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Consumerist

Oh, I thought your daily balance needed to be £5k minimum to get the £5 benefit. Did I get that wrong?

Edit

OK, I missed colsten's post (previous page). I don't use debit cards for purchases, only credit cards.

bigadaj

paulyuk6 said:

Getting back my original comment.   The point is that Lloyds are happy to spending £millions, if not 10s of £millions to promote themselves. Yet their savers are languishing with pathetic, nay insulting, savings rates.   That is why I resent every penny they spend on the adverts I see every single day. 

so move surely?

thor

paulyuk6 said:

Getting back my original comment.   The point is that Lloyds are happy to spending £millions, if not 10s of £millions to promote themselves. Yet their savers are languishing with pathetic, nay insulting, savings rates.   That is why I resent every penny they spend on the adverts I see every single day. 

The Nationwide is the absolute worst at doing the same thing. Terrible saving rates with adverts which want you to throw your tv out of the window. 

polymaff

Consumerist said:

Oh, I thought your daily balance needed to be £5k minimum to get the £5 benefit. Did I get that wrong?

Edit

OK, I missed colsten's post (previous page). I don't use debit cards for purchases, only credit cards.

That is so, but why not put the £5k somewhere else - earning interest - and then satisfy the Reward conditions by using your debit card to move £500 to an (easy access) NS&I Income Bond each month?

colsten

polymaff said:

Consumerist said:

Oh, I thought your daily balance needed to be £5k minimum to get the £5 benefit. Did I get that wrong?

Edit

OK, I missed colsten's post (previous page). I don't use debit cards for purchases, only credit cards.

That is so, but why not put the £5k somewhere else - earning interest - and then satisfy the Reward conditions by using your debit card to move £500 to an (easy access) NS&I Income Bond each month?

NS&I accounts need to come with the health warning that Debit Card deposits into them can take up to 7 days to clear, according to information on the NS&I website, and according to some reports on MSE. You are not able to do anything with uncleared funds.

Consumerist

polymaff said:

Consumerist said:

Oh, I thought your daily balance needed to be £5k minimum to get the £5 benefit. Did I get that wrong?

Edit

OK, I missed colsten's post (previous page). I don't use debit cards for purchases, only credit cards.

That is so, but why not put the £5k somewhere else - earning interest - and then satisfy the Reward conditions by using your debit card to move £500 to an (easy access) NS&I Income Bond each month?

Simply because it didn't occur to me to use debit card transfers to savings. Doh!

I can't believe I missed such a simple idea - probably because I rarely use a debit card except for on-line banking account-management.

I wish I had realised this earlier.

polymaff

colsten said:

polymaff said:

Consumerist said:

Oh, I thought your daily balance needed to be £5k minimum to get the £5 benefit. Did I get that wrong?

Edit

OK, I missed colsten's post (previous page). I don't use debit cards for purchases, only credit cards.

That is so, but why not put the £5k somewhere else - earning interest - and then satisfy the Reward conditions by using your debit card to move £500 to an (easy access) NS&I Income Bond each month?

NS&I accounts need to come with the health warning that Debit Card deposits into them can take up to 7 days to clear, according to information on the NS&I website, and according to some reports on MSE. You are not able to do anything with uncleared funds.

They may take clearance - although that can be minimised - but you get interest from day 1.  At the other end of the transaction, if you've a £500 overdraft, you only need to fund the transaction on the day Halifax debits your account.  As for access to NS&I, I'm happy so far, to let the £6,000 I've transferred so far stay where it is - but once you've got more than £500 in an IB, withdrawal of the "more" amount is completely decoupled from deposits.

Nearest thing I've seen to a win-win for some time.

polymaff

Consumerist said:

polymaff said:

Consumerist said:

Oh, I thought your daily balance needed to be £5k minimum to get the £5 benefit. Did I get that wrong?

Edit

OK, I missed colsten's post (previous page). I don't use debit cards for purchases, only credit cards.

That is so, but why not put the £5k somewhere else - earning interest - and then satisfy the Reward conditions by using your debit card to move £500 to an (easy access) NS&I Income Bond each month?

Simply because it didn't occur to me to use debit card transfers to savings. Doh!

I can't believe I missed such a simple idea - probably because I rarely use a debit card except for on-line banking account-management.

I wish I had realised this earlier.

Halifax's wording around the use of the Debit Card didn't help, but now hordes can confirm that it does work .

Like I alluded, £500 minimum required by Halifax; £500 minimum payment into an NS&I IB - a perfect match.

As Kinnock used to say,  "Well, aaaaaw-ride". ...

Consumerist

Incidentally, I notice that Halifax have plugged that particular hole in their latest Ts&Cs. Money transfers by debit card to another account are now excluded from the £500 required expenditure.

Consumerist

polymaff said:

Halifax's wording around the use of the Debit Card didn't help, but now hordes can confirm that it does work .

Like I alluded, £500 minimum required by Halifax; £500 minimum payment into an NS&I IB - a perfect match.

As Kinnock used to say,  "Well, aaaaaw-ride". ...

Well, it might work for those who signed up under the original Ts&Cs but I don't think it will work for new applicants.