Possible £100 Halifax switch offer starting 4/8/20

d63

trickydicky14 said:

Quick question, whilst setting up my reward account (two days ago) I said I would spend £500 a month on debit card to claim my £5, I now feel I should have gone for the £5000 in account option.

Is there a way I can change this? I have looked at my account and can’t find a way to change it.

Can you advise please.

apply for a second account and choose a different reward option?
https://www.halifax.co.uk/bankaccounts/current-accounts/current-account/existing-customer.html

Alexland

ischris85 said:

Why would you want to change it, you can use your debit card to make a deposit to a NS&I account for instance.

Yup I don't see why anyone would want to leave £5k in the account when it can be earning interest elsewhere and the £5 can be achieved without it.

Hasbeen

Alexland said:

ischris85 said:

Why would you want to change it, you can use your debit card to make a deposit to a NS&I account for instance.

Yup I don't see why anyone would want to leave £5k in the account when it can be earning interest elsewhere and the £5 can be achieved without it.

So £5000 in account and £60 per year equals what interest rate for easy access accounts?

trickydicky14

Alexland and others,
Yes you are right, I did not think that one through I should be able to double my return with a bit of work so I will leave things alone thanks.

masonic

Hasbeen said:

Alexland said:

ischris85 said:

Why would you want to change it, you can use your debit card to make a deposit to a NS&I account for instance.

Yup I don't see why anyone would want to leave £5k in the account when it can be earning interest elsewhere and the £5 can be achieved without it.

So £5000 in account and £60 per year equals what interest rate for easy access accounts?

Even if the best savings account pays 0.1% interest, you'll get a higher return by achieving the £5 per month by other means and having the £5000 available to save elsewhere. The Halifax Reward savings option is not equivalent to an easy access account though - if you access any of the £5000 then you won't earn the £5. Other than pinging the money out and in on the same day, it needs to remain within the account for the whole year.

colsten

Hasbeen said:

Alexland said:

ischris85 said:

Why would you want to change it, you can use your debit card to make a deposit to a NS&I account for instance.

Yup I don't see why anyone would want to leave £5k in the account when it can be earning interest elsewhere and the £5 can be achieved without it.

So £5000 in account and £60 per year equals what interest rate for easy access accounts?

£60 a year would be an AER of 1.2%, regardless of whether your £5,000 would be in an easy access or a fix-term account.

masonic

colsten said:

Hasbeen said:

Alexland said:

ischris85 said:

Why would you want to change it, you can use your debit card to make a deposit to a NS&I account for instance.

Yup I don't see why anyone would want to leave £5k in the account when it can be earning interest elsewhere and the £5 can be achieved without it.

So £5000 in account and £60 per year equals what interest rate for easy access accounts?

£60 a year would be an AER of 1.2%, regardless of whether your £5,000 would be in an easy access or a fix-term account.

The Halifax Reward savings option could be worth more or less than £60 a year depending on your marginal rate of tax, while interest on the £5000 may or may not be taxed depending on your tax rate and other savings income. So it is very dependent on your tax situation exactly what an equivalent savings account would need to pay. But rather irrelevant as it does not need to be either/or.

Alexland

Hasbeen said:

So £5000 in account and £60 per year equals what interest rate for easy access accounts?

It's irrelevant as you get the £60 anyway by cycling £500 of working capital through an account that accepts debit card contributions so any interest you earn on saving your £5k elsewhere is only going to improve your return.

7sefton

Does anyone know for sure when Halifax last paid a switching incentive that existing customers could benefit from? I’ve trawled the last 2 years statements on all three of my old-style Halifax Rewards statements and can’t seem to spot any incentive payment, but I’m almost sure there was an offer I took advantage of in that time frame. (Want to be certain I’ll be eligible for this one, especially because I’ll need to upgrade one of my accounts to an Ultimate Reward and pay for it.) Thanks!

castle96

Pin and card arrived today, IN THE SAME ENVELOPE !!!!