Halifax Reward

GTR_King

Agreed but wanna keep my Halifax reward account for now

Daliah

GTR_King said:

I have solved the issue by putting £5k in Halifax Reward account but will look for £500 debit card payment later on 

The choice you make is valid for 12 months, so you cannot switch between the £5,000 and the £500 debit card payment within the 12 months.

GTR_King said:

Agreed but wanna keep my Halifax reward account for now

You can keep the account without getting a reward payment. Even if you have chosen the £5,000 option, you don't have to keep any money in the account. You'll just not get the monthly fiver if there is less than £5,000 in the account. You would almost certainly be better off putting the £5,000 into Chase, or even into a 1-year fix, which would pay around 2.1% - i.e. £105ish. 

Obviously, the most profitable solution is to have the £5K in an interest-paying account, and use the £500 debit card option at Halifax but it seems that ship has sailed for you if you have chosen the £5,000 deposit option for your renewal.

phillw

GTR_King said:

I have solved the issue by putting £5k in Halifax Reward account but will look for £500 debit card payment later on 

Using £5k gets you 1.2%, you could have done the £500 debit card to get £5 and put the £5k in chase uk @1.5% and got an extra £6.25 a month.

But it's too late if you've already selected the option, something to remember next year. You probably left it too late for this month though, because it's unlikely to post a debit card transaction in April if you made it today anyway.

A lot of people won't mention how they do it, because when they get spoken about too often then you find they get blocked. But there are ways to do it that avoid losing any interest due to processing time.

Watch out that your balance doesn't go below £5000 overnight, as you'll lose the £5 for that month even if the balance goes to 4999.99 for 1 day.

WillPS

GTR_King said:

I have solved the issue by putting £5k in Halifax Reward account but will look for £500 debit card payment later on 

In case you didn't know - you can't just not spend £500 one month, leave £5k in and still qualify - you also need to change your election, I think the only way to do that is to deregister for rewards and then reregister but I'm not sure since I've never done it.

soulsaver

Daliah said:

Obviously, the most profitable solution is to have the £5K in an interest-paying account, and use the £500 debit card option at Halifax but it seems that ship has sailed for you if you have chosen the £5,000 deposit option for your renewal.

You can alter your choice as long as the rewards renewal hasn't started... from faqs:

Can I change my Reward Extras offer?

You can’t change your offer once it has started.

GTR_King

Thanks for that my rewards ends soon so might downgrade the account then upgrade again as can’t find a way to spend £500 debit card transaction at moment

NS&I looks good maybe YBS but not sure about any others 

WillPS

GTR_King said:

Thanks for that my rewards ends soon so might downgrade the account then upgrade again as can’t find a way to spend £500 debit card transaction at moment

NS&I looks good maybe YBS but not sure about any others 

NS&I definitely works. You just have to wait 10 days before withdrawing.

Account setup is quick.

GTR_King

Ok thanks will look into that then do the £500 later this month & will probably close post office down 

GTR_King

Update Have closed post office account down and now opened NS&I Savings so I can do the £500 debit card payments so all good

soulsaver

GTR_King said:

Update Have closed post office account down and now opened NS&I Savings so I can do the £500 debit card payments so all good

The Yorkshire BS (YBS) hack is a lot quicker than NS&I...