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

Zanderman

Ted_E_Bear said:

CRISPIANNE3 said:

I will keep the Reward account for the £5.00. I can easily keep £5,000 in the account but if things change financially for me then I will certainly downgrade the account. However there may be another switch offer on the horizon. 

As I understand the offer, and some of it isn't clear, you have to keep £5K in the account, and pay in £1500 in every month.

£5 per month on £5K is only £2 per year better than my NS&I account, plus you have to transfer in and out £1500 every month. It's not worth the hassle for an extra £2 a year.

Is your NS&I a fixed rate for 12 months? The Halifax £5 would appear to be.

Yorkshire_Pud

colsten said:

Yorkshire_Pud said:

After switch yesterday and £100 received two days ago, today changed UR account to standard current account. Log off log back in to see the change.
My belief from reading page 53 of the welcome pdf is that if on the fee charging day of the UR 2nd Sept or near you no longer hold the UR account then no fee is charged.
Bit like Santander £5 monthly fee if change to lite before the anniversary monthly charge date they just take the lite fee and don’t pro rata charge for the period when it was full fat.

Leaving £17 in the account anyway just in case!

My downgraded UR will long have been switched out of Hfx by Sept 2 

That’s another way of doing it!
I was quietly hoping I might later upgrade to another Reward account but that option seems to have been plugged now.

SpanishBlue

Ted_E_Bear said:

CRISPIANNE3 said:

I will keep the Reward account for the £5.00. I can easily keep £5,000 in the account but if things change financially for me then I will certainly downgrade the account. However there may be another switch offer on the horizon. 

As I understand the offer, and some of it isn't clear, you have to keep £5K in the account, and pay in £1500 in every month.

£5 per month on £5K is only £2 per year better than my NS&I account, plus you have to transfer in and out £1500 every month. It's not worth the hassle for an extra £2 a year.

If you went for the debit card option, you only have to keep 1p in your account. You could then transfer £1500 in and straight out again once a month and still get the NS&I interest interest on your £5000 plus the £60 a year from Halifax.

metron

Am I right in saying that there's no requirement to have any direct debits on the account to operate it and get the monthly bonus?  That's unusual.  Can't see anything in the T&C (or on those relating to the £100 switch) but just concerned I might have missed something.

ischris85

metron said:

Am I right in saying that there's no requirement to have any direct debits on the account to operate it and get the monthly bonus?  That's unusual.  Can't see anything in the T&C (or on those relating to the £100 switch) but just concerned I might have missed something.

Yes thats right metron. DD are not a requirement.

colsten

SpanishBlue said:

Ted_E_Bear said:

CRISPIANNE3 said:

I will keep the Reward account for the £5.00. I can easily keep £5,000 in the account but if things change financially for me then I will certainly downgrade the account. However there may be another switch offer on the horizon. 

As I understand the offer, and some of it isn't clear, you have to keep £5K in the account, and pay in £1500 in every month.

£5 per month on £5K is only £2 per year better than my NS&I account, plus you have to transfer in and out £1500 every month. It's not worth the hassle for an extra £2 a year.

If you went for the debit card option, you only have to keep 1p in your account. You could then transfer £1500 in and straight out again once a month and still get the NS&I interest interest on your £5000 plus the £60 a year from Halifax.

Even 0p is enough.

Herbalus

metron said:

Am I right in saying that there's no requirement to have any direct debits on the account to operate it and get the monthly bonus?  That's unusual.  Can't see anything in the T&C (or on those relating to the £100 switch) but just concerned I might have missed something.

It appears Halifax believe that spending £500 on a debit card is harder to achieve artificially than 2 direct debits, and therefore incentives use as your main account. However, a lot of us have found this to be flawed logic and we much prefer spending on debit cards than faffing about creating piles of direct debits.

Or, if they’re not focusing on people who do the minimum required to get the rewards, presumably they’ve done the maths on the average current account holder and have found that more people find it quite tricker to spend a normal £500 per month on a card than having 2 direct debits, so will gain overall.

masonic

Herbalus said:

metron said:

Am I right in saying that there's no requirement to have any direct debits on the account to operate it and get the monthly bonus?  That's unusual.  Can't see anything in the T&C (or on those relating to the £100 switch) but just concerned I might have missed something.

It appears Halifax believe that spending £500 on a debit card is harder to achieve artificially than 2 direct debits, and therefore incentives use as your main account. However, a lot of us have found this to be flawed logic and we much prefer spending on debit cards than faffing about creating piles of direct debits.

Or, if they’re not focusing on people who do the minimum required to get the rewards, presumably they’ve done the maths on the average current account holder and have found that more people find it quite tricker to spend a normal £500 per month on a card than having 2 direct debits, so will gain overall.

Or they've decided they'd rather spend £5 on a £5 reward instead of £6.25 and merely set the debit card spend to give a sensible percentage cashback*

* if it is indeed cashback

nologo

Dim question, Is nationwide flex direct account  eligible  to swap for the reward,  anybody tried it yet..as they are a building society not a bank i'm not sure


,

colsten

nologo said:

Dim question, Is nationwide flex direct account  eligible  to swap for the reward,  anybody tried it yet..as they are a building society not a bank i'm not sure


,

any current account from any organisation [other than Halifax itself] that supports CASS is eligible. Nationwide does support CASS.