Halifax Reward

GTR_King

It's all good mate, I won't be getting my may £5 but will for June 

Johntea

Just a warning you can keep the rewards account without receiving the award, however you must pay in £1500 a month to it still or you'll be hit with a £3 'maintenance fee' if you don't do so

Obviously the £1500 doesn't have to stay there of course, as it isn't my main account by any means I just transfer £1500 of my salary across on payday, leave it in a couple of days then back out elsewhere e.g. Chase

wiseonesomeofthetime

Johntea said:

Just a warning you can keep the rewards account without receiving the award, however you must pay in £1500 a month to it still or you'll be hit with a £3 'maintenance fee' if you don't do so

Obviously the £1500 doesn't have to stay there of course, as it isn't my main account by any means I just transfer £1500 of my salary across on payday, leave it in a couple of days then back out elsewhere e.g. Chase

I just have a weekly transfer of £400 from Lloyd's to Halifax on a Tuesday and return it from Halifax to Lloyd's on a Wednesday.

All automated then and leaves £400 in Club Lloyd's for most of the work, earning 0.60%

I picked Tuesday and Wednesday as, bar Xmas time, they tend to not be subject of a public/bank holiday.

Thumbs_Up

Johntea said:

Obviously the £1500 doesn't have to stay there of course, as it isn't my main account by any means I just transfer £1500 of my salary across on payday, leave it in a couple of days then back out elsewhere e.g. Chase

This is so British, why leave your money in for a couple of days, you are loosing out on interest. Pay in, take out same day. You owe the bank nothing.

I had a change about with this account I was paying in £1,500 and holding the £5000. Now I do the £500 payment to NSI. The interest saving rates are going up so i’m likely to downgrade this to a basic account and not bother with all this faffing about.

Daliah

wiseonesomeofthetime said:

Johntea said:

Just a warning you can keep the rewards account without receiving the award, however you must pay in £1500 a month to it still or you'll be hit with a £3 'maintenance fee' if you don't do so

Obviously the £1500 doesn't have to stay there of course, as it isn't my main account by any means I just transfer £1500 of my salary across on payday, leave it in a couple of days then back out elsewhere e.g. Chase

I just have a weekly transfer of £400 from Lloyd's to Halifax on a Tuesday and return it from Halifax to Lloyd's on a Wednesday.

All automated then and leaves £400 in Club Lloyd's for most of the work, earning 0.60%

I picked Tuesday and Wednesday as, bar Xmas time, they tend to not be subject of a public/bank holiday.

If you did this with the Chase saver instead of the Club Lloyds, your money would earn 1.5% AER. I appreciate the Club Lloyds also has a minimum deposit requirement if you want to avoid the monthly fee, but this can also be achieved via Chase.

There is also no need to leave the money in the Reward account for more than a few seconds, so it can all be done on the same day, and it doesn't matter if that day isn't a working day. The same is true for any other account which requires a minimum monthly deposit.

k_man

Daliah said:

wiseonesomeofthetime said:

Johntea said:

Just a warning you can keep the rewards account without receiving the award, however you must pay in £1500 a month to it still or you'll be hit with a £3 'maintenance fee' if you don't do so

Obviously the £1500 doesn't have to stay there of course, as it isn't my main account by any means I just transfer £1500 of my salary across on payday, leave it in a couple of days then back out elsewhere e.g. Chase

I just have a weekly transfer of £400 from Lloyd's to Halifax on a Tuesday and return it from Halifax to Lloyd's on a Wednesday.

All automated then and leaves £400 in Club Lloyd's for most of the work, earning 0.60%

I picked Tuesday and Wednesday as, bar Xmas time, they tend to not be subject of a public/bank holiday.

If you did this with the Chase saver instead of the Club Lloyds, your money would earn 1.5% AER. I appreciate the Club Lloyds also has a minimum deposit requirement if you want to avoid the monthly fee, but this can also be achieved via Chase.

There is also no need to leave the money in the Reward account for more than a few seconds, so it can all be done on the same day, and it doesn't matter if that day isn't a working day. The same is true for any other account which requires a minimum monthly deposit.

