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

masonic

vixen1500 said:

Anyone know if you choose the  £5 for £500 debit card option if this still applys 

It has been discussed in the thread about Reward Extras, rather than this thread, which is about the switching offer. In short, Halifax has implied by omission that the £5 for £500 debit card spend is not taxed at source and would therefore be treated as cashback, but nobody knows for sure.

vixen1500

Quick maths query 
£6.25 per month = 1.5% Interest 
Have I got that right?

masonic

vixen1500 said:

Quick maths query 
£6.25 per month = 1.5% Interest 
Have I got that right?

Correct, assuming you are a non-taxpayer and can reclaim the tax deducted at source.

vixen1500

masonic said:

vixen1500 said:

Anyone know if you choose the  £5 for £500 debit card option if this still applys 

It has been discussed in the thread about Reward Extras, rather than this thread, which is about the switching offer. In short, Halifax has implied by omission that the £5 for £500 debit card spend is not taxed at source and would therefore be treated as cashback, but nobody knows for sure.

Thanks, I will check out the other thread

masonic

vixen1500 said:

masonic said:

vixen1500 said:

Anyone know if you choose the  £5 for £500 debit card option if this still applys 

It has been discussed in the thread about Reward Extras, rather than this thread, which is about the switching offer. In short, Halifax has implied by omission that the £5 for £500 debit card spend is not taxed at source and would therefore be treated as cashback, but nobody knows for sure.

Thanks, I will check out the other thread

See this post onward: https://forums.moneysavingexpert.com/discussion/comment/77468599/#Comment_77468599

vixen1500

masonic said:

vixen1500 said:

Quick maths query 
£6.25 per month = 1.5% Interest 
Have I got that right?

Correct, assuming you are a non-taxpayer and can reclaim the tax deducted at source.

Thanks,
Sounds like leaving the £5000 in the account is a good option then, as that beats most savings accounts 

colsten

vixen1500 said:

masonic said:

vixen1500 said:

Quick maths query 
£6.25 per month = 1.5% Interest 
Have I got that right?

Correct, assuming you are a non-taxpayer and can reclaim the tax deducted at source.

Thanks,
Sounds like leaving the £5000 in the account is a good option then, as that beats most savings accounts 

Oh dear.

Zanderman

vixen1500 said:

masonic said:

vixen1500 said:

Quick maths query 
£6.25 per month = 1.5% Interest 
Have I got that right?

Correct, assuming you are a non-taxpayer and can reclaim the tax deducted at source.

Thanks,
Sounds like leaving the £5000 in the account is a good option then, as that beats most savings accounts 

Maybe. 
But....... as pointed out by many in this thread and elsewhere, and by myself earlier:

Zanderman said:

Now just have to decide which Reward option to go for, though it's really a no brainer I think:  the £500 debit card spend is better value than 5k in the account.  I can earn money on 5k elsewhere.

soulsaver

masonic said:

vixen1500 said:

Quick maths query 
£6.25 per month = 1.5% Interest 
Have I got that right?

Correct, assuming you are a non-taxpayer and can reclaim the tax deducted at source.

Or equivalent... if you are a brt payer and pay tax on savings interest...

masonic

soulsaver said:

masonic said:

vixen1500 said:

Quick maths query 
£6.25 per month = 1.5% Interest 
Have I got that right?

Correct, assuming you are a non-taxpayer and can reclaim the tax deducted at source.

Or equivalent... if you are a brt payer and pay tax on savings interest...

Or a higher rate taxpayer who earns more than £500 in interest, or an additional rate taxpayer.

But if you are a taxpayer the situation is more complex because there are also tax free savings vehicles one could consider - in which case it is not equivalent to a 1.5% interest rate.