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

xlnc99

Give me an example of how one person may get £250 per month in rewards alone. I have several bank accounts and would never get anywhere near that

crumpet_man

They never said rewards alone.  
Switching bonuses, extra interest from regular savers and more go towards that figure of £250.

veryintrigued

crumpet_man said:

They never said rewards alone.  
Switching bonuses, extra interest from regular savers and more go towards that figure of £250.

This....

surreysaver

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. 

Interest earnt on savings as well. An offset flexible tracker mortgage, borrow money at less than 1%, put it in savings at least 1.5%. As well as rewards, switching bonuses (although I've used all those up now). Just the effort of moving money around when rates change. It requires time and effort, but definitely doable 

stehouk

veryintrigued said:

crumpet_man said:

They never said rewards alone.  
Switching bonuses, extra interest from regular savers and more go towards that figure of £250.

This....

For most of us there are no switching bonus left that we have not already done, i'm coming to end of my last 5% reg saver, marcus been cut twice, premium bonds been cut, help to buy isa been cut, nationwide cut everything.
Please show me where i can earn £250 per month, i would be extremely grateful.

surreysaver

veryintrigued said:

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.

And of course the 'harassing' of organisations when I don't hear back as soon as expected. Have to keep on top of things and micromanage it all

surreysaver

xlnc99 said:

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

But that's the fun! People sit in front of the telly all day - time they will never get back, but they enjoy it

colsten

stehouk said:

For most of us there are no switching bonus left that we have not already done, i'm coming to end of my last 5% reg saver, marcus been cut twice, premium bonds been cut, help to buy isa been cut, nationwide cut everything.
Please show me where i can earn £250 per month, i would be extremely grateful.

A lot depends on how much money you have available, either in savings or from stoozing, or from both. For some, making £250 a month is a doddle, for others, it is out of reach. Having plenty of money alone doesn't do the trick, as there isn't a single, safe, account that would pay you £250 a month.

surreysaver

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. 

So far this month, I've had three Regular Savers mature - over £30 each; Barclays Rewards £14; NatWest Rewards £5; Co-Op Rewards £5.50; Halifax Rewards £2; NatWest Savings Builder interest £9, other interest from savings about £30; Santander 123 cashback £11.53 (I have my mortgage with them, so my direct debit is set at £1k to gain maximum cashback - just take the overpayment back out again) 

veryintrigued

stehouk said:

veryintrigued said:

crumpet_man said:

They never said rewards alone.  
Switching bonuses, extra interest from regular savers and more go towards that figure of £250.

This....

For most of us there are no switching bonus left that we have not already done, i'm coming to end of my last 5% reg saver, marcus been cut twice, premium bonds been cut, help to buy isa been cut, nationwide cut everything.
Please show me where i can earn £250 per month, i would be extremely grateful.

Having the capital in the first place is key.

For someone cash strong, say £100k, and average RS interest rate of 2.5% (this was a achievable rate up until the last few weeks) that's £2.5k (or over £200 per month) straight away.

That's negating any other offers.

Not that I'm saying that's what you should or should not be doing.

I'm saying it's do-able - but lots more work nowadays as less opportunities.