Halifax Reward - whats in it for the banks

bobblebob

I currently have an Halifax current account with no £5 reward. Whenever i go into the bank they always try and get me onto the reward current account that pays £5 a month. I always say no as 2 people i know that have tried to swap to this account had all sorts of trouble with DD not getting changed over correctly, so think its not worth the hassle for a fiver a month

Whats in it for the banks to get me on this account? I get my wage paid into the account anyway, so would think they would prefer to not have to pay me a 'reward'

opinions4u

bobblebob wrote: »

I currently have an Halifax current account with no £5 reward. Whenever i go into the bank they always try and get me onto the reward current account that pays £5 a month. I always say no as 2 people i know that have tried to swap to this account had all sorts of trouble with DD not getting changed over correctly, so think its not worth the hassle for a fiver a month

As an existing customer they should be able to change it over leaving you with the same account number and sort code.

Whats in it for the banks to get me on this account? I get my wage paid into the account anyway, so would think they would prefer to not have to pay me a 'reward'

They think you would be a happier, loyal customer. More likely to take other stuff from them.

Make the change, but don't open a new account. Enjoy £60 a year if you have the direct debits in place.

YorkshireBoy

Stop press: Bank helps the customer shocker!


Your friends must have switched to the Reward account from another provider, because all they do with an internal re-designation is apply a flag to the account. So it really is money for nothing!


If you check the T&Cs, fees and charges, etc for both accounts you'll see they're identical, so credit >£750, pay two different DDs, and stay out of the red each month and you're £60 a year better off (In my case I'm £240 a year better off because I have 4 of them! )

bobblebob

Ah right i wasnt aware that if you already have a halifax account you kept the same acc/sort code. Cheers

YorkshireBoy

bobblebob wrote: »

Ah right i wasnt aware that if you already have a halifax account you kept the same acc/sort code. Cheers

You can do it now, this minute, over the phone. Call them?

bobblebob

Will do now i know its that simple

WishICouldFindMySlippers

YorkshireBoy wrote: »

In my case I'm £240 a year better off because I have 4 of them! )

Are you allowed more than one then? Or is it a case of bouncing £750 around them all and you can have as many as you like as long as the direct debits are covered?

YorkshireBoy

WishICouldFindMySlippers wrote: »

Are you allowed more than one then?

Not these days.


I got the first 3 when the T&Cs allowed 3...and blagged a 4th a few months later. All this was back in 2009.


I expect they'll close some soon (in the same way Nationwide have closed the FlexDirect loophole), but at least I've made £1K+ from them over the years for very little work.