Halifax Reward account - does money need to be paid out of the direct debits monthly?

blon

Hello,
regarding the 5GBP per month on the Halifax Reward account I wonder if besides the monthly cash paid into the account it's sufficient to just have two direct debits linked to the account, or whether they require actual money to flow through the DDs every month?

Currently I have two DDs from different saving accounts but that do not pay any good interest anymore, so I don't use them.

TrustyOven

I believe money has to flow out of your account as direct debits each month you want to get the £5 reward.

blon

So would 1 GBP from each be enough?

B_G_B

Rewards Payment tab - operative word is “paid”.

http://www.halifax.co.uk/bankaccounts/rates-rewards-fees/

Yes, £1 is enough.

blon

And how shortly after all conditions are fulfilled in a given month is the 5er paid out in practice?

Archi_Bald

The terms and conditions are abundantly clear on this

we’ll give you £5 each calendar
month that you:
– Pay in £750
– Pay two different direct debits
– Stay in credit.

*£5 reward paid each month if you pay in £750 or more and pay two different direct debits and remain in credit in the previous calendar month.

*£5 reward paid each month if you pay in £750 or more and pay two different direct debits and remain in credit in the previous calendar month.

• have a minimum of two different direct debit mandates paid from your Reward Current Account each calendar month and

You will not receive the reward if you

have fewer than two different direct debit mandates paid from your account in any calendar month

Or you could check what they say on their website; http://www.halifax.co.uk/bankaccounts/rates-rewards-fees/

B_G_B

Same link as above, although in reality it usually (always?) paid in the early hours of the day following the first working day of the month, backdated to the first working day.

MABLE

blon wrote: »

Hello,
regarding the 5GBP per month on the Halifax Reward account I wonder if besides the monthly cash paid into the account it's sufficient to just have two direct debits linked to the account, or whether they require actual money to flow through the DDs every month?

Currently I have two DDs from different saving accounts but that do not pay any good interest anymore, so I don't use them.

Money has to be claimed from two dd's each month. With me one of the dd's was not claimed because of an error and therefore did not get my £5.00. However I complained to the company who usually claim one of the dd's and they paid me £5.00 instead.

anna42hmr

blon wrote: »

Hello,
regarding the 5GBP per month on the Halifax Reward account I wonder if besides the monthly cash paid into the account it's sufficient to just have two direct debits linked to the account, or whether they require actual money to flow through the DDs every month?

Currently I have two DDs from different saving accounts but that do not pay any good interest anymore, so I don't use them.

Yeah they have to be paid, if the rate is not that good, nothing stopping you moving the money back out of the saving account elsewhere if you don't want to keep much in. TBH I only use one of mine to receive the direct debits for several accounts (3 x halifax reward, lloyds club etc) and then reduce the balance to a few quid once or twice a year. ( I use it to pull out the £5 reward from the halifax accs and £10 from the lloyds accounts, so really £25 a month wouldn't get much interest elsewhere - maxed out most account options etc).