If you do this via SOs, what happens if they are processed out of order?
e.g. outgoing is actioned before incoming?

Se1Lad

wiseonesomeofthetime said:

Johntea said:

Just a warning you can keep the rewards account without receiving the award, however you must pay in £1500 a month to it still or you'll be hit with a £3 'maintenance fee' if you don't do so

Obviously the £1500 doesn't have to stay there of course, as it isn't my main account by any means I just transfer £1500 of my salary across on payday, leave it in a couple of days then back out elsewhere e.g. Chase

I just have a weekly transfer of £400 from Lloyd's to Halifax on a Tuesday and return it from Halifax to Lloyd's on a Wednesday.

All automated then and leaves £400 in Club Lloyd's for most of the work, earning 0.60%

I picked Tuesday and Wednesday as, bar Xmas time, they tend to not be subject of a public/bank holiday.

Could you automate it so it all happens in one day, and then move the £400 to Chase for example so it earns £1,500?

steveksullivan

Quite surprised that this discussion is even taking place but loads of us have been doing this for several years since the advent of banks requiring min pay-ins for certain 'rewards'.

In my house it used to be called 'the £1000 shuffle ' once a month ..... all on the same day between literally 10's of accounts .....

now reduced to 5 or 6 accounts and called 'the £1750 shuffle'  - I use the largest amount required for any of the banks and transfer the same amount to each so I don't need to remember what each account requires ! doesn't matter as all done and back in the original account 15 minutes later ..... Dont know why but never got round to automating it - too much time on my hands I guess!!

Money is in my Chase earning 1.5% ....transfer £1750 to my main current a/c

£1750 to Halifax Reward .... then instantly back to main current a/c

Repeat for other a/cs that require it e.g. Nationwide ....

Finally back from main account to Chase .....

Daliah

k_man said:

Daliah said:

wiseonesomeofthetime said:

Johntea said:

Just a warning you can keep the rewards account without receiving the award, however you must pay in £1500 a month to it still or you'll be hit with a £3 'maintenance fee' if you don't do so

Obviously the £1500 doesn't have to stay there of course, as it isn't my main account by any means I just transfer £1500 of my salary across on payday, leave it in a couple of days then back out elsewhere e.g. Chase

I just have a weekly transfer of £400 from Lloyd's to Halifax on a Tuesday and return it from Halifax to Lloyd's on a Wednesday.

All automated then and leaves £400 in Club Lloyd's for most of the work, earning 0.60%

I picked Tuesday and Wednesday as, bar Xmas time, they tend to not be subject of a public/bank holiday.

If you did this with the Chase saver instead of the Club Lloyds, your money would earn 1.5% AER. I appreciate the Club Lloyds also has a minimum deposit requirement if you want to avoid the monthly fee, but this can also be achieved via Chase.

There is also no need to leave the money in the Reward account for more than a few seconds, so it can all be done on the same day, and it doesn't matter if that day isn't a working day. The same is true for any other account which requires a minimum monthly deposit.

If you do this via SOs, what happens if they are processed out of order?
e.g. outgoing is actioned before incoming?

I have long stopped doing it by SO, as I can do without the 'angst' about going into inadvertent overdrafts or about creating other issues. Specifically with Chase, I would not set up ping-pong SOs, as Chase process them 7 days a week whilst most banks only process them on working days.

I also have other reasons for having to log into most of the accounts concerned once a month. E.g. I collect the monthly fivers from my Halifax Reward accounts, and whilst at it, I manually cycle £1,500 through those accounts. 

Se1Lad said:

Could you automate it so it all happens in one day, and then move the £400 to Chase for example so it earns £1,500?

In theory, you could automate it, but see above.

Sadly, whatever you do, £400 won't earn £1,500 🤣

k_man

Daliah said

I have long stopped doing it by SO, as I can do without the 'angst' about going into inadvertent overdrafts or about creating other issues. Specifically with Chase, I would not set up ping-pong SOs, as Chase process them 7 days a week whilst most banks only process them on working days.

Thanks, I thought I remembered that some banks process SOs on non-working days.

I am happy doing this with SOs, but have a few days between each.