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

cjjhbn

What savings account can we send the £500 to . As i never used my reward debit card just the clarity credit card

bristolleedsfan

cjjhbn said:

What savings account can we send the £500 to . As i never used my reward debit card just the clarity credit card

Colsten posted this yesterday -

There are a few savings accounts, as well as investment accounts, that can be fed with debit cards. I haven't yet seen the Halifax T&Cs, so am not sure whether such payments would be eligible for the £500/mth debit card spend. Here are the ones I know of, anyway:

SAVINGS: KRBS, YBS, HL Active Savings, Skipton*, and Post Office*

INVESTMENTS: just about all platforms

NOTES: Thanks to Ed-1 for naming some additional ones. Although I hasten to add, of all the ones mentioned, I would never again go anywhere near Post Office savings because their systems and their CS are beyond shambolic.

quirkydeptless

Family Building Society also take Debit Cards
https://familybuildingsociety.co.uk/

latinaid

I'm currently getting 1.4% on my Marcus savings account.  That's about £70 for the year.  On current rates, it's very slightly better to leave £5000 in the Halifax account, especially as the Marcus rate is variable and (given the recent Bank of England cut), will probably be reduced soon.  Am I missing something? Can I just use the Halifax account as a savings account (paying in and withdrawing £1500 a month to avoid the fee)? 

ffacoffipawb

I have 3 of these. You need to ring up to change to the new account to get 3 cinema tickets a month (one per account) which would be nice. I suspect they will only let me keep one.

colsten

latinaid said:

I'm currently getting 1.4% on my Marcus savings account.  That's about £70 for the year.  On current rates, it's very slightly better to leave £5000 in the Halifax account, especially as the Marcus rate is variable and (given the recent Bank of England cut), will probably be reduced soon.  Am I missing something? Can I just use the Halifax account as a savings account (paying in and withdrawing £1500 a month to avoid the fee)? 

It shouldn't be an either - or, you can get the max money from both, Halifax and Marcus! No need to leave any money linger in Halifax for longer than absolutely necessary. 

Pay £1,500 into Halifax a month. Then pay £500 by Halifax debit card into a savings account in your name, and the remainder by FP to where it came from. You might even want to pay the entire £1,500 into a savings account in your name (or £1,505, once you start receiving the monthly fiver from Halifax).  Depending on the interest rate of that savings account, you may want to cycle the money back to Marcus, or other suitable place.

latinaid

colsten said:

latinaid said:

I'm currently getting 1.4% on my Marcus savings account.  That's about £70 for the year.  On current rates, it's very slightly better to leave £5000 in the Halifax account, especially as the Marcus rate is variable and (given the recent Bank of England cut), will probably be reduced soon.  Am I missing something? Can I just use the Halifax account as a savings account (paying in and withdrawing £1500 a month to avoid the fee)? 

It shouldn't be an either - or, you can get the max money from both, Halifax and Marcus! No need to leave any money linger in Halifax for longer than absolutely necessary. 

Pay £1,500 into Halifax a month. Then pay £500 by Halifax debit card into a savings account in your name, and the remainder by FP to where it came from. You might even want to pay the entire £1,500 into a savings account in your name (or £1,505, once you start receiving the monthly fiver from Halifax).  Depending on the interest rate of that savings account, you may want to cycle the money back to Marcus, or other suitable place.

Bu the point I was making is - can't I get the £5 a month just by leaving £5000 in the Halifax account? That's £60 a year - slightly less than I'd currently get at Marcus, but I'm sure the Marcus rate will drop soon.  By leaving the £5000 in the Halifax account, I'd be getting a better rate than having it in the Marcus account.  Then I just need to move £1500 in and straight out in order to avoid the fee.  No faffing about with using the direct debit card.

EDIT: sorry, I see what you mean - you can get the £5 a month PLUS the Marcus interest. It's been a long day! 

Tildaplum

NS&I allow debit card deposits for eg income bonds, direct saver and premium bonds. 
Also posted this in Colsten's thread.

SpanishBlue

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.

Just wondering who charges you for using a credit card?

I thought they weren't allowed to anymore.

bristolleedsfan

ffacoffipawb said:

I have 3 of these. You need to ring up to change to the new account to get 3 cinema tickets a month (one per account) which would be nice. I suspect they will only let me keep one.

Terms state maximum 1 sole of new account  type plus 1 Joint