Halifax Reward is it still worth it ?

moneysaver6161

Got the letter to say the Reward is Dropping from £5 to £3.

Do you still think it is worth it for the hassle of keeping 2 Direct Debits active and shuffling money in and out each month ?.

Just Looking for Views thanks.

P.s on a side note also had the letter from Lloyds and Interest is dropping from 4% to 2% !

[Deleted User]

Yes, in my view it's worth it. Presumably you already have 2 DDs set up on the account, each paying out monthly and presumably these are necessary DDs which you would be paying out from a bank account anyway. To earn £3 per month, all you need to do is move £750 in and out. You can automate this by SO or do it manually which will take under a minute. Assuming it takes a minute, that means you are earning (for a minute a month) at an hourly rate of £180. Well worth it

moneysaver6161

Thats very true !, The Direct Debits are already there and would need to be paid from somewhere anyway, the £750 in is automated I just have to manually transfer it out again.

[Deleted User]

moneysaver6161 wrote: »

Thats very true !, The Direct Debits are already there and would need to be paid from somewhere anyway, the £750 in is automated I just have to manually transfer it out again.

Why not take a couple of minutes to set up a SO out of your Halifax Reward of the £750 you pay in by SO? Leave a few days between the in and out, for example SO in on 1st, SO out on 5th. That will save you time each month, also will mean you don't need to remember to do it.

anotheruser

If it doesn't happen automatically, it's probably not worth it.

Tragen

It takes 2 minutes of my time. I dont earn £1.50 a minute in my work, so yes, it is worth it.

TheShape

With it being so easy to manage most accounts via an app I find it easy to complete most of my money shuffling while waiting for my work computer to log in in the morning. What was essentially dead time gets used for money management.

jennifernil

I was also wondering whether the £3 is worthwhile, but it is money for doing very little. We have 5 accounts between us with one being our main account.

The DDs on the other 4 go £3 to charity and £2 to a Tesco saver, so paying out the whole £5 reward. Cannot reduce them to a total of only £3, so will have to either top up the accounts monthly or leave a small balance to cover the shortfall for a while.

With rates reducing everywhere I might start by adding £10 to each account and see how it goes.

Other possibility is to set up SOs from our main account to each of the 4 to send them the missing £2 every month.

[Deleted User]

All automated by standing order. The drop is disappointing but no reason to stop as no effort required on my part...

TrustyOven

I think it's worth a bit less than before. But still worth it.
I've got 2 DDs setup already. And I have a HTB ISA with them earning quite a good 4%-3.5% (blended, 3.5% going forward).

I think the general idea is that any money you get from somone else as a reward or interest is still worth it. Though again it's up to your own personal situation.

Jibeddy

jeepjunkie wrote: »

All automated by standing order. The drop is disappointing but no reason to stop as no effort required on my part...

Just out of interest, how do you automate the whole thing without running the risk of a standing order failing due to lack of funds? More specifically, is it possible without having to leave £750 in there dormant.