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Halifax Reward £5.00 a month

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Hello. I have a Halifax Reward Account . I began it in December 2014 and got an incentive payment of £100 on 12th December 2014. Since January 2014 I have been getting a £5.00 reward each month. I am a carer and don't pay tax. I think my reward should be £6.25 month. I also think I could claim the £1.25 a month back. What do you think? I am trying to pay off my mortgage and so every penny matters to me.

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  • ceredigion
    ceredigion Posts: 3,709 Forumite
    Eighth Anniversary 1,000 Posts Photogenic
    HRMC form R40
  • bobobski
    bobobski Posts: 771 Forumite
    Seventh Anniversary 500 Posts Name Dropper Chutzpah Haggler
    Soon to be £3 per month. Query whether it's worth it.
  • Westie983
    Westie983 Posts: 5,215 Forumite
    Tenth Anniversary 1,000 Posts I've been Money Tipped! Name Dropper
    edited 25 October 2016 at 12:17AM
    Hello. I have a Halifax Reward Account . I began it in December 2014 and got an incentive payment of £100 on 12th December 2014. Since January 2014 I have been getting a £5.00 reward each month. I am a carer and don't pay tax. I think my reward should be £6.25 month. I also think I could claim the £1.25 a month back. What do you think? I am trying to pay off my mortgage and so every penny matters to me.

    Fill in R40 form and put the interest taken in the any other income and benefits 7.4 and 7.5 and write reward payment in 7.6, I also include the tax certificate sent with the reward account statements each april, not that you need too, but it shows how much has been taken.

    I have claimed this for the last few years on all three of my reward accounts, and I will continue to do so when it goes down to £3, which will be £4.25.

    Some say they wont bother, but its the cost of an envelope and few bits of ink printing the forms out (although I do it at work and use their ink and stamps)

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • hansi
    hansi Posts: 3,001 Forumite
    Part of the Furniture 1,000 Posts
    Is there a set date on which the £5 is paid into the account or does it vary month by month?
  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Westie983 wrote: »
    I have claimed this for the last few years on all three of my reward accounts, and I will continue to do so when it goes down to £3, which will be £4.25.

    Westie983

    The grossed up figure will be £3.75 not £4.25.
  • eskbanker
    eskbanker Posts: 36,951 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Westie983 wrote: »
    Some say they wont bother, but its the cost of an envelope and few bits of ink printing the forms out (although I do it at work and use their ink and stamps)
    So that's why they're reducing the reward from £5 to £3! :)
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