Halifax Reward

soulsaver

Daliah said:

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.

Clearly...

Se1Lad

Daliah said:

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 🤣

Will teach me to post when I am half asleep!  You are right, I meant 1.5% and not £1,500!

I have managed to automate my standing orders now so that most of the work happens without any intervention.  

On payday £4,500 moves from my main current account to my HSBC Premier account (retained for the free travel insurance.).

 On the same day  £1,500 moves from HSBC to my Club Lloyds account. £1,500 also moves to my first 2 Halifax rewards accounts, returning the HSBC balance to zero.

The £1,500 from my Club Lloyds account then move to my third Halifax account - I then have £1,505 in each of my 3 Halifax accounts (including the £5 reward)

£1,005 then moves from my second and third Halifax accounts to the first Halifax account.  A payment of £2,815 goes back to my main current account and £200 to Nationwide for my regular saver - this leaves £500 in each Halifax account.

The only bit that is manual is for me to log in to my Amex account and pay my bill using the 3 x £500.  Following a helpful tip on MSE, I added all 3 Halifax cards to Curve, which means I can complete this activity in a couple of minutes.

I wouldn’t feel comfortable with the automated approach if I don’t have overdraft limits that would cover the SOs for a few hours in case if any slight delays when they go through.

swaledale_one

Halifax just stopped 2 of my cards from receiving rewards, looks like they are starting to close the loop holes..... slowly...very slowly

soulsaver

swaledale_one said:

Halifax just stopped 2 of my cards from receiving rewards, looks like they are starting to close the loop holes..... slowly...very slowly

If you mean they only offered rewards renewal on only one of your (guess 3?) cards, then go to your 'track rewards' and select renew for the others in turn.
You need to renew separately for each Reward Extra account.

swaledale_one

soulsaver said:

swaledale_one said:

Halifax just stopped 2 of my cards from receiving rewards, looks like they are starting to close the loop holes..... slowly...very slowly

If you mean they only offered one of your (guess 3?) cards, the go to your 'track rewards' and select renew for the others in turn. You need to renew separately for each Reward Extra account.

I did that and it said all qualified accounts have the reward but it was only showing one card....I've just gone back in now and it's now showing :-) so false alarm thanks for the help

soulsaver

swaledale_one said:

soulsaver said:

swaledale_one said:

Halifax just stopped 2 of my cards from receiving rewards, looks like they are starting to close the loop holes..... slowly...very slowly

If you mean they only offered one of your (guess 3?) cards, the go to your 'track rewards' and select renew for the others in turn. You need to renew separately for each Reward Extra account.

I did that and it said all qualified accounts have the reward but it was only showing one card....I've just gone back in now and it's now showing :-) 

Y its a bit clunky - if you have looked at any of your accounts individually it only shows one in the 'track rewards'. But if you've just logged in and not selected any accounts yet, it shows all your 'Extras' under the tracker. 

WillPS

Check your online messages, there will be one from the last month or two asking you to choose a new reward for each account.