Halifax Reward Account changing to £3 charge with “lifestyle rewards”

King_Of_Fools

polymaff said:

Yorkshire_Pud said:

newbie8 said:

Ghostcrawler said

well people are claiming having multiple reward accounts but no one knows if it will work or Halifax will identify these in near future and stop paying into multiple accounts but as per T&C you can have 1 sole and 1 joint.  Please have a look at the thread and you will find the answers.

Thanks for the information. 
I've not seen anywhere that mentions when the £5k needs to be in the account e.g. has to be £5 every day of the month or by a set day every month?

It doesn’t need to be in the account, it’s your money. You only get interest on any credit balance up to £5000 in the account whilst the money is in the account to earn interest.
You still need to deposit £1500 per month on any day of that month so that it can register as being deposited in that month, ie don’t wait to the last day of the month.
Its all in the terms and conditions!

It isn't interest, it is Other Income paid nett of basic rate to HMRC.

And you get nothing if your account goes below £5000 by even just 1p for just one day.

Yorkshire_Pud

polymaff said:

Yorkshire_Pud said:

newbie8 said:

Ghostcrawler said

well people are claiming having multiple reward accounts but no one knows if it will work or Halifax will identify these in near future and stop paying into multiple accounts but as per T&C you can have 1 sole and 1 joint.  Please have a look at the thread and you will find the answers.

Thanks for the information. 
I've not seen anywhere that mentions when the £5k needs to be in the account e.g. has to be £5 every day of the month or by a set day every month?

It doesn’t need to be in the account, it’s your money. You only get interest on any credit balance up to £5000 in the account whilst the money is in the account to earn interest.
You still need to deposit £1500 per month on any day of that month so that it can register as being deposited in that month, ie don’t wait to the last day of the month.
Its all in the terms and conditions!

It isn't interest, it is Other Income paid nett of basic rate to HMRC.

Yes I got that completely wrong! Should have read the t&c !

That is a particularly punitive and naff ‘reward’.

Glad I’m doing the £500 DC spend. Has anyone asked how to spend that amount yet?

polymaff

Yorkshire_Pud said:

polymaff said:

Yorkshire_Pud said:

newbie8 said:

Ghostcrawler said

well people are claiming having multiple reward accounts but no one knows if it will work or Halifax will identify these in near future and stop paying into multiple accounts but as per T&C you can have 1 sole and 1 joint.  Please have a look at the thread and you will find the answers.

Thanks for the information. 
I've not seen anywhere that mentions when the £5k needs to be in the account e.g. has to be £5 every day of the month or by a set day every month?

It doesn’t need to be in the account, it’s your money. You only get interest on any credit balance up to £5000 in the account whilst the money is in the account to earn interest.
You still need to deposit £1500 per month on any day of that month so that it can register as being deposited in that month, ie don’t wait to the last day of the month.
Its all in the terms and conditions!

It isn't interest, it is Other Income paid nett of basic rate to HMRC.

Yes I got that completely wrong! Should have read the t&c!

Glad I’m doing the £500 DC spend.

I was going to edit my previous post to say "in fact your first paragraph is completely wrong", but you beat me to it.

I've chosen the Debit Card route, but as interest rates decline, the decision is now not so clear-cut.

masonic

Yorkshire_Pud said:

Has anyone asked how to spend that amount yet?

You may not be surprised to learn quite a few people have.

polymaff

As Professor Joad would have put it  "It depends what you mean by spend". ...

quirkydeptless

Yorkshire_Pud said:

Has anyone asked how to spend that amount yet?

Good question. I'm wondering has anyone asked when their bonus is getting paid yet?  

polymaff

Just been speaking to Halifax CS:

a) to confirm that no direct debits are necessary - correct

b) to ask if Rewards is the same as Rewards Extra - we'll have to get back to you

c) to ask if the £5 is fixed for the year - YES

ischris85

Interested to hear if those who made a £500 debit card payment to an account such as a NS&I IB account received their £5 reward

Ed-1

ischris85 said:

Interested to hear if those who made a £500 debit card payment to an account such as a NS&I IB account received their £5 reward

Nothing yet. This new payment system seems very ad hoc.

Yorkshire_Pud

I expect £5 tomorrow the 13th as it’s first working day after 12th.