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

pphillips

General_Grant said:

Has anyone tried to register more than one sole account (ie not including a joint one) for the new style account?

I doubt they will pay the reward on more than one sole account.

General_Grant

pphillips said:

General_Grant said:

Has anyone tried to register more than one sole account (ie not including a joint one) for the new style account?

I doubt they will pay the reward on more than one sole account.

The "rules" are certainly written that way but, IIRC, new account holders of the existing Reward account could have only one. sole account.

I also see that whilst my letter says the change occurs on 1 June, online information for people considering moving to the Reward account are told that the change happens on 1 July.  Perhaps, as the payment is made in the month after the conditions are met, we get old reward at the beginning of June for what happened in May, meet the new conditions in June and get the new reward at the start of July.

colsten

General_Grant said:

I also see that whilst my letter says the change occurs on 1 June, online information for people considering moving to the Reward account are told that the change happens on 1 July. 

Which online information are you referring to?

Ghostcrawler

General_Grant said:

Has anyone tried to register more than one sole account (ie not including a joint one) for the new style account?

As per T&C - "You can only choose one Reward Extra Offer per account, even if the account is in joint names".

General_Grant

colsten said:

General_Grant said:

I also see that whilst my letter says the change occurs on 1 June, online information for people considering moving to the Reward account are told that the change happens on 1 July. 

Which online information are you referring to?

If you look at the information for those considering changing to Halifax it shows under "Upcoming Changes".

General_Grant

Ghostcrawler said:

General_Grant said:

Has anyone tried to register more than one sole account (ie not including a joint one) for the new style account?

As per T&C - "You can only choose one Reward Extra Offer per account, even if the account is in joint names".

That's about only being able to choose, say, a cinema ticket or 3 digital magazines even when two people are named on the account.  That is two people with one account can't get two cinema tickets or whatever.

masonic

Ghostcrawler said:

General_Grant said:

Has anyone tried to register more than one sole account (ie not including a joint one) for the new style account?

As per T&C - "You can only choose one Reward Extra Offer per account, even if the account is in joint names".

At the risk of sounding like a former Prime Minister, per account means per account. Rewards have historically paid out per account, and people holding more than one sole account have received more than one reward payment per month.

Steve_xx

I wonder if they'll make it possible to do the upgrade online, rather than having to call them?

King_Of_Fools

colsten said:

quirkydeptless said:

Just signed up for this with £5 for using £500 on my debit card. The auto sign-up described it as "cashback". I think becuase you are now paying a fee for this, there is no tax. 

I don't think it has anything to do with the account fee but with the fact that you are spending with the debit card and getting cashback for that spend.

If you choose £5,000 in the Halifax account for the monthly fiver, it is classed as interest and therefore taxable income.

From this description, the £5 for £5000 offer will not be classed as interest but as income (the same as the £2 reward currently is). This is why it is paid net of 20% tax. If it was interest it would be paid gross and you would get £6.25.

masonic

King_Of_Fools said:

colsten said:

quirkydeptless said:

Just signed up for this with £5 for using £500 on my debit card. The auto sign-up described it as "cashback". I think becuase you are now paying a fee for this, there is no tax. 

I don't think it has anything to do with the account fee but with the fact that you are spending with the debit card and getting cashback for that spend.

If you choose £5,000 in the Halifax account for the monthly fiver, it is classed as interest and therefore taxable income.

From this description, the £5 for £5000 offer will not be classed as interest but as income (the same as the £2 reward currently is). This is why it is paid net of 20% tax. If it was interest it would be paid gross and you would get £6.25.

Yes, it seems the £5 for £5000 offer will be classed as an annual payment (income) and subject to income tax, while the £5 for £500 debit card spending will be treated as cashback and not be subject to income tax. Perhaps that's why they are asking applicants how they intend to qualify for the reward.