Halifax Reward Account changes

nearlyretired2004

read
my latest post ..... seperate to this thread

Biggles

nearlyretired2004 wrote: »

read my latest post ..... seperate to this thread

That's helpful. Makes it easy to find, then.

Newbie2saving

Ok, I am going to make the changes this weekend. I don't want to have to fill any paper forms, so can I do the following;

Set up a standing order from my HSBC current account into my 3 reward accounts for £4
Set up a standing order from my Santander current account into 3 reward accounts for £1

Can I then cycle these funds back to their original starting point?

Plus I cycle the £1000 through lloyds Vantage and Halifax each month.

Does that suffice requirements?

Thank you so much!

YorkshireBoy

Newbie2saving wrote: »

Ok, I am going to make the changes this weekend. I don't want to have to fill any paper forms, so can I do the following;

Set up a standing order from my HSBC current account into my 3 reward accounts for £4
Set up a standing order from my Santander current account into 3 reward accounts for £1

Can I then cycle these funds back to their original starting point?

Plus I cycle the £1000 through lloyds Vantage and Halifax each month.

Does that suffice requirements?

How does that satisfy the requirement for 2 direct debit mandates on each Reward account?

Newbie2saving

YorkshireBoy wrote: »

How does that satisfy the requirement for 2 direct debit mandates on each Reward account?

I don't know that is why I am asking. I am not sure of the terminology. I thought if I had set up two different DD into each account and then two DD back it would work?

YorkshireBoy

Newbie2saving wrote: »

I don't know that is why I am asking. I am not sure of the terminology. I thought if I had set up two different DD into each account and then two DD back it would work?

Your post mentioned SOs.

You need to set up direct debits, these are amounts that are PULLED from other organisations, known as 'originators'.

So you can pay your bills such as gas, electric, council tax etc, or you can PULL money into savings accounts by direct debit.

This is the savings account board. If you search the current accounts board (because this is a current account) you'll see a very lengthy thread on how best to manage the upcoming changes.

However, being as the DDs need to be set up by 14/4/13 don't delay!

YorkshireBoy

YorkshireBoy wrote: »

If you search the current accounts board (because this is a current account) you'll see a very lengthy thread on how best to manage the upcoming changes.

https://forums.moneysavingexpert.com/discussion/4344511

700+ posts

Start with the first 3 pages or so, and then the last 3 or 4

aspiration_2

Useful thread.

There has been a lot of mention of 'DD's.

But, can setting a 'standing order' from one bank account to a different bank account for a small amount be considered a 'DD' ?

Biggles

No, because it's not a DD.

jackieblack

Standing orders and Direct Debits are different things
Basically a standing order is an instruction to send money from one account to another.
A Direct Debit is a mandate to draw/take money from one account to another.