New Halifax Reward account. Has anyone figured out a way around £500 spending?

JustAnotherSaver

polymaff said:

JustAnotherSaver said:

Sorry I missed the bit where it was described.
I've seen various names but it was only on another site I saw a description. 

Either way, I was on the NS&I site last night and it said they close the account if there's less than £500 in it.
Are you saying that isn't true? 

I can't provide link and quote right now as I'm at work but I can tonight. 

Have a look at NS&I's Direct Saver.  That's what I use.  Minimum balance is £1.

Ah thank you.

I had landed on their income bonds saver. Someone on one of the other sites i mentioned said they did it by using that so that's how I ended up looking at it. I thought £500 vs £30,000 is a decent deal. £1 vs £30k tied up is even better.

colsten

TheMightySwordfish said:

This is possible and quicker with Revolut. Sorry Colsten 😏

Don't apologise to me. Just don't come crying when they lock your account for money recycling and you can't get hold of their CS.

ZeroSum

JustAnotherSaver said:

Ok this may not be the most recent thread in the forum but it's the one that hit top result when I Googled "way around halifax £5 rewards". My rewards are due to renew 31 May and I've 5-6 accounts that come in to play with this. If it was just 1 then that'd be simple - pay off 1 credit card but as I say, it's 5-6.

I only have 1 credit card and as it's a cashback card then that's what I generally use to spend. A monthly direct debit will be in the region of £1,000-£1,400 so that could be 2 accounts taken care of with paying 2 lots of £500 from 2 different accounts.

That still leaves 3-4 accounts.

I don't really want to deposit in to anything investing because I have my investment accounts and their monthly payments set up and i don't want any more, plus I don't want risk to the £500.

If anyone reading this doesn't fancy posting on an open forum then my PM box is open if that suits.

I read of PayPal being one possible method. Bob sends to Frank, Frank gives Bob the money back. Job done. Not sure if that'd work or not and would prefer to know before the 31st.

Or you could have just looked 3 posts up where I mentioned one. The same one I've mentioned a few times. The one you keep claiming no one mentions & is hush hush.

minimalising

Hi, MSEF.

I'm considering switching to Halifax and am wondering about this issue.

The first thing I do each month is transfer a grand into the joint account (different bank).  Would that count as a debit card spend?  

I don't really want to actually £500 a month on purchases as such.

EarthBoy

minimalising said:

Hi, MSEF.

The first thing I do each month is transfer a grand into the joint account (different bank).  Would that count as a debit card spend?  

I don't really want to actually £500 a month on purchases as such.

Er...no.  Why did you think that a transfer would count as a debit card spend?  If you haven't used the debit card, then it's not a debit card spend, obviously.

PRAISETHESUN

minimalising said:

Hi, MSEF.

I'm considering switching to Halifax and am wondering about this issue.

The first thing I do each month is transfer a grand into the joint account (different bank).  Would that count as a debit card spend?  

I don't really want to actually £500 a month on purchases as such.

You need to use your debit card to make a purchase. Transferring between accounts using FP or BACS does not qualify. Have a read through the thread in a bit more detail and hopefully you can find a workaround that works for you - it's spelled out pretty clearly what you need to do.

Brewer21

minimalising said:

Hi, MSEF.

I'm considering switching to Halifax and am wondering about this issue.

The first thing I do each month is transfer a grand into the joint account (different bank).  Would that count as a debit card spend?  

I don't really want to actually £500 a month on purchases as such.

My wife has just switched to Halifax reward account. You only have to use your debit card to spend £500 if you want the £5 reward each month. If you can't spend £500 per month then don't bother to activate the reward part on the account. My wife was ditching her Tesco account to switch in to Halifax purely to get the £125 switching bonus.
You must pay in £1500  per month though to avoid the account fee. You can just in and out that and repeat each month. 

Aidanmc

I do a little bit of matchbetting in my spare time, so i circulate the funds through betting exchanges.

Aidanmc

Brewer21 said:

minimalising said:

Hi, MSEF.

I'm considering switching to Halifax and am wondering about this issue.

The first thing I do each month is transfer a grand into the joint account (different bank).  Would that count as a debit card spend?  

I don't really want to actually £500 a month on purchases as such.

My wife has just switched to Halifax reward account. You only have to use your debit card to spend £500 if you want the £5 reward each month. If you can't spend £500 per month then don't bother to activate the reward part on the account. My wife was ditching her Tesco account to switch in to Halifax purely to get the £125 switching bonus.
You must pay in £1500  per month though to avoid the account fee. You can just in and out that and repeat each month. 

No point then having a Reward account if you weren't going to receive the reward each month, may as well downgrade to standard current account with no fees

fly-catchers

If you use a credit card you could pay it off with the debit card. I spend over £500 on my CC so that allows me to get the £5 reward. And cashback on my CC as well!