Halifax reward acc 750 Per month?

Rich2808

Just a tip - but I would avoid setting up £1 direct debits with Tesco. You might be deemed uneconomic - one poster I think on here claimed he had his Tesco savings accounts closed for doing this.

Make it a tenner maybe - and then just transfer £730 of the £750 back to your main account.

darkidoe

PeacefulWaters wrote: »

It's very easy to earn less than £750 a month but get the free fiver.

1) Credit wage to account. Let's say it's £400.
2) Transfer £350 to an Online Saver account with Halifax.
3) Transfer £350 back to the current account.

You have now credited £750 to your Reward account for the month.

Process should take around a minute.

What! Does that actually work? I was always skeptical about internal transfers being counted as pay ins.

LXdaddy

darkidoe wrote: »

What! Does that actually work? I was always skeptical about internal transfers being counted as pay ins.

The question "do internal transfers count" comes up over and over. The rules are different from bank to bank and can easily be determined by reference to the account's T&Cs.


Where it tells you that a minimum sum must be credited each month (or period) it will qualify that if there are specific requirements. If it does not specifically say transfers from other accounts with the same bank don't count, then they do count.

tushingham

In terms for timing.......will it work to set up an external SO transfer IN of £750, two direct debits OUT of £10 each and a SO transfer OUT for £730 all for the same day?

I've only ever done this before with accounts that have a balance sat there which can act as a buffer. I dont want to keep any standing balance in the reward account but dont want to go overdrawn. worth giving it 24hours between transfers in and out?

thanks in advance

badger09

tushingham wrote: »

In terms for timing.......will it work to set up and external SO transfer IN of £750, two direct debits OUT of £10 each and a SO transfer OUT all for the same day?

I've only ever done this before with accounts that have a balance sat there which can act as a buffer. I dont want to keep any standing balance in the reward account but dont want to go overdrawn. worth giving it 24hours between transfers in and out?

thanks in advance

Personally, I wouldn't risk that. For the few pence lost interest on £750, I would allow at least 4 days between the in & out, to take account of long bank holidays, such as we've just had.

Even at 5% that's about a year. Another option is to have a permanent small (enough to cover the DDs) balance and move the £750 in manually.