end of each month (not overdrawn)
-Need to set up two different direct debits


First point: Would I qualify if I put in £1k a month even though it's not my 'main bank account'?

Last point - two different direct debits. I assume two different bank accounts.. they're not making it easy! Also, I think this is a cheek! What if you don't even have a direct debit going on? I have one for my phone and that's about it!

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So will I still get the £5 if I put £750 in... and if I set up one direct debit to transfer £500 to one Lloyds Vantage account then another to erm... no, that wont work as the other Vantage account is still Lloyds. This sucks!!

YorkshireBoy

guitarman001 wrote: »

Jesus, I can't believe there are 15 pages on this! Here's my question/thread:

It's 15 pages long largely because people generally don't read what's been posted already, therefore there's a lot of repetition.

Conditions seem to be:
-Need to be in credit [STRIKE]at the end of each[/STRIKE] throughout the month (not overdrawn)

I've corrected the above misunderstanding.

First point: Would I qualify if I put in £1k a month even though it's not my 'main bank account'?

Yes, so long as you meet the "two different DD mandates paid" criteria.

So will I still get the £5 if I put £750 in... and if I set up one direct debit to transfer £500 to one Lloyds Vantage account then another to erm... no, that wont work as the other Vantage account is still Lloyds.

The reason that won't work is not because it's "still Lloyds". It won't work full stop, because you can't set a DD up on a current account to pull money in. You need a savings account for that...which is detailed in this thread.

In short, if you're not prepared to move existing DDs, such as utilities etc, then the best way is to use savings accounts such as Tesco, Post Office, Nationwide MySave and/or make small charitable donations. Lots of examples in this thread.

guitarman001

Many thanks - truly appreciated.
Unfortunately this may now be more hassle than it's worth to me.

Deru

What about credit card DD's? Do they actually have to debit money? I have cards that I normally pay off before the DD kicks in so although the DD's are set up and Active, don't always deduct money from my account.

innovate

Deru wrote: »

What about credit card DD's? Do they actually have to debit money? I have cards that I normally pay off before the DD kicks in so although the DD's are set up and Active, don't always deduct money from my account.

Did you actually read the Notice Of Variation? Or any of this thread?

....have a minimum of two different direct debit mandates paid from your Reward Current Account each calendar month and....

Deru

Nope. Just had a look now though. Thanks for the link and extract.


the thread's 15 pages so didn't read every post.

chaotic_j

Hi,

I posted earlier in the thread asking apart from Tesco Bank which other savings account could do multiple DD's.

I opened a "Yorkshire Building Society Internet Saver" as I was sure I'd seen it mentioned here. Anyway it looks as though it doesn't do DD's as there is no option when I log in. I had the same problem with the Nationwide MySave Plus account.

Could anyone please tell me a savings account/provider apart from Tesco Bank which can do multiple DD's i.e. three DD's?

Thanks in advance!

YorkshireBoy

chaotic_j wrote: »

Could anyone please tell me a savings account/provider apart from Tesco Bank which can do multiple DD's i.e. three DD's?

According to this thread, unless you have an old Egg Savings account, or a chequebook on each of your Reward accounts so you can use ING, you're snookered...as far as '3 in 1' savings accounts are concerned.

Katiehound

Just to let all you folks know that I have trawled thro' all 15 pages!! cos I got my letters from Halifax today, and it was the first I had heard about it! Clearly I have been asleep under the snow!!
The second letter tells me to call into the bank or to phone the dedicated team!!
I will now go and puzzle out how to achieve the 2 monthly DDs needed on a/c number 2! Yes, it's a bit of a hassle but I will do it for my reward!

Incidentally you CAN have more than one reward a/c still, what you can't have is more than one Ultimate a/c.

At present I send £1000 by SO each month to a/c no 2, and then bounce it back a few days later. I can reduce that to £750 but will send less back to cover whatever outgoings!

I also do a quarterly DD to a charity- sorry they will now get it monthly but perhaps a few pounds more overall.Some of my utilities are monthly DD- just transfer something.

Think RSPB may now benefit having read that in the postings.

Curses!

Doc_N

3 letters from Halifax today.

One (incorrectly) saying "Our records show that you already have two different direct debits set up, so all you need to do is keep them active".

One saying "You will need to have at least two different direct debits set up by 14 April".

And one saying much the same, but with the added words "....we'd like to talk to you personally about these changes".

Now curious to know what sparked their computer off to issue that last one!