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

Nick_C

Ghostcrawler said:

Coming back to this thread topic, every month me and my partner just top up £500 to pur respective Revolut account and then transfer back from Revolut to our respective bank accounts. As while topping up Revolut, we use Halifax debit card, we become eligible for Halifax rewards.

Hope this helps.

Revolut aren't keen on people funding their account with a card, and then transferring it out to an account in their own name.  But if you are only doing £500 a month, then you are under their radar.

NameWithheld

Yazi said:

Is there a list of which saving accounts accept debit cards? I saw NS&I bonds mentioned here but their interest rates are 0.01% so I’d rather not open it due to not really using it. 

The interest rate is irrelevant if you are just cycling £500 in and out as quickly as possible once a month, and just leaving £1 in the account the rest of the time.

surreysaver

Nick_C said:

Ghostcrawler said:

Coming back to this thread topic, every month me and my partner just top up £500 to pur respective Revolut account and then transfer back from Revolut to our respective bank accounts. As while topping up Revolut, we use Halifax debit card, we become eligible for Halifax rewards.

Hope this helps.

Revolut aren't keen on people funding their account with a card, and then transferring it out to an account in their own name.  But if you are only doing £500 a month, then you are under their radar.

Are you? Just changed my TSB to Spend & Save and doing Co-Op at the same time, so will be doing over £500 for six months. What will happen?

Ghostcrawler

surreysaver said:

Nick_C said:

Ghostcrawler said:

Coming back to this thread topic, every month me and my partner just top up £500 to pur respective Revolut account and then transfer back from Revolut to our respective bank accounts. As while topping up Revolut, we use Halifax debit card, we become eligible for Halifax rewards.

Hope this helps.

Revolut aren't keen on people funding their account with a card, and then transferring it out to an account in their own name.  But if you are only doing £500 a month, then you are under their radar.

Are you? Just changed my TSB to Spend & Save and doing Co-Op at the same time, so will be doing over £500 for six months. What will happen?

TSB and Coop require number of transaction, so amount is irrelevant.  I use NS&I and Skipton for TSB and Coop as £1 is the minimum and use Revolut for Halifax as it only require 1 deposit of £500.  Revolut has a minimum top of £10, so 30 transactions x £10 + 60 transactions x £10 but you can also be able to take out money much quicker than saver accounts

Ghostcrawler

Nick_C said:

Ghostcrawler said:

Coming back to this thread topic, every month me and my partner just top up £500 to pur respective Revolut account and then transfer back from Revolut to our respective bank accounts. As while topping up Revolut, we use Halifax debit card, we become eligible for Halifax rewards.

Hope this helps.

Revolut aren't keen on people funding their account with a card, and then transferring it out to an account in their own name.  But if you are only doing £500 a month, then you are under their radar.

May I ask how do you know that they are not keen? Before doing this I did check FAQ and also asked support (in a good way, not showing my intention) and got confirmed that I can do as many as transactions (deposit by card or withdraw to your bank) I want without any restrictions.  Huge amount can flag up, dont know.  Me and my partner haven't had any issue yet.

Nick_C

Ghostcrawler said:
May I ask how do you know that they are not keen? 

Posts on other web sites from people who have been taking the mickey and had their accounts closed down.  But I'm talking large amounts.

If you are only cycling money through Revolut - in from a card, out to your own bank account - then they are not making any money from you, but they are not going to worry about £500 a month.  Use it for some proper transactions as well though and you shouldn't have a problem.

Recycling large sums can also raise money laundering suspicions.  

[Deleted User]

Nick_C said:

Ghostcrawler said:
May I ask how do you know that they are not keen? 

Posts on other web sites from people who have been taking the mickey and had their accounts closed down.  But I'm talking large amounts.

If you are only cycling money through Revolut - in from a card, out to your own bank account - then they are not making any money from you, but they are not going to worry about £500 a month.  Use it for some proper transactions as well though and you shouldn't have a problem.

Recycling large sums can also raise money laundering suspicions.  

Using a debit card costs them a percentage cost in merchant fees to process unlike a Faster payment which will be a tiny flat fee.

Any of these providers may close your account for business or AML reasons if cycling payments through them.

surreysaver

Ghostcrawler said:

surreysaver said:

Nick_C said:

Ghostcrawler said:

Coming back to this thread topic, every month me and my partner just top up £500 to pur respective Revolut account and then transfer back from Revolut to our respective bank accounts. As while topping up Revolut, we use Halifax debit card, we become eligible for Halifax rewards.

Hope this helps.

Revolut aren't keen on people funding their account with a card, and then transferring it out to an account in their own name.  But if you are only doing £500 a month, then you are under their radar.

Are you? Just changed my TSB to Spend & Save and doing Co-Op at the same time, so will be doing over £500 for six months. What will happen?

TSB and Coop require number of transaction, so amount is irrelevant.  I use NS&I and Skipton for TSB and Coop as £1 is the minimum and use Revolut for Halifax as it only require 1 deposit of £500.  Revolut has a minimum top of £10, so 30 transactions x £10 + 60 transactions x £10 but you can also be able to take out money much quicker than saver accounts

Minimum £10 is correct, the maximum seems to be 10 transactions a day. I just carry on the following day. Been doing Co-Op via Revolut, so 50ish transactions per month (the rest of my Co-Op transactions are bona-fide). Not had a problem

portenio

On that note.......
Did anyone receive a letter, email or other about the expiration of the offer and what the options will be when that moment arrives?
Most are nearing the 12 months period now.

surreysaver

portenio said:

On that note.......
Did anyone receive a letter, email or other about the expiration of the offer and what the options will be when that moment arrives?
Most are nearing the 12 months period now.

Not yet. Reading this thread has reminded me the year is nearly up