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

General_Grant

xlnc99 said:

Also two additional questions:

does the 1500 have to be paid in one go or can i do 500 one day another 500 day 6 etc

does my month start from now? i think its unfair as my card wont arrive for at least 10 days

I thought the change to the new criteria for a reward payment would not be effective until 1 June which is why those of us with existing accounts were given until some time in May to elect for the new scheme.   Do others think I am wrong?
Currently you need two different DDs to be taken from the account as one of the conditions.
[I was going to try a small DC transaction to a savings account this month to test the mechanics.]

badger09

NWDave said:

badger09 said:

NWDave said:

badger09 said:

I'm not aware of any current account which can be funded by debit card. The usual method is faster payment from the funding account, which can be automated by setting up a SO.
Investment platforms, such as IWEB can be funded by debit card and you can pay credit cards off with a debit card.

A few savings accounts can be funded Direct Debit, which was useful in the past, and a few can be funded by debit card - hence the reason colsten started this thread.

Badger that's great - thank you.
Looks like a manual Debit Card payment to TSB each month or I could send the money to a share account I have access to and then simply send it back - 3 times of course!
Thank the lord for outlook and its reminders!

Please re read my post. You can't do that

Sorry all - having a senior citizen moment... I will be using a share account to deposit the £500 by debit card and then simply send it back to the account from whence it came!

Thanks for all the feedback... I shall go stand in the corner and hang my head in shame!

No need for that. Happens to us all

GoingMad

Deleted_User said:

magoo289 said:

Hugely disappointed with this change. I’ve banked with Halifax for 24 years. I won’t meet the debit card criteria as only use DC when I’m charged for using my CC.  I’ll switch but will likely keep current account open to transfer £1,500 in and out every month as I’ve a regular savings account. Plus I got my parents and one of my sisters to switch years ago to get the ‘monthly interest’. I’ll have to get them to think about switching.

You don't need to have a Halifax current account to have a Halifax RS. Even if  there was such a requirement you could let your Halifax Reward current account automatically change into an ordinary current account to avoid the need to transfer the £1500 in and out each month,

Dissapointed too and I am thinking to switch - however I have a Kids regular savings account with them.

Anyone know if switching will affect the kids regular savings account? And would I still be able to use the app? Thank you

Joe9090

I registered to keep my Reward Account and for Reward Extras via the number given a few days ago. It's done automatically and it seemed to go through with no problem.
Does anyone know if you get a written acknowledgement or a confirmation via the account message system? 

xlnc99

General_Grant said:

xlnc99 said:

Also two additional questions:

does the 1500 have to be paid in one go or can i do 500 one day another 500 day 6 etc

does my month start from now? i think its unfair as my card wont arrive for at least 10 days

I thought the change to the new criteria for a reward payment would not be effective until 1 June which is why those of us with existing accounts were given until some time in May to elect for the new scheme.   Do others think I am wrong?
Currently you need two different DDs to be taken from the account as one of the conditions.
[I was going to try a small DC transaction to a savings account this month to test the mechanics.]

you are correct, i was mistaken. IT does not take into effect until July 1st

colsten

xlnc99 said:

General_Grant said:

I thought the change to the new criteria for a reward payment would not be effective until 1 June which is why those of us with existing accounts were given until some time in May to elect for the new scheme.   Do others think I am wrong?
Currently you need two different DDs to be taken from the account as one of the conditions.
[I was going to try a small DC transaction to a savings account this month to test the mechanics.]

you are correct, i was mistaken. IT does not take into effect until July 1st

Some of us had letters saying it starts June 1. Website states July 1, and Halifax have not communicated any explanation for the variance. It doesn't do any harm to start depositing £1,500 a month in June, and also have 2 DDs continuing into June. Those choosing to maintain min £5k in the account at all times might wish to clarify with Halifax when their start date is.

veryintrigued

colsten said:

xlnc99 said:

General_Grant said:

I thought the change to the new criteria for a reward payment would not be effective until 1 June which is why those of us with existing accounts were given until some time in May to elect for the new scheme.   Do others think I am wrong?
Currently you need two different DDs to be taken from the account as one of the conditions.
[I was going to try a small DC transaction to a savings account this month to test the mechanics.]

you are correct, i was mistaken. IT does not take into effect until July 1st

Some of us had letters saying it starts June 1. Website states July 1, and Halifax have not communicated any explanation for the variance. It doesn't do any harm to start depositing £1,500 a month in June, and also have 2 DDs continuing into June. Those choosing to maintain min £5k in the account at all times might wish to clarify with Halifax when their start date is.

Indeed.
June 1st on my letter

qsk

Anyone did maths: do you get more interest to put 5000 in Halifax Reward or BOS vantage?

hermante

colsten said:

xlnc99 said:

General_Grant said:

I thought the change to the new criteria for a reward payment would not be effective until 1 June which is why those of us with existing accounts were given until some time in May to elect for the new scheme.   Do others think I am wrong?
Currently you need two different DDs to be taken from the account as one of the conditions.
[I was going to try a small DC transaction to a savings account this month to test the mechanics.]

you are correct, i was mistaken. IT does not take into effect until July 1st

Some of us had letters saying it starts June 1. Website states July 1, and Halifax have not communicated any explanation for the variance. It doesn't do any harm to start depositing £1,500 a month in June, and also have 2 DDs continuing into June. Those choosing to maintain min £5k in the account at all times might wish to clarify with Halifax when their start date is.

I just got the letter yesterday and it says June 1st. I will make a genuine debit card spend of £500 in June (nothing that could even be considered an indirect bank transfer) and if I don't get my fiver, Halifax are usually pretty generous with compensation.

YorkshireBoy

qsk said:

Anyone did maths: do you get more interest to put 5000 in Halifax Reward or BOS vantage?

BOS pays more interest (because Halifax doesn't pay interest, it pays a Reward), but Halifax would offer a greater return (by way of the £5 Reward).
I don't keep any cash in my BOS account but I calculate it would be around £59 per year, or £4.90 per month on average.
If there's any risk at all that you'll need to dip into the £5K then it's better off in BOS.