MSE News: Halifax axes £5 monthly payments to overdrawn current account holders

derrick

Consumerist wrote: »

You definitely do not have to pay salary into the account just £750pm but it may need to be paid in from external accounts (i.e. not sure whether paying into Reward account from Halifax savings will qualify under the new terms.

Anyone got a definitive answer to the above?

Sounds like a legitimate question as I have just been cycling money through my 3 accounts.

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KTF

derrick wrote: »

Anyone got a definitive answer to the above?

Sounds like a legitimate question as I have just been cycling money through my 3 accounts.

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Interesting question as I cant see anything in the t&c that says it has to come from an external source.

I normally do a faster payments in to account 1 from an external source, cycle it round the reward accounts then faster transfer out to the external source.

Consumerist

As said above, if you get written confirmation that a DD has been set up then it's a legitimate DD. The only question is whether Halifax will accept it as such - they are notorious for the interpretation they put on their Ts&Cs.

To get a definitive answer you may have to put the question to Halifax themselves and then hope you have been given the correct answer.

stoneman

So I have got my work cut out. We have 6 Reward accounts, so I presume I have to set up 2 different savings accounts (I have Tesco in mind for one of them as seem to allow multiple DD's) and have 12 DD's set up to feed them (2 for each savings account), am I correct in this?
If it is then it to me is still worth the effort as between our 6 accounts we have made over £1,000 in free fivers.

innovate

I didn't manage to set up 2 Tesco Savings accounts, even though I tried, but I think some other folks may have succeeded.

May be not as straight-forward as Tescos, but there's a whole bunch of other savings accounts that you might be able to try. Or you could give £1 or so to Charity by Direct Debit.

Pitchshifter

I am in the process of moving my DDs to my Reward accounts to maintain my 3 monthly fivers.
I was just wondering if Halifax would allow me to convert my normal Current account into a Reward account as I already have 3. Anyone else done this?

YorkshireBoy

Pitchshifter wrote: »

I was just wondering if Halifax would allow me to convert my normal Current account into a Reward account as I already have 3. Anyone else done this?

Yes, but it was over 3 years ago when I converted my old HICA.

Don't think you'd have any luck now, especially with the upcoming changes.

JimmyTheWig

Pitchshifter wrote: »

I am in the process of moving my DDs to my Reward accounts to maintain my 3 monthly fivers.
I was just wondering if Halifax would allow me to convert my normal Current account into a Reward account as I already have 3. Anyone else done this?

They are saying that the Reward account is designed as someone's main account.
I find it difficult to believe that they will agree to people having more than one "main" account.

rb10

derrick wrote: »

Consumerist wrote: »

You definitely do not have to pay salary into the account just £750pm but it may need to be paid in from external accounts (i.e. not sure whether paying into Reward account from Halifax savings will qualify under the new terms.

Anyone got a definitive answer to the above?

Internal transfers are still permitted.

See the Notice of Variation - it is quite clear and does not make any reference to the source of the monthly credits.

If internal transfers are not excluded, then they must be permitted.

Lady_K

Is it accepted for dd's to 2 different savings accounts such as tesco and ing, is that classed as the same recipitant?

Its yet to be seen if they will really allow transfers and just two dd's because it isnt really a main account.