Changes to Reward and Ultimate Reward Accounts

Milarky

Archi_Bald wrote: »

The guy from Halifax who started this thread said "The DDs need to have different originator reference numbers (6 digit number)"

http://forums.moneysavingexpert.com/showpost.php?p=57941345&postcount=17

I reckon this is what their systems are checking, why else would he have told us.

Checking for number* and 'difference' of DDs, initially, yes. But since the T&C wording (I'm relying on YB's word, above here, I've have read them in person) doesn't cover same originator/difference mandate scenario, and what we learn about the process otherwise isn't exactly binding, I'd assume no more than 'separate mandates' means 'at least 2 mandates' and nothing more.

*recall that they must check each month if fewer than 2 DDs have been paid to adjust the £5 payment, regardless of the number set up. I think there is an additional clause about having two set up to keep the 'Reward' status itself.

Archi_Bald

Milarky wrote: »

...... I'd assume no more than 'separate mandates' means 'at least 2 mandates' and nothing more....

The T&Cs don't actually say "separate mandates" but "two different direct debit mandates". I have not seen an explanation what they consider "different" but the advice from the Halifax employee is good enough for me. Particularly since he was the chap who posted about the change way before it was officially on the website, and everything else he said was spot on.

I.e. the DDs need to have a different OIN. I have no idea how you check an OIN but I do know that no two companies can have the same OIN. Whether the same company can have more than one OIN, I don't know - - but since it is child's play to set up a DD each with two different companies, it's just what I opted for. I like an easy life

adidas

Reading this thread with great interest. I'm wanting to get onto the bank account cycling to make some free money. I'm thinking about setting up a reward account and then credit it with a small amount. Then set up 2 separate DD's to post office and Tesco savings accounts. It does say 'other credits' to qualify for the reward account as well as salary. So I presume I could just cycle £750 through the account.

I wanted to get the £100 bonus for 'switching', I have a Nationwide account that is dormant that I don't mind closing so after setting up my Halifax account, could I 'switch' it over and qualify for the bonus? I have no DDs or salary payments to it but would be opening up the account initially and doing these DDs to savings accounts as above.

Would this qualify for the rewards account and the bonus?

Also, would this work for multiple accounts? For example the Tesco account allows multiple DDs. So could I open another rewards account with Halifax set up the Tesco DD and then pick another random savings account that allows DDs and do the £750 cycle? Would this qualify for the £5/month? Or would I need 2 completely different DDs to the first account?

Steve_xx

adidas wrote: »

Also, would this work for multiple accounts? For example the Tesco account allows multiple DDs. So could I open another rewards account with Halifax set up the Tesco DD and then pick another random savings account that allows DDs and do the £750 cycle? Would this qualify for the £5/month? Or would I need 2 completely different DDs to the first account?

You can have two Reward accounts with HBOS and you can have both with the same two DD mandates on them. In fact I think you can have three HBOS Reward accounts, but one has to be in joint names I believe.....I need to amend this as I believe that you can only hold two HBOS Rewards accounts as follows:

Halifax Reward Current Account
Special conditions:
(b)Up to two account holders on an “either to sign” basis only.
You can hold one Reward Current Account in your sole
name and one in joint names.

liamcov

Steve_xx wrote: »

You can have two Reward accounts with HBOS and you can have both with the same two DD mandates on them. In fact I think you can have three HBOS Reward accounts, but one has to be in joint names I believe..

Can you still apply for a second Halifax one?

Steve_xx

liamcov wrote: »

Can you still apply for a second Halifax one?

Halifax Reward Current Account
Special conditions:
(b)Up to two account holders on an “either to sign” basis only.
You can hold one Reward Current Account in your sole
name and one in joint names.

innovate

You wouldn't want to jump into a joint account for the sake of a (shared, I presume?) fiver a month. Your CRA records will be linked to the other account holder as soon as you have a joint account.

You'd also have to agree how the minimum monthly payments are made, who provides what DDs, and who moves any surplus money out and to where.

If you share your finances with someone else anyway, then a joint account could be easy to manage, and it would buy you a decent bottle of champagne once a year, or something else you both enjoy.

YorkshireBoy

adidas wrote: »

I wanted to get the £100 bonus for 'switching', I have a Nationwide account that is dormant that I don't mind closing so after setting up my Halifax account, could I 'switch' it over and qualify for the bonus? I have no DDs or salary payments to it but would be opening up the account initially and doing these DDs to savings accounts as above.

Why mess around with setting up DDs when a couple of SOs will suffice?

adidas

Thanks for your reply. So you can have 2 in a single name is what you're saying Steve. Or a joint and a single? Yes innovate it wouldn't be worth the hassle as I don't have a joint account. Thanks YorkshireBoy - I thought you needed direct debits not standing orders to qualify for the account?

YorkshireBoy

adidas wrote: »

I thought you needed direct debits not standing orders to qualify for the account?

Why would you think that? It doesn't mention DDs in the £100 incentive T&Cs.