Halifax Reward is it still worth it ?

PeacefulWaters

£3 is greater than nothing.

Effort to get £3 is minimal.

Worth it.

YorkshireBoy

Jibeddy wrote: »

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?

You set it up as already posted above in post #4, although this does mean tying up £750 for 4 days a month, or just over a month and a half per year. A loss of £2.92 per year per Reward account if it would otherwise be sat in a 3% AER account. Getting only 10-11/12ths of the Reward may be a small price to pay? Personally I'll carry on making manual transfers and getting 12/12ths of my Reward payments.

More specifically, is it possible without having to leave £750 in there dormant.

Yes. Get yourself a covering overdraft facility on the Reward account(s).

Marvel1

While dropping it by £2 they have increased the ultimate reward by £2!

Katiehound

jennifernil wrote: »

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.

Tesco saver could be reduced to £1 per month.......

Runningfast

I have decided that I am going to switch my Halifax account to another bank for the £100 bonus in the new year. It will take over 2 years of £3 rewards to equal one account switch.

I agree with the sentiment of others that free money is good money but unfortunately I have no other accounts to sacrifice at present as all others are earning interest of between 3 and 5% etc. The Halifax account now being £3 when I used to get £10 (reward account and credit card). £3 just doesn't seem worth it now when you can get £100 in a matter of months.

beefturnmail

Someone gives me £3 a month for doing nothing. Is it still worth it? Yes...

[Deleted User]

Runningfast wrote: »

I have decided that I am going to switch my Halifax account to another bank for the £100 bonus in the new year. It will take over 2 years of £3 rewards to equal one account switch.

You don't have to choose between the £100 switching bonus and £3 a month indefinitely from Halifax Reward. You can quite easily have both. Open another current account to use as a sacrificial account, there is plenty of choice. Or use an existing Tesco current account to switch and then open another one to replace it for the 3% on £3K (I did this, more than once).

jennifernil

Katiehound wrote: »

Tesco saver could be reduced to £1 per month.......

Still leaves me £1 short x 4

Runningfast

Deleted_User wrote: »

You don't have to choose between the £100 switching bonus and £3 a month indefinitely from Halifax Reward. You can quite easily have both. Open another current account to use as a sacrificial account, there is plenty of choice. Or use an existing Tesco current account to switch and then open another one to replace it for the 3% on £3K (I did this, more than once).

They are all valid points, and yes easy enough to do. I'm probably not as organised as many on this site though.

System

I've applied for the Co-operative Bank as the £3 won't buy me a monthly coffee and cake treat. All going well, £150 for switching and possibly £5.50 monthly ongoing from Co-op will.

Halifax are fairly mediocre customer service wise so losing fiver means they've lost their USP IMO.