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

colsten

trient said:

funkycredit said:

Nope. Not with LBG - I've got 7 bank accounts across the group and had a single hard search - made when I originally opened my first Hfx Rewards act. 

Lucky you. I got hard checked a few years ago when I opened accounts with Lloyds and Halifax. The Halifax account was later closed, but got hard checked again this time. 3 hard searches with 2 banks across LBG.

That sounds like 3 checks over several years - - - a complete non-issue, especially since hard searches disappear from your credit reference files after 12 months. Having one or two showing isn't a a major issue, and none at all if you are not planning on applying for larger credit. People get way too worked up over hard searches.

masonic

trient said:

funkycredit said:

Nope. Not with LBG - I've got 7 bank accounts across the group and had a single hard search - made when I originally opened my first Hfx Rewards act. 

Lucky you. I got hard checked a few years ago when I opened accounts with Lloyds and Halifax. The Halifax account was later closed, but got hard checked again this time. 3 hard searches with 2 banks across LBG.

If you were without an account for several years then you may have been treated as a new customer when you applied. If you didn't apply through your prior internet banking account this may also have resulted in a different experience to others.

The concern some may have is having 3 hard searches in quick succession when opening multiple accounts and that should not be a concern for Halifax or Lloyds (but BOS do seem to credit check each account opened).

grinch53

Really want to switch my santander account to this  but wont be able to fund it with £1500 a month for a few months as waiting for my db pension.I and wife have a halifax joint current account, could I just transfer the full amount each month from this joint account , seems doable to me.Can never spend £500 a month on the card.

funkycredit

grinch53 said:

Really want to switch my santander account to this  but wont be able to fund it with £1500 a month for a few months as waiting for my db pension.I and wife have a halifax joint current account, could I just transfer the full amount each month from this joint account , seems doable to me.Can never spend £500 a month on the card.

You can transfer 3x £500 - it doesn't need to be in one hit. Might need to transfer into Santander and back again. Not sure if internal credits count? 

As for the £500 spend, I send to my wife via PayPal and she withdraws back into my account the same day. All very easy to setup and do. 

portenio

funkycredit said:

grinch53 said:

Really want to switch my santander account to this  but wont be able to fund it with £1500 a month for a few months as waiting for my db pension.I and wife have a halifax joint current account, could I just transfer the full amount each month from this joint account , seems doable to me.Can never spend £500 a month on the card.

You can transfer 3x £500 - it doesn't need to be in one hit. Might need to transfer into Santander and back again. Not sure if internal credits count? 

As for the £500 spend, I send to my wife via PayPal and she withdraws back into my account the same day. All very easy to setup and do. 

Yes, funkycredit, internal transfers count towards meeting the 1500-in criterion.
Furthermore I automated the round robin cycles of internal transfers for my 4 Reward accts.
I have standing orders set up on all of them so money transfers from one to the other circularly.
The amount transferred is 500 on the 10th, 15th and 20th so to reach the 1500 requirement on each.
And this amount and the need of 3 cycles purely because I have a 500 overdraft on all.
Voila cher ami.

ZeroSum

grinch53 said:

Really want to switch my santander account to this  but wont be able to fund it with £1500 a month for a few months as waiting for my db pension.I and wife have a halifax joint current account, could I just transfer the full amount each month from this joint account , seems doable to me.Can never spend £500 a month on the card.

Have you actually read any of this (or the many other) thread?

King_Of_Fools

Zanderman said:

Yes, I used to get the £5 on the clarity card spend too.
I still see no evidence anything has changed - apart from that cryptic (by omission) para in the T&Cs. 
I would hope we know before the year end - by asking! 
Which I will do.

Did you ever get confirmation about the £5 for £500 spend tax status?
The renewal letter still only flags the £5 for £5000 saved as being taxable so it still implies that the £5 for £500 spend is tax-free.

portenio

King_Of_Fools said:

Zanderman said:

Yes, I used to get the £5 on the clarity card spend too.
I still see no evidence anything has changed - apart from that cryptic (by omission) para in the T&Cs. 
I would hope we know before the year end - by asking! 
Which I will do.

Did you ever get confirmation about the £5 for £500 spend tax status?
The renewal letter still only flags the £5 for £5000 saved as being taxable so it still implies that the £5 for £500 spend is tax-free.

When preparing tax return for previous financial year that was due on 31/1/21, I carried out a thorough research online.
There were many accountancy advisors speaking about Halifax Rewards previous scheme. Those that sounded more sensible to me adviced to enter both the income and deducted tax total figures corresponding to this item.
Hence that I did. 
Now the issue is that we don't see "REWARD NET" on the statement as previously. 
And obviously accountancy sites have not updated the info concerning new scheme.

masonic

portenio said:

King_Of_Fools said:

Zanderman said:

Yes, I used to get the £5 on the clarity card spend too.
I still see no evidence anything has changed - apart from that cryptic (by omission) para in the T&Cs. 
I would hope we know before the year end - by asking! 
Which I will do.

Did you ever get confirmation about the £5 for £500 spend tax status?
The renewal letter still only flags the £5 for £5000 saved as being taxable so it still implies that the £5 for £500 spend is tax-free.

When preparing tax return for previous financial year that was due on 31/1/21, I carried out a thorough research online.
There were many accountancy advisors speaking about Halifax Rewards previous scheme. Those that sounded more sensible to me adviced to enter both the income and deducted tax total figures corresponding to this item.
Hence that I did. 
Now the issue is that we don't see "REWARD NET" on the statement as previously. 
And obviously accountancy sites have not updated the info concerning new scheme.

Halifax usually produce a tax certificate in the statement after the new tax year where taxable income has been earned. I presume those keeping £5k in their accounts have received this, while those receiving cashback have not.

polymaff

masonic said:

portenio said:

King_Of_Fools said:

Zanderman said:

Yes, I used to get the £5 on the clarity card spend too.
I still see no evidence anything has changed - apart from that cryptic (by omission) para in the T&Cs. 
I would hope we know before the year end - by asking! 
Which I will do.

Did you ever get confirmation about the £5 for £500 spend tax status?
The renewal letter still only flags the £5 for £5000 saved as being taxable so it still implies that the £5 for £500 spend is tax-free.

When preparing tax return for previous financial year that was due on 31/1/21, I carried out a thorough research online.
There were many accountancy advisors speaking about Halifax Rewards previous scheme. Those that sounded more sensible to me adviced to enter both the income and deducted tax total figures corresponding to this item.
Hence that I did. 
Now the issue is that we don't see "REWARD NET" on the statement as previously. 
And obviously accountancy sites have not updated the info concerning new scheme.

Halifax usually produce a tax certificate in the statement after the new tax year where taxable income has been earned. I presume those keeping £5k in their accounts have received this, while those receiving cashback have not.

Don't confuse Rewards with Cashback.  Rewards have been, and are, paid nett of basic rate income tax.  Cashback hasn't been the issue, has it?