Difference Between Halifax Current Accounts

lukepa96

Hi,

Im trying to work out the difference between the Halifax 'Rewards Current Account' and the Halifax 'Current Account.'

It seems like the only difference between the two is the £5 pcm reward which involves the two direct debits but it seems a bit weird.

Why would they have two seperate accounts that are effectively the same thing?

Surely it would just be better to have one account and if you pay in £750 pcm plus pay out two direct debits you get the reward if you don't then its just the same as the other account?

Surely there has to be some difference between the two accounts that im not seeing?

Cheers, :beer:

Luke.

[Deleted User]

The only difference I'm aware of is that with the 'Current Account' you can pay £10 pm to avoid going into any unplanned overdraft. Otherwise if you have £750 pm going in, seems like an easy decision :beer:

http://www.halifax.co.uk/bankaccounts/current-accounts/

lukepa96

I only plan on opening, paying in £1000 pcm to gain advantage of the Clarity Credit Card £5 reward and abroad usage advantages.

To get the reward on the current account you have to pay out two direct debits.

PeacefulWaters

lukepa96 wrote: »

I only plan on opening, paying in £1000 pcm to gain advantage of the Clarity Credit Card £5 reward and abroad usage advantages.

To get the reward on the current account you have to pay out two direct debits.

Open a Savings account with Tesco or BM and send £1 direct debits to them each month. Pay the credit card by direct debit.

Then you can get £5 for the current account and £5 for the credit card.

lukepa96

Fair shout that. Although i have never set up a direct debit to myself. Only to companies etc.

takman

lukepa96 wrote: »

Hi,

Im trying to work out the difference between the Halifax 'Rewards Current Account' and the Halifax 'Current Account.'

It seems like the only difference between the two is the £5 pcm reward which involves the two direct debits but it seems a bit weird.

Why would they have two seperate accounts that are effectively the same thing?

Surely it would just be better to have one account and if you pay in £750 pcm plus pay out two direct debits you get the reward if you don't then its just the same as the other account?

Surely there has to be some difference between the two accounts that im not seeing?

Cheers, :beer:

Luke.

Also it saves them money because I'm sure there are plenty of people who pay in over £750 per month and have 2 direct debits but have the standard current account.

lukepa96

How would i go about setting up a direct debit to myself? i have multiple accounts i can use. Some with Natwest, some with Nationwide.

badger09

lukepa96 wrote: »

How would i go about setting up a direct debit to myself? i have multiple accounts i can use. Some with Natwest, some with Nationwide.

With most current or savings accounts - you can't. Try reading PeacefulWaters' post again.

If you're planning on using the Clarity credit card for the £5 monthly reward (as I do), why not set up a DD to pay off, say £5 per month from your Reward current account;)

lukepa96

What about the Tesco or BM savings accounts? surely they would just tell me to set-up a standing order?

System

Some savings providers let you setup a Direct Debit which pulls funds from a nominated current account. It's not a common feature on savings accounts.

lukepa96 wrote: »

What about the Tesco or BM savings accounts? surely they would just tell me to set-up a standing order?

lukepa96

I could set-up two direct debits with charities but then i would feel bad about making money out of it. I may do it and just give them the £5 pcm i get