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

veryintrigued

Wheres_My_Cashback said:

Poor_Leno said:

I'm trying to find a suitable account for making the £500 DC payment.

I did apply to YBS and had an email welcoming me to the bank but AFAIK I am waiting for whatever documentation they send first requesting for me to send proof of ID.  No idea why they can't just do that electronically with a soft search like most institutions?

Also, had a look at Skipton's e'saver which apparently accepts DC payments.  However, they do explicitly outline in the T&Cs this

[quote]6. Non Payment Account

6.1 This account is a savings account and must not be used for multiple monthly transactions like a current account. It isn’t a Payment Account for the purposes of the Payment Services Regulations 2017.[/quote]

Which I assume would mean I shouldn't really be using the account for the purpose that I would be pretty much abusing their service for.  Unless...I chuck £501 over each month and take out £500 so that it is at least growing like a normal savings account would and not being explicitly used against their terms of service (as above).   I had a Skipton account before and it did used to be a bit clunky with regards to the online offering e.g no app and they had some weird grid card thing.  I assume times changed since I had a Skipton account (which is 4 or 5 years ago) ?



Are there any other accounts?  I do have an NS&I Direct Saver which I could use for DC payment, but, its the slowest account going when it comes to accessing money.  I think its a full 14 days or something silly.  I did have a PO account previously but gave up on it cos it was a nightmare just trying to set up £1 DDs for my co-op account, whenever I tried to do anything with the account I got some stupid technical message.



Cheers!

Do you have a Paypal account ? If you do just add the DC.
I've tried and tested 500 through Paypal. It took 3 days altogether to request and then send the money back to HFX and shows as a DC payment on the statement.

Aren't these on the DC thread too?

Fingerbobs

Poor_Leno said:

I'll delete my post above fingerbobs...guess we have to keep an eye on said/potential  'exclusions'.  Thanks for the link.

Apologies. I've deleted my post too. 

xlnc99

This thread just goes to show how banks have us all wrapped around our fingers. As it stands 38 pages of discussion over a £5 reward per month. I bet most of you spend that on a couple of pints down the pub. Worst of all, some of you are even opening new accounts just to put the £500 in each month and take it out. All this hassle for £5 reward!

Dont get me wrong, im with you. I am doing the same. But it just goes to show how the banks have us wrapped around their fingers. Making billions each year whilst we are jumping through hoops to get a £5 reward per month.

Sad times

surreysaver

jeepjunkie said:

xlnc99 said:

This thread just goes to show how banks have us all wrapped around our fingers. As it stands 38 pages of discussion over a £5 reward per month. I bet most of you spend that on a couple of pints down the pub. Worst of all, some of you are even opening new accounts just to put the £500 in each month and take it out. All this hassle for £5 reward!

Dont get me wrong, im with you. I am doing the same. But it just goes to show how the banks have us wrapped around their fingers. Making billions each year whilst we are jumping through hoops to get a £5 reward per month.

Sad times

True, but this is my hobby and when you add up all the quidco cashback for opening cards, switch bonuses, stoozing, chasing interest, cashback and reward payments its an easy £200pm+ return Most folks have no interest free money so there will always be offers

All my faffing about earns me between £200-£250 per month on average, including 0% credit cards, reward current accounts, chasing higher rates of interest, switching bonuses and cashback etc
And its a fun game to play 

badger09

surreysaver said:

jeepjunkie said:

xlnc99 said:

This thread just goes to show how banks have us all wrapped around our fingers. As it stands 38 pages of discussion over a £5 reward per month. I bet most of you spend that on a couple of pints down the pub. Worst of all, some of you are even opening new accounts just to put the £500 in each month and take it out. All this hassle for £5 reward!

Dont get me wrong, im with you. I am doing the same. But it just goes to show how the banks have us wrapped around their fingers. Making billions each year whilst we are jumping through hoops to get a £5 reward per month.

Sad times

True, but this is my hobby and when you add up all the quidco cashback for opening cards, switch bonuses, stoozing, chasing interest, cashback and reward payments its an easy £200pm+ return Most folks have no interest free money so there will always be offers

All my faffing about earns me between £200-£250 per month on average, including 0% credit cards, reward current accounts, chasing higher rates of interest, switching bonuses and cashback etc
And its a fun game to play 

surreysaver said:

jeepjunkie said:

xlnc99 said:

This thread just goes to show how banks have us all wrapped around our fingers. As it stands 38 pages of discussion over a £5 reward per month. I bet most of you spend that on a couple of pints down the pub. Worst of all, some of you are even opening new accounts just to put the £500 in each month and take it out. All this hassle for £5 reward!

Dont get me wrong, im with you. I am doing the same. But it just goes to show how the banks have us wrapped around their fingers. Making billions each year whilst we are jumping through hoops to get a £5 reward per month.

