Halifax £750 monthly funding and DD

Maestro123dz

Hi everyone

I was thinking of opening a Halifax Reward account to get the £5 bonus to add to my savings every month. I know it's small but it sounds a great offer to just have my bank account with them! However I was also thinking to hold an Ultimate Reward account for the interest free overdraft if I get it and and the travel and phone cover.

I would have my salary paid into the Ultimate Reward account to get the lower fee, but would I still be eligible for the £5 reward in the other account by just making an internal transfer and then back again?

And finally can I set up a direct debit to go into a savings account with another bank? I will have my phone bill added to the Reward account and this then completes my two direct debits.

Thank you for your advice !

Westie983

Yes, internal payments count, so transferring from the Ultimate Reward to reward will count.

DD to savings? is this Tesco's if not check that it is taken by DD and not SO as that wouldn't count.

My only thought is that you will pay £15 for the URCA each month and then get £5 reward payment into the reward account so this will cost you £10!! so not really saving??

Archi_Bald

I reckon the Nationwide FlexPlus can be better value than the Halifax Ultimate Reward.

Also: http://www.nationwide.co.uk/products/current-accounts/landing-page/recommend-a-friend

As for DDs, you can set them up from Tesco Savings accounts.

YorkshireBoy

If you're looking to open both accounts (and get 1 x £5 Reward and £5 off the £15 fee on the URCA) you'll need 4 DDs...won't you?

If you want need the insurance benefits you may find Nationwide FlexPlus offers better value.


EDIT: If you use the overdraft facility you lose the £5 Reward (so will pay £15 for that month on the URCA).

Archi_Bald

Westie983 wrote: »

My only thought is that you will pay £15 for the URCA each month and then get £5 reward payment into the reward account so this will cost you £10!! so not really saving??

If you pay £750 a month into the URCA, have 2 paying DDs, and keep your account in credit, you get the £5, so effectively reducing the URCA fee to £10.

You can still also have a normal Reward account alongside it, thereby reducing the URCA cost to £5/mth.

Westie983

dont forget both accounts (URCA and RCA) need 2 x DD to get the £5 payments each month...

as mentioned above if you use the OD on the URCA you will sacrifice the £5 payment for the following month.

Westie983

Archi_Bald wrote: »

If you pay £750 a month into the URCA, have 2 paying DDs, and keep your account in credit, you get the £5, so effectively reducing the URCA fee to £10.

You can still also have a normal Reward account alongside it, thereby reducing the URCA cost to £5/mth.

OP never mentioned about paying out DD, but you are right if using both accounts with 2 X DD each then you will only pay £5 for the URCA...