halifax reward current account

castle96

Hi,
I have a RCA lying dormant with 9p in.
Thinking of switching the Yorkshire account to it (once I get the £150)
However, do I or don't I need 2 ddms and £750 p/mth??

From the Halifax site..

Reward Current Account - You could benefit from our Reward Current Account. You’ll get a £5 reward in each calendar month you pay in a minimum of £750, pay out at least two different direct debits and keep your account in credit – and there’s no monthly account fee.

then this http://www.halifax.co.uk/bankaccounts/pdf/100-offer-switching-terms.pdf
which makes no mention of £750/2ddms

thanks for your help

colsten

castle96 wrote: »

However, do I or don't I need 2 ddms and £750 p/mth??

If you want to earn the £5 reward each month, you do need both.

It's generally quite easy to achieve.

castle96

thanks Colsten. I thought you DID need them (£750/2ddm), but it is strange that their T&Cs dont mention it here http://www.halifax.co.uk/bankaccounts/pdf/100-offer-switching-terms.pdf

castle96

ah, it seems if you only apply for the Current a/c, not the Reward Current a/c, then you don't need ddms/£750

http://www.halifax.co.uk/bankaccounts/

I know I shouldn't forgo the £5 p/mth but am getting cheesed off with the 'admin'. Will take the easy option/£100 only,, this time..

My dormant Reward Current a/c never have ddms/£750 (I didn't get £5 p/mth either), though it was opened 3 yrs ago

colsten

You don't need to apply for any new account, you can just switch to your Reward account.

I can't believe an MSEer would turn down essentially free money, £60 a year.

colsten

castle96 wrote: »

thanks Colsten. I thought you DID need them (£750/2ddm), but it is strange that their T&Cs dont mention it here http://www.halifax.co.uk/bankaccounts/pdf/100-offer-switching-terms.pdf

You are mixing up the terms for the monthly reward payment with the terms for the switching bonus. You need no DDs or minimum payments for the switch.

thebritishbloke

There's no admin that needs doing. You set up some fake Tesco Savings direct debits once, and a standing order to put £750 in and £750 out the next day, done. Free £5/month for life.

ricky_v

castle96 wrote: »

I know I shouldn't forgo the £5 p/mth but am getting cheesed off with the 'admin'. Will take the easy option/£100 only,, this time..

Just set up 2 tesco internet saver accounts and set up a £1 DD on each, and a £750 SO and then get your free fivers.

It's a bit of work at the start but once set up you can just leave the accounts to do their thing as there's £5 going into the account, and £2 going out (unless you hate the thought of leaving several pounds in an account not earning interest!)

Archi_Bald

thebritishbloke wrote: »

You set up some fake Tesco Savings direct debits once,

There is nothing fake about the Tesco DDs.

thebritishbloke

Archi_Bald wrote: »

There is nothing fake about the Tesco DDs.

I just refer to them as being fake, since you're not paying anyone, you're just moving your own money to another account. I should probably word it better in future posts, thanks.

castle96

I am trying to set up 2 direct debits, one on Tesco Internet Saver and one on Tesco Instant Access Saver, between these 2 accounts and a Nationwide Flex a/c. I would then apply for a Halifax Reward account and switch the Flex a/c.

I keep getting "
Sorry, you can't make a payment from this linked account as it doesn't support Direct Debit. Please choose another linked account "

I have other ddms on these accounts so.... what is wrong with a Flex a/c ?