Sad times

True, but this is my hobby and when you add up all the quidco cashback for opening cards, switch bonuses, stoozing, chasing interest, cashback and reward payments its an easy £200pm+ return Most folks have no interest free money so there will always be offers

All my faffing about earns me between £200-£250 per month on average, including 0% credit cards, reward current accounts, chasing higher rates of interest, switching bonuses and cashback etc
And its a fun game to play 

I may have 'faffing' longer than you but for me, the fun has definitely gone out of this game 

Fingerbobs

badger09 said:

surreysaver said:

jeepjunkie said:

xlnc99 said:

This thread just goes to show how banks have us all wrapped around our fingers. As it stands 38 pages of discussion over a £5 reward per month. I bet most of you spend that on a couple of pints down the pub. Worst of all, some of you are even opening new accounts just to put the £500 in each month and take it out. All this hassle for £5 reward!

Dont get me wrong, im with you. I am doing the same. But it just goes to show how the banks have us wrapped around their fingers. Making billions each year whilst we are jumping through hoops to get a £5 reward per month.

Sad times

True, but this is my hobby and when you add up all the quidco cashback for opening cards, switch bonuses, stoozing, chasing interest, cashback and reward payments its an easy £200pm+ return Most folks have no interest free money so there will always be offers

All my faffing about earns me between £200-£250 per month on average, including 0% credit cards, reward current accounts, chasing higher rates of interest, switching bonuses and cashback etc
And its a fun game to play 

surreysaver said:

jeepjunkie said:

xlnc99 said:

This thread just goes to show how banks have us all wrapped around our fingers. As it stands 38 pages of discussion over a £5 reward per month. I bet most of you spend that on a couple of pints down the pub. Worst of all, some of you are even opening new accounts just to put the £500 in each month and take it out. All this hassle for £5 reward!

Dont get me wrong, im with you. I am doing the same. But it just goes to show how the banks have us wrapped around their fingers. Making billions each year whilst we are jumping through hoops to get a £5 reward per month.

Sad times

True, but this is my hobby and when you add up all the quidco cashback for opening cards, switch bonuses, stoozing, chasing interest, cashback and reward payments its an easy £200pm+ return Most folks have no interest free money so there will always be offers

All my faffing about earns me between £200-£250 per month on average, including 0% credit cards, reward current accounts, chasing higher rates of interest, switching bonuses and cashback etc
And its a fun game to play 

I may have 'faffing' longer than you but for me, the fun has definitely gone out of this game 

I still enjoy a certain amount of 'faff' but the returns are poultry compared to what they used to be. I reckon I make about £50-£60 per month on average by 'faffing'.

General_Grant

However paltry ("chicken feed"?) they may be, what is the opportunity cost of £50/month?  Is it worth it?

xlnc99

surreysaver said:

jeepjunkie said:

xlnc99 said:

This thread just goes to show how banks have us all wrapped around our fingers. As it stands 38 pages of discussion over a £5 reward per month. I bet most of you spend that on a couple of pints down the pub. Worst of all, some of you are even opening new accounts just to put the £500 in each month and take it out. All this hassle for £5 reward!

Dont get me wrong, im with you. I am doing the same. But it just goes to show how the banks have us wrapped around their fingers. Making billions each year whilst we are jumping through hoops to get a £5 reward per month.

Sad times

True, but this is my hobby and when you add up all the quidco cashback for opening cards, switch bonuses, stoozing, chasing interest, cashback and reward payments its an easy £200pm+ return Most folks have no interest free money so there will always be offers

All my faffing about earns me between £200-£250 per month on average, including 0% credit cards, reward current accounts, chasing higher rates of interest, switching bonuses and cashback etc
And its a fun game to play 

Im sorry but i cannot believe you earn £250 on rewards per month through banking. That is just impossible. 

xlnc99

General_Grant said:

However paltry ("chicken feed"?) they may be, what is the opportunity cost of £50/month?  Is it worth it?

time and effort which we will never get back

veryintrigued

xlnc99 said:

surreysaver said:

jeepjunkie said:

xlnc99 said:

This thread just goes to show how banks have us all wrapped around our fingers. As it stands 38 pages of discussion over a £5 reward per month. I bet most of you spend that on a couple of pints down the pub. Worst of all, some of you are even opening new accounts just to put the £500 in each month and take it out. All this hassle for £5 reward!

Dont get me wrong, im with you. I am doing the same. But it just goes to show how the banks have us wrapped around their fingers. Making billions each year whilst we are jumping through hoops to get a £5 reward per month.

Sad times

True, but this is my hobby and when you add up all the quidco cashback for opening cards, switch bonuses, stoozing, chasing interest, cashback and reward payments its an easy £200pm+ return Most folks have no interest free money so there will always be offers

All my faffing about earns me between £200-£250 per month on average, including 0% credit cards, reward current accounts, chasing higher rates of interest, switching bonuses and cashback etc
And its a fun game to play 

Im sorry but i cannot believe you earn £250 on rewards per month through banking. That is just impossible. 

It can be done. Definitely.

As you say lots and lots of effort and organisation.

Especially more nowadays.