Halifax Reward changes from November 1 2022

Bridlington1

phillw said:

Bridlington1 said:

ForumUser7 said:
I did the exact same thing for NatWest/RBS. About 850 card payments between them of 1.01 to Monzo, Starling etc. Idk if it was really worth it, but for some reason I thought so at the time 😂

Last time I calculated (30/7/22), 430 £1.01 debit card deposits yielded about £7 (or 1.6p per transaction). in extra interest, though the interest rate was only 3.25% then. Scaling that up to the current interest rate of 5%, it works out to about £10.77 ish in extra interest (or roughly 2.5p per transaction).

Doesn't that work out at less than minimum wage?

It does. I average about 3 transactions per minute, so it works out to £4.51/hr roughly.

Band7

Bridlington1 said:

phillw said:

Bridlington1 said:

ForumUser7 said:
I did the exact same thing for NatWest/RBS. About 850 card payments between them of 1.01 to Monzo, Starling etc. Idk if it was really worth it, but for some reason I thought so at the time 😂

Last time I calculated (30/7/22), 430 £1.01 debit card deposits yielded about £7 (or 1.6p per transaction). in extra interest, though the interest rate was only 3.25% then. Scaling that up to the current interest rate of 5%, it works out to about £10.77 ish in extra interest (or roughly 2.5p per transaction).

Doesn't that work out at less than minimum wage?

It does. I average about 3 transactions per minute, so it works out to £4.51/hr roughly.

Probably marginally less painful than having minimal wage employment 🤣

badger09

ForumUser7 said:

badger09 said:

RudolphHucker said:

Bridlington1 said:

The advantage is that you can pay £500 into a savings account by debit card and that will count as the £500 spent to get the £5.

Which savings accounts allow you to pay in using a debit card? My Nationwide account doesn't.

And Ecology BS

Hi @badger09, how do we pay into Ecology BS via debit card please? I couldn't find the information on their website. Thank you

Apologies. Wrong thread. 

I had read as which accounts could be funded by DD. 

granta

Does anyone if, after spending £500 by debit card, some of that is then refunded, does it still count toward the requirements for the £5 reward? Or will I need to 'spend' the equivalent of the refund this month elsewhere to ensure I qualify?

WillPS

granta said:

Does anyone if, after spending £500 by debit card, some of that is then refunded, does it still count toward the requirements for the £5 reward? Or will I need to 'spend' the equivalent of the refund this month elsewhere to ensure I qualify?

I'm not certain, and I personally wouldn't risk it when it's so easy to ensure the criteria is fulfilled, but if you did it and kept an eye on the 'tracker' that should give you some indication about a week after the fact. If it says you'll get it and you don't, then you've cause for complaint.

Let us know either way.

granta

WillPS said:

granta said:

Does anyone if, after spending £500 by debit card, some of that is then refunded, does it still count toward the requirements for the £5 reward? Or will I need to 'spend' the equivalent of the refund this month elsewhere to ensure I qualify?

I'm not certain, and I personally wouldn't risk it when it's so easy to ensure the criteria is fulfilled, but if you did it and kept an eye on the 'tracker' that should give you some indication about a week after the fact. If it says you'll get it and you don't, then you've cause for complaint.

Let us know either way.

Ok thanks. I might just try and find a way to 'spend' the refund. Lesson learned!

WillPS

granta said:

WillPS said:

granta said:

Does anyone if, after spending £500 by debit card, some of that is then refunded, does it still count toward the requirements for the £5 reward? Or will I need to 'spend' the equivalent of the refund this month elsewhere to ensure I qualify?

I'm not certain, and I personally wouldn't risk it when it's so easy to ensure the criteria is fulfilled, but if you did it and kept an eye on the 'tracker' that should give you some indication about a week after the fact. If it says you'll get it and you don't, then you've cause for complaint.

Let us know either way.

Ok thanks. I might just try and find a way to 'spend' the refund. Lesson learned!

May I recommend topping up a savings account as a faff-free option which costs nothing (other than the difference in interest with what that deposit might have earned elsewhere before you withdraw it)? If you don't already have one, YBS let you open an account online and deposit with a debit card as part of the application.

Emily_Joy

I have posted this in another old thread, but maybe someone has a clue. I have been spending 500GBP monthly to pay AMEX and Barclaycard. The reward stopped coming in June and I got around to sorting it only now. A lady at a local branch advise me that "paying credit card bills" does not count. Someone else reported on the other thread that they do. Any ideas how to resolve that?

PRAISETHESUN

Emily_Joy said:

I have posted this in another old thread, but maybe someone has a clue. I have been spending 500GBP monthly to pay AMEX and Barclaycard. The reward stopped coming in June and I got around to sorting it only now. A lady at a local branch advise me that "paying credit card bills" does not count. Someone else reported on the other thread that they do. Any ideas how to resolve that?

Ask them to point out exactly where in the T&C it states that. The obvious answer is that it doesn't say that anywhere and you should be eligible for the monthly reward as long as you meet the conditions each month (ie. you have chosen the £500 debit card reward and you make £500+ of cleared debit card transactions each month). If they refuse to budge, then you should make a formal complaint.

Band7

Emily_Joy said:

I have posted this in another old thread, but maybe someone has a clue. I have been spending 500GBP monthly to pay AMEX and Barclaycard. The reward stopped coming in June and I got around to sorting it only now. A lady at a local branch advise me that "paying credit card bills" does not count. Someone else reported on the other thread that they do. Any ideas how to resolve that?

Are you sure your Reward option is still active? Did you meet the other requirements?