We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Halifax £500 Spent criteria

13

Comments

  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    ForumUser7 said:
    I've just seen on the MSE best bank accounts page regarding the £5 monthly reward:
    'A few of these, such as the Halifax Reward Account, are paid with basic-rate tax already deducted. Others are paid without any tax removed.'

    Why would they pay it with tax removed? 
    It's how Halifax handles the interest payments (for those who foolishly chose the option of leaving £5k languishing in the account).

    Tax deduction does not apply to the reward you get for spending £500. That's cashback, which has always been tax free.
  • AmityNeon
    AmityNeon Posts: 1,085 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    ForumUser7 said:
    I've just seen on the MSE best bank accounts page regarding the £5 monthly reward:
    'A few of these, such as the Halifax Reward Account, are paid with basic-rate tax already deducted. Others are paid without any tax removed.'

    Why would they pay it with tax removed? It's just confusing, and apparently you can write to HMRC if you don't even pay basic rate yet to get it reimbursed. It sounds like perhaps a holdover from when tax was automatically paid on savings interest:
    'These payments don't count as savings income for tax purposes and instead are classed as 'annual' or 'miscellaneous' payments. This means that the rewards don't count towards your personal savings allowance, and they're liable to be taxed.
    Whatever likely results in the least amount of additional processing. If the majority of people pay tax (e.g. earnings), the default should be net. If the majority of people do not pay tax (e.g. savings interest), the default should be gross.
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,976 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    flaneurs_lobster said:
    CuriousGirl said:
    How many Halifax Reward accounts can you have? 
    Apparently it's 3, but I can't find the actual Halifax confirmation of that.
    https://www.halifax.co.uk/assets/pdf/bankaccounts/pdf/bank-account-guide.pdf

    pg 37 - Section P – Special conditions - How many accounts can I have?
    Reward Current Account - Up to 3 in either your sole name or in joint names
  • ForumUser7
    ForumUser7 Posts: 2,528 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    PRAISETHESUN said:
    flaneurs_lobster said:
    CuriousGirl said:
    How many Halifax Reward accounts can you have? 
    Apparently it's 3, but I can't find the actual Halifax confirmation of that.
    https://www.halifax.co.uk/assets/pdf/bankaccounts/pdf/bank-account-guide.pdf

    pg 37 - Section P – Special conditions - How many accounts can I have?
    Reward Current Account - Up to 3 in either your sole name or in joint names
    Do internal transfers count between accounts please? I.e TSB -> Halifax 1 -> Halifax 2 -> Halifax 3 -> TSB? Thanks
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • trient
    trient Posts: 195 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    ForumUser7 said:
    Do internal transfers count between accounts please? I.e TSB -> Halifax 1 -> Halifax 2 -> Halifax 3 -> TSB? Thanks
    Yes they do.
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    trient said:
    ForumUser7 said:
    Do internal transfers count between accounts please? I.e TSB -> Halifax 1 -> Halifax 2 -> Halifax 3 -> TSB? Thanks
    Yes they do.
     As you say, they do. Though TSB is not internal.
  • ForumUser7
    ForumUser7 Posts: 2,528 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Band7 said:
    trient said:
    ForumUser7 said:
    Do internal transfers count between accounts please? I.e TSB -> Halifax 1 -> Halifax 2 -> Halifax 3 -> TSB? Thanks
    Yes they do.
     As you say, they do. Though TSB is not internal.
    Thanks everyone. @band7 - I meant transfer into Halifax from my external TSB, shift around Halifax, and then move back to my external TSB
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • Bridlington1
    Bridlington1 Posts: 4,154 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Halifax 1->Halifax 2 would be classed as an internal transfer surely so wouldn't count.

    Personally I just send £1.5k in a loop on 1st of each month. Usually as follows:
    A few grand from whatever easy access account the money's in at the time into Lloyds £2550 -> Halifax 1 £2050 -> Nationwide £1800 -> Halifax 2 -> Natwest £1650-> RBS £1500 -> Co-op -> Halifax 3, then split the money between the 3 Halifax accounts and do a £500 debit card payment from each into YBS filling the regular savers as I go.


  • AmityNeon
    AmityNeon Posts: 1,085 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Bridlington1 said:
    Halifax 1->Halifax 2 would be classed as an internal transfer surely so wouldn't count.
    LBG accounts do not exclude internal transfers for fulfilling the deposit requirements.
  • Bridlington1
    Bridlington1 Posts: 4,154 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    AmityNeon said:
    Bridlington1 said:
    Halifax 1->Halifax 2 would be classed as an internal transfer surely so wouldn't count.
    LBG accounts do not exclude internal transfers for fulfilling the deposit requirements.
    Right, that speeds up my banking loop a bit.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.2K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.2K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture