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

Ed-1

soulsaver said:

qsk said:

General_Grant said:

YorkshireBoy said:

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.

I don't know what BOS pays but the Halifax £5 equates to 1.5% for those who pay 20% tax on interest received.

Thanks. So Halifax reward is tax-free?

No - it's tax paid.

It's tax paid for the £5,000 offer. But it's cashback (tax free) for the £500 debit card spend offer

granta

Has anyone been able to upgrade more than 2 individual Halifax accounts over the telephone and has it worked ok? Over the years, I've accumulated more than 2 accounts and keen not to lose them.

General_Grant

granta said:

Has anyone been able to upgrade more than 2 individual Halifax accounts over the telephone and has it worked ok? Over the years, I've accumulated more than 2 accounts and keen not to lose them.

I'd be interested to know whether anyone has been able to upgrade even two individual accounts.  [I know you can upgrade an individual and joint account.]

colsten

granta said:

Has anyone been able to upgrade more than 2 individual Halifax accounts over the telephone and has it worked ok? Over the years, I've accumulated more than 2 accounts and keen not to lose them.

 Why don't you just quietly try it? You don't even have to talk to anyone - it's been posted several times now that the phonecalls are automated calls.

colsten

General_Grant said:

I'd be interested to know whether anyone has been able to upgrade even two individual accounts. 

That's hardly a matter for an open internet forum, sorry, for reasons that should be self-evident.

xlnc99

Quick note - i tried to deposit money via debit card to YBS and i went through within 12 hours. When you withdraw it says by the end of the next day, so in total you will lose £500 for around about 2 days max.

MisterMotivated

wmb194 said:

MisterMotivated said:

NWDave said:

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!

One point to note with this is that the share account provider might treat you sending the money "back to the account from whence it came" as a refund if it's just going in and then back out. I believe it's a regulatory/AML thing (though I'm sure others will know better than me).  In that case, I wouldn't be surprised if Halifax disregarded it in respect of the reward criteria

This might be common with gambling sites but I've never experienced this with a stockbroker. I've occasionally deposited money and later changed my mind and so far it's always been debit card in and Bacs out, except Barclays Smart Investor which now uses faster payments. The issue is how long the  debit card deposit takes to become available for withdrawal, which varies by broker, and the speed of the Bacs transfer. Some, like AJ Bell, have a tendency to add an extra day to the usual Bacs timescales.

I had this with X-O, when I deposited funds then changed my mind before doing anything with the money.

MisterMotivated

MisterMotivated said:

wmb194 said:

MisterMotivated said:

NWDave said:

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!

One point to note with this is that the share account provider might treat you sending the money "back to the account from whence it came" as a refund if it's just going in and then back out. I believe it's a regulatory/AML thing (though I'm sure others will know better than me).  In that case, I wouldn't be surprised if Halifax disregarded it in respect of the reward criteria

This might be common with gambling sites but I've never experienced this with a stockbroker. I've occasionally deposited money and later changed my mind and so far it's always been debit card in and Bacs out, except Barclays Smart Investor which now uses faster payments. The issue is how long the  debit card deposit takes to become available for withdrawal, which varies by broker, and the speed of the Bacs transfer. Some, like AJ Bell, have a tendency to add an extra day to the usual Bacs timescales.

I had this with X-O, when I deposited funds then changed my mind before doing anything with the money.

This is an extract of one of the emails I received from them in May 2018.  Perhaps it's just their own policy rather than a regulatory thing, but thought it worth mentioning:

Good Morning,
As the funds on your account derived from a debit card payment we are required to return the funds back to the same card.

Please can I ask you to confirm your acceptance of this instruction?
Additionally these funds have already counted towards your ISA subscription for this year.

derrick

Just checking, on page 3 of this page, https://static.halifax.co.uk/assets/pdf/bankaccounts/reward-current-account-guide-to-changes.pdf, it says you can only have 2 of these accounts, one sole and one joint, as I have 3 sole I assume that 2 will be automatically down graded to the Current Account?

Also is it confirmed that paying into another account, (PO savings as an example), count as a DC spend and how would one do that?

.

colsten

derrick said:

Just checking, on page 3 of this page, https://static.halifax.co.uk/assets/pdf/bankaccounts/reward-current-account-guide-to-changes.pdf, it says you can only have 2 of these accounts, one sole and one joint, as I have 3 sole I assume that 2 will be automatically down graded to the Current Account?

This question should answer itself when you register your chosen option(s).

derrick said:

Also is it confirmed that paying into another account, (PO savings as an example), count as a DC spend and how would one do that?

Who would you expect to confirm this? I sincerely hope nobody will be asking Halifax, and we'll find out one way or the other as and when anyone will be able to try it. As to how you make a debit card payment into a savings account: it will be one of the options for making a deposit in online banking if your account offers deposits by debit card. Some do, most don't.