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Malti

Well my parents are both non tax-payers and they filled in the R85 forms (at my insistence!) months ago, but according to Halifax the £5 is a gift and they can't claim tax back on a gift - this is from both the branch and from the telephone service.

blueberrypie

Malti wrote: »

Well my parents are both non tax-payers and they filled in the R85 forms (at my insistence!) months ago, but according to Halifax the £5 is a gift and they can't claim tax back on a gift - this is from both the branch and from the telephone service.

The R85 form allows you to be paid interest without tax deducted. It's not about claiming anything back, because you don't pay the tax in the first place.

The Halifax £5 "reward" is different, and the interest/R85 rules don't apply to it. So you can't get it paid gross - but you *can* claim the tax back on it. You have to claim it from HMRC at the end of the tax year, using form R40 - info and a link to the form can be found at http://www.hmrc.gov.uk/incometax/tax-free-interest.htm#3

dw96

Just wanted to post, if, like me you're interesting in switching your current account but afraid the switch and timing of DDs may cause you to miss a payment (such as your rent.. )

Well having just seen this month's rent safely paid via DD, I followed MSE's link and switched to FD. They told me it can take up to 20 working days for the switch (coinciding almost perfectly with the next rent being due..!). HOWEVER, the nice lady on the phone stressed that I would be informed of the switch-over day in advance. AND, if it wouldn't be a quiet day, I could simply contact them and arrange for a better (DD-quiet) day.

(Regarding the incentive payment, if anyone's still curious, I was told I need only meet the first month's payment, i.e. £1500 into my account, the completion of all my DD and SO switched over to FD and then 28 days later, the incentive would be paid into my 1st Account with FD).


All that remains now is to give a big, big thank you to Martin and his team! :beer:

Saffamagic

I don't know if I am writing to the correct forum but I will try anyway...I am a customer with Lloyds TSB and have been for 4 years. However I am on a normal account where I can only draw from Lloyds and get no benefits whatsoever...I am trying to upgrade to a silver or savings account but no luck and has been like that for over 3 years...How can that happen if I have had constant money coming in for the past 5 years and have a full time job so money is coming in...Please can someone help me as its quite frustrating?

georgedp2000

I currently bank with Lloyds TSB and have an 'everyday account' and a 'bills account'. I am planning on switching my 'everyday account' to Halifax and my 'bills account' to Santander to get a £100 bonus from both. I also intend to open another account with any bank and set up a couple of small standing orders to one of my other accounts (Halifax or Santander). Then I will switch this to First Direct to get another £100.

I have £2000 in an easy access savings account. At the start of each month I intend to drop this from 1 account to the next via net banking so that I have made the relevant payment required to each account.

This is what I plan to do - but I am wondering if there are any reasons this won't work that I have overlooked.

Cheers.

George

black_taxi_2

lloyds pay 2.37 net interest monthly on 3k---5k vantage account

so if your balance stays above 5k --what should your interest be?

thx

plzhelpmesave!

Hi

I was looking to get a £100 incentive from Santander by transferring DHs Halifax account.

I understand you have to use the account transfer service, but do you have any control over how many or which DDs you transfer? DH wants to keep Hfax account as his main account.

Also what experience have people have re overdraft matching? He has a £5k overdraft at Hfax and would be great to have that matched for 12 months.

Thanks in advance

pete_

I had a FD current account which was closed a little over 2 years ago.

Does anyone know if 'new' really means 'new' in terms of qualification for incentive payment as a new switcher to this account?

blueberrypie

First Direct won't pay a "new customer" incentive if you've ever been a customer.

Ruby_1

Hi,

I hope someone can help, and sees my post as thread started so long ago!
Im after some much needed help. I am currently with HSBC and I have had enough of them now and rinsing me for everything when it comes to overdraft fees. I now no longer have an overdraft with them, but looking to move to another provider, but am wanting one who offer the best for overdrafts, although ultimately I am now looking at this as just a buffer, and not to be over my agreed overdraft. I dont really understand all the jargon, and have been looking at Barclays and Halifax, although slightly concerned when reading about Halifax and there overdraft charges. Any help or pointers on this will be greatly appreciated!