Changes to Reward and Ultimate Reward Accounts

Nine_Lives

Udai wrote: »

I concur, they've created a lot of hassle and I'll be closing my account. Switching to a better competitor, I liked Halifax up until now!

It's all down to the individuals opinion, but i'd hardly call this a "LOT" of hassle.

I applied for a Post Office account which took me what, 5 minutes? Let's give it a nice buffer & say 10.
Then the same for a Nationwide MySave. Again let's say 10 minutes - that's 20 minutes. I'm sure i waste 20 minutes every day doing something not too important, so on this particular day i spent it doing something constructive.

Then set up the direct debits - took about 2 minutes each, but let's call it 5 for roundup maths - that's a total of 30 minutes now.

£120 for 30 minutes work. That's a rate of £240/hr. Aside from footballers & the like who get paid silly money, who gets paid £240/hr?


To summarise, it's a little bit of work to set it up & then it's basic maintenance.

Scrounger

Udai wrote: »

I concur, they've created a lot of hassle and I'll be closing my account. Switching to a better competitor, I liked Halifax up until now!

You give up too easy!

I've got 13 {family} reward accounts - earning a total of £65/month cashback. I'm fully intending to set up the 26 direct debits required (about 18 arranged at the moment).

Scrounger

GooliesOfFire

Scrounger wrote: »

You give up too easy!

I've got 13 {family} reward accounts - earning a total of £65/month cashback. I'm fully intending to set up the 26 direct debits required (about 18 arranged at the moment).

Scrounger

With 13 accounts it can be worth a hassle.. but with 1.. not really.

Gromitt

GooliesOfFire wrote: »

With 13 accounts it can be worth a hassle.. but with 1.. not really.

I've only got 1 Halifax Reward Account. I logged into my Tesco account and setup an additional DD, then logged into the lottery website and setup a DD there. Took about 10 minutes in total and I no longer have to remember to buy my weekly lottery ticket as Halifax buy it for me.

Transferring the 1K in isn't really a hassle as I need it there to feed my BoS accounts, which handily show up on my Halifax account. Since I'm getting £30/month from those (net), might as well make it £35

YorkshireBoy

GooliesOfFire wrote: »

With 13 accounts it can be worth a hassle.. but with 1.. not really.

How so? It's the same amount of work per Reward isn't it?...namely two DDs and cycle some cash.

Cycling funds round 13 accounts could be done in the time it takes to drink a cup of coffee.

Personally, my monthly routine (2nd of the month) is as follows (NB all are £1K sums):

To maintain 4% on £18K

LTSB V1>V2
LTSB V2>V3
LTSB V3>V1

and then...

To bag my £240 a year in free fivers

HFX Reward 1>HFX Reward 2
HFX Reward 2>HFX Reward 3
HFX Reward 3>HFX Reward 4
HFX Reward 4>HFX Reward 1

and then...

To maintain 3% on £15K

BoS V1>V2
BoS V2>V3
BoS V3>V1

and finally...

HFX Reward 1>Santander (necessary to keep my £10K O/D stooz)
Santander > Nationwide Flex (free travel insurance)
Nationwide Flex > HFX Reward 1 (and onward to a savings account)

And I can do all the above in the time it takes to drink a cup of coffee!

212

Bet Tesco Bank/Post Office/Santander et al are getting pretty fed up with all the new accounts being opened... to be funded by a D/D from a Halifax account!

I've got Post Office, my Santander & Tesco Bank applications got referred, hopefully 1 will go through!

hvaghela

Hi
I have 5 HRCAs and I'm trying to set up the required DDs. I've opened a Tesco account - easy process allowing all 5 DDs. 2 weks ago i opened a PO online saver Issue 9 account - but I can only manage to create one DD to it.

Has anyone managed to open this account and created multiple DDs? If so how?

Otherwise can some one confirm I'd be able to create multiple DDs with the Santander eSaver account.
Thanks

YorkshireBoy

hvaghela wrote: »

Otherwise can some one confirm I'd be able to create multiple DDs with the Santander eSaver account.

The confirmation you seek may be found just a couple of pages back (3 days ago) in this very thread.

Nine_Lives

YorkshireBoy wrote: »

How so? It's the same amount of work per Reward isn't it?...namely two DDs and cycle some cash.

Cycling funds round 13 accounts could be done in the time it takes to drink a cup of coffee.

Personally, my monthly routine (2nd of the month) is as follows (NB all are £1K sums):

To maintain 4% on £18K

LTSB V1>V2
LTSB V2>V3
LTSB V3>V1

and then...

To bag my £240 a year in free fivers

HFX Reward 1>HFX Reward 2
HFX Reward 2>HFX Reward 3
HFX Reward 3>HFX Reward 4
HFX Reward 4>HFX Reward 1

and then...

To maintain 3% on £15K

BoS V1>V2
BoS V2>V3
BoS V3>V1

and finally...

HFX Reward 1>Santander (necessary to keep my £10K O/D stooz)
Santander > Nationwide Flex (free travel insurance)
Nationwide Flex > HFX Reward 1 (and onward to a savings account)

And I can do all the above in the time it takes to drink a cup of coffee!

I know you don't say that you do this manually, but i got the impression that you do (perhaps wrongly, but who knows?)

If you do do it manually then why so? The TSB for example, i have standing orders set up on each:

#1 > #2 = £1k
#2 > #3 = £1k
#3 > #1 = £1k

All set up to happen on the 1st of the month & all done auto via SO. I only log in to the account to withdraw the £15.51 interest per account as it isn't 'earning' & then just transfer it to my Santander eSaver.

I'd do the Halifax via SO too, except that funds my Santander accounts (still have the Preferred Current Account which needs to be funded by a non-Santander account).

If you're SO, then ignore me

Nine_Lives

hvaghela wrote: »

Otherwise can some one confirm I'd be able to create multiple DDs with the Santander eSaver account.
Thanks

I don't think you can set up DDs on the eSaver. I can't even set up SOs on my eSaver. I fund my N+P 4% regular saver from my Santander eSaver & it wouldn't let me do it via SO - i had to set up 12 individual manual payments, or rather 11 as the first one was already done.

212 wrote: »

Bet Tesco Bank/Post Office/Santander et al are getting pretty fed up with all the new accounts being opened... to be funded by a D/D from a Halifax account!

Probably.

When i had to get on the phone to pass the fraud check - the woman said to me, why are you setting up the account? Is it to do with the Lloyds TSB 4% by any chance?

Yes!

I hate to think how many times she's had to deal with it.