Really quick Halifax reward question?!

Alex92_2

Hello,

Just looking at the Halifax Reward bits that came through the post this morning, can someone please help me out with a quick query before I go into branch to show them ID and forms signed?

It says on the website if you switch a current account from another provider and it has at least 2 Direct Debits on it, then you will receive £50 cash back and fee-free overdraft for 6months.

Does this mean that if I switch using their switcher service, I will receive both £5 PCM from reward, then £50 cashback as well? So £110 in total over the year, aslong as I am in credit, pay in over £1000 a month and have at least 2 direct debits off the account?

If so, I will setup a new account with lloyds and setup 2 direct debits to Tesco bank and when that account is live, will switch that using the forms? Will this work?

edit: and when would I likely see the £50 cashback? Is it after 6 months or after the first month? or straight away etc.

MANY THANKS,

Alan53

I don't know the answer re the cashback but i've had two reward accounts for years and gladly take £120 income from them year in year out. One is a joint account but they both have at least two DDs attached.

Alex92_2

Alan53 wrote: »

I don't know the answer re the cashback but i've had two reward accounts for years and gladly take £120 income from them year in year out. One is a joint account but they both have at least two DDs attached.

Thanks. There seem to be so many perks/rewards if you are married or have children, or a mortgage and bills to pay. Makes me slightly jealous, until I realise that the cost of having a house/kids/wife is probably a lot more than the reward back lol.

I eventualllly spoke to a manager and she said that she didnt know when the cashback would be funded into my account, but said it was definitely possible to do both and for me to get £110. Said she didnt know if cashback was done on completion of transfer, a month after, or 6 months later.

So i've just made a quick new Lloyds TSB classic account and as soon as it shows up online will put £1 in there, and add 2 direct debits, then sign off the transfer forms all the appropriate info and then pop down to halifax to get them to sort it all out for me.

Gadfium

I got my £100 switching bonus on the same day that I opened the account.

Alex92_2

Gadfium wrote: »

I got my £100 switching bonus on the same day that I opened the account.

That's really good. I only get £50 now boohoo.

Manage to get my monthly interest (inc cashback offers/rewards) to over £155 now. That is like a £2250 payrise (inc 20% tax). Ideally wanted it over £200, but it seems the only way to get another £45 out per month would be to just add more capital into existing accounts.

Still have my £500 challenge investments to do. Really should spend more time with that as the pay offs are incredible.