Halifax Reward Account changes

IronWolf

I was about to set up a Halifax reward current account, but read there are some changes about to come into effect which make it a bit more of a hassle for the £5 a month.

http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/

We’re also changing the way you qualify for the £5 reward on the Reward Current Account and the lower monthly fee on the Ultimate Reward Current Account. We'll give you a £5 reward/lower monthly fee each month if you:
- use it as your main account (fund with at least £750 and pay at least 2 different direct debits) and
- remain in credit.

Does this mean that you need to have 2 direct debits that make a deduction every month? I was planning to have credit cards as my direct debits but they rarely actually take money from the account, so would I then be inelligible for the £5?

manyaonisland

IronWolf wrote: »

Does this mean that you need to have 2 direct debits that make a deduction every month? I was planning to have credit cards as my direct debits but they rarely actually take money from the account, so would I then be inelligible for the £5?

Yes & Yes

IronWolf

thanks. Barely seems worth it then unless you actually use it as your current account.

ceh209

- use it as your main account (fund with at least £750 and pay at least 2 different direct debits)

According to Halifax's definition, I don't have a main account. :eek:


ETA: Before anyone asks, I pay my salary (above £750) in, pay my mobile contract by direct debit, then do a standing order into a joint account which pays all the bills.

Alex92_2

Set up a DD to Santander E-Saver £1
Then Setup DD to Tescos Online Saver £1

Then sort a standing order each month for £1 from each account back into whatever account you want, Perhaps FD 1st account and then transfer that into Monthly Saver 6%.

I've done it because it will take me about 5 mins to setup one weekend, and then I dont have to think about it again.

manyaonisland

Alex92 wrote: »

Set up a DD to Santander E-Saver £1
Then Setup DD to Tescos Online Saver £1

Then sort a standing order each month for £1 from each account back into whatever account you want, Perhaps FD 1st account and then transfer that into Monthly Saver 6%.

I've done it because it will take me about 5 mins to setup one weekend, and then I dont have to think about it again.

Good moves but I hope you have plans to add much more than £1 to FD Monthly saver?

IronWolf

Alex92 wrote: »

Set up a DD to Santander E-Saver £1
Then Setup DD to Tescos Online Saver £1

Then sort a standing order each month for £1 from each account back into whatever account you want, Perhaps FD 1st account and then transfer that into Monthly Saver 6%.

I've done it because it will take me about 5 mins to setup one weekend, and then I dont have to think about it again.

Ahha. Damn I had 3 Santander savings accounts and just closed 2 of them. Could have just done it through santander Gonna try and get away with 2 DD from the same account

ramjug

Alex92 wrote: »

Set up a DD to Santander E-Saver £1
Then Setup DD to Tescos Online Saver £1

Can one actually set up a DD for £1 from one account to another? As i am struck in a dilemma where i have money but dont have enough DD's to get maximum out of them.

I'll try setting this up, Alex u are a star..

Alex92_2

manyaonisland wrote: »

Good moves but I hope you have plans to add much more than £1 to FD Monthly saver?

lol of course. My Salary and all interest (from all accounts) will link back to 1st Account then £300 into monthly saver (max), then will spread the rest out to make sure that all my other accounts meet the targests (e.g. £500 needs to be in, £1000 needs to be in etc). by standing order.

Keep enough in my 1st account to pay for my outgoings (£300 or so) and then dump the rest into Nationwide 5% account/s, and after that work on filling up the Santander 123 Account til it hits £20k.

IronWolf wrote: »

Ahha. Damn I had 3 Santander savings accounts and just closed 2 of them. Could have just done it through santander

Setup some more online if you still have some accounts with them. They should be effective immediately (at least lloyds, first direct and nationwide work that way, presume its similar process)?
I used the E-Saver as it allows you to setup DD between accounts, e.g. dragging money from one account into that one, rather than standing order which pushes money.

ramjug wrote: »

Can one actually set up a DD for £1 from one account to another? As i am struck in a dilemma where i have money but dont have enough DD's to get maximum out of them.

I'll try setting this up, Alex u are a star..

Yes, I have been doing this on my 3 Lloyds accounts and Halifax reward account. Trouble is Halifax requires 2 different corporations for the D/Ds. Lloyds I had 2 different Tesco Accounts that would have 2 seperate D/Ds for £1 from each account, then standing order for £6 (3X£2) back on the same day. That always worked and was no hassle process.

Halifax requires 2 different corporations, so i will use Santander E-Saver £1 as one Direct Debit and the other Tescos Saver £1, then use standing order to push that back into first account until the end of the month.

ramjug

Alex92 wrote: »

Yes, I have been doing this on my 3 Lloyds accounts and Halifax reward account.

How do i set up DD from one current account to another? i went into my Lloyds online where i can see an option to set up standing order but cant see any option of setting up direct debit.

If you dont mind, can you please guide me a bit here.

Alex92_2

ramjug wrote: »

How do i set up DD from one current account to another? i went into my Lloyds online where i can see an option to set up standing order but cant see any option of setting up direct debit.

If you dont mind, can you please guide me a bit here.

Lloyds dont offer the ability to create direct debits, only standing orders.

To create standing orders I use Santander E-Saver and Tescos bank. Tescos only takes 5 mins to sign up online and you can get started straight away, so it is quite good.