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

NowRetired

I'm new to all this since I retired and now looking at ways to eke out my pensions.


I've just not long finished transferring all my DDs from my Halifax Reward account to my BOS Vantage account and just transfer £1,000 every month to get my £5.

I suppose I will just have to transfer a couple of them back.

Now to find a couple I can change online.

But then again is it worth it for £5 a month as someone else posted?

derrick

NowRetired wrote: »

I'm new to all this since I retired and now looking at ways to eke out my pensions.


I've just not long finished transferring all my DDs from my Halifax Reward account to my BOS Vantage account and just transfer £1,000 every month to get my £5.

I suppose I will just have to transfer a couple of them back.

Now to find a couple I can change online.

But then again is it worth it for £5 a month as someone else posted?

£60.00 net a year for a few minutes a month to transfer the required sum(s) through the account, yes.

.

MoneySaverLog

Another £2 a month 2x£1 off to Tesco bank by DD then. Oh shucks I forgot my Tesco Account log in details :-(

Lady_K

Its not really clear from the letter about this if they will accept transfers to credit the account of the now £750 per month or if it has to be a salary credit?

Do you definitely have to have direct debits set up to qualify for the £5 reward too? and if so does it have to be a monthly one or can it be less frequent?

Can any of the dd's be to yourself from another halifax account?

innovate

Lady_K wrote: »

Its not really clear from the letter about this if they will accept transfers to credit the account of the now £750 per month or if it has to be a salary credit?

It is very clear in the Notice Of Variation (which had been left out of the MSE article even though it is prominently on the Galifax website)

Lady_K wrote: »

Do you definitely have to have direct debits set up to qualify for the £5 reward too?

yes, see above link

Lady_K wrote: »

and if so does it have to be a monthly one

yes, see above link

Lady_K wrote: »

Can any of the dd's be to yourself from another halifax account?

You could try. Would perhaps be considered as taking the proverbial?

dings74

have opened up a tesco internet saver account and have set up two direct debits to each of my two reward accounts.

the second i have opened with the post office but have to wait for stuff to complete through the post. has any one got any idea if you can have two direct debits from the post office online saver as looking through the various post's some same yes some say no?

Lady_K

dings74 wrote: »

have opened up a tesco internet saver account and have set up two direct debits to each of my two reward accounts.

the second i have opened with the post office but have to wait for stuff to complete through the post. has any one got any idea if you can have two direct debits from the post office online saver as looking through the various post's some same yes some say no?

Arent the direct debits supposed to be going out not coming in?

Plus it says to different recipitants

dings74

Lady_K wrote: »

Arent the direct debits supposed to be going out not coming in?

bad wording by me:rotfl:

Plus it says to different recipitants

i thought this was per account? e.g account one will have 1 d.d to tesco and 1 from post office and same for second account

innovate

Lady_K wrote: »

Arent the direct debits supposed to be going out not coming in?

Sure, that's what the Tesco/PO DDs do.

Lady_K wrote: »

Plus it says to different recipitants

There is nothing to stop you to have the same set of DDs for the same recipients against different Halifax accounts.

innovate

dings74 wrote: »

has any one got any idea if you can have two direct debits from the post office online saver as looking through the various post's some same yes some say no?

You appear to be able to set up any number of 'nominated accounts' but you can only have a DD against the account you nominated when you opened your (first) PO account. You can change that "DD" account to another one by sending them another DD form, but you are still stuck with one "DD account" only. HTH