Halifax Reward

noh

Sensory said:

noh said:

I can confirm that the YBS Internet Saver Plus Issue 10 that I opened on Saturday does accept deposits by DD.

DD?

Do you mean debit card or direct debit?

Yes sorry a typo.
Should be DC debit card.

GTR_King

I am still waiting for my money to be available in NS&I Savings 

it says 

Balance £501

Available Balance £0

so can't take money out yet as probably gotta wait 10 days like some one suggested on here 

Daliah

It takes one working week for your funds to become withdrawable from the NS&I Direct Saver. Your money will earn (the paltry) interest during that week.

k_man

Daliah said:

It takes one working week for your funds to become withdrawable from the NS&I Direct Saver. Your money will earn (the paltry) interest during that week.

Indeed.
If the £500 was in Chase at 1.5%, then a week in NS&I will cost 10p in lost interest!
Hardly worth it to earn £5 😉

phillw

k_man said:
Indeed.

If the £500 was in Chase at 1.5%, then a week in NS&I will cost 10p in lost interest!
Hardly worth it to earn £5 😉

There are quicker ways that don't lose you 10p interest & don't require you to remember to do something at a later date.

GTR_King

Daliah said:

It takes one working week for your funds to become withdrawable from the NS&I Direct Saver. Your money will earn (the paltry) interest during that week.

Thank you for that info 

soulsaver

soulsaver said:

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.

Update: That is what the faqs say.. but in a looong call to Halifax today the otherwise helpful lady says you can't change after you've chosen, even if it hasn't started.   

Daliah

soulsaver said:

soulsaver said:

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.

Update: That is what the faqs say.. but in a looong call to Halifax today the otherwise helpful lady says you can't change after you've chosen, even if it hasn't started.   

If you are really desperate to change your choice, you might be able to downgrade your account, and then re-upgrade it. You may or may not run into trouble with the re-upgrade, depending on how many Reward accounts you have. Best to determine your choice before you make it, though.

soulsaver

Daliah said:

soulsaver said:

soulsaver said:

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.

Update: That is what the faqs say.. but in a looong call to Halifax today the otherwise helpful lady says you can't change after you've chosen, even if it hasn't started.   

If you are really desperate to change your choice, you might be able to downgrade your account, and then re-upgrade it. You may or may not run into trouble with the re-upgrade, depending on how many Reward accounts you have. Best to determine your choice before you make it, though.

I did consider that already and decided, 'too risky': If they denied the account re-upgrade I'd have lost it.

They appear to have rekindled the DC without issue, so I thought I'd see if I could get them to change the already chosen reward. But 'No'. 

I could have argued that the FAQs are misleading... but didn't want to push my luck.

It'll wait until next year.. if still available.

It's possible to redeploy the funds to a better than equivalent rate (min 1.6% req'd) so I'll prob just tick the account over for 12 months. 

Daliah

soulsaver said:

Daliah said:

soulsaver said:

soulsaver said:

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.

Update: That is what the faqs say.. but in a looong call to Halifax today the otherwise helpful lady says you can't change after you've chosen, even if it hasn't started.   

If you are really desperate to change your choice, you might be able to downgrade your account, and then re-upgrade it. You may or may not run into trouble with the re-upgrade, depending on how many Reward accounts you have. Best to determine your choice before you make it, though.

I did consider that already and decided, 'too risky': If they denied the account re-upgrade I'd have lost it.

They appear to have rekindled the DC without issue, so I thought I'd see if I could get them to change the already chosen reward. But 'No'. 

I could have argued that the FAQs are misleading... but didn't want to push my luck.

It'll wait until next year.. if still available.

It's possible to redeploy the funds to a better than equivalent rate (min 1.6% req'd) so I'll prob just tick the account over for 12 months. 

If you find a better offer elsewhere, you can just stop chasing the monthly Reward payments. What you obviously shouldn't stop is the monthly deposits, as you'd get charged £3 a month if you did.