new halifax switch offer (£175) from 14 march 2023

pecunianonolet

Fingerbobs said:

pecunianonolet said:

The ignorance of some people not accepting what they say is factually incorrect is astounding.

A transfer is a movement of cash from one account to another, usually fee free for sender and receiver (Transaction cost to maintain the service such as keeping and maintain the digital infrastructure applies)

A debit card transaction is usually free for the one initiating it (the debit card owner) but the receiver of the cash is having to pay a service fee for the ability of taking money from the account authorised by the debit card owner.

So the direct debit requirement is there because retailers, shops, etc. who let you pay by this method pay fees to Halifax. So if we assume a fee of 5% it means Halifax cashes in £25 out the £500 requirement and keeps the £20. (Precisely speaking there are tax implications as it is a bonus and therefore what we get paid is £5 net but Halifax settles a £1.25 / 20% tax on it directly to HMRC so payment is £6.25 gross. So if you are a higher rate tax payer and file a self assessment this technically needs to be reported as income and you would have to pay the additional few pennies on it). if you earn below the free allowance you can claim it back from HMRC Source

To satisfy the direct debit requirement you can use various ways. Some building societies allow you to top up a savings account this way e.g. YBS or I believe Skipton but they don't like abuse of this feature and might decide to send you awarning or make you an unwanted customer and terminate your account. Another solution is Paypal Friends & Family payments and that's what I will be using as they don't seem to care and I made thousands of £0.01 payments to fill up Natwest and RBS reg savers in a few weeks. Sending £500 from my account to the OH and she will send it back to me. Since you can have up to 3 reward accounts per person, makes it 3 monthly transactions for each of us per month for £30 bonus each month for a year totalling in £360 bonus on top of the switch bonus. 

The Paypal solution works fine with TSB as well, just that they have a 20 transaction requirement (20 debit card payments, which means I transfer the record sum of £0.20 with 20 x 0.01) and Halifax has a value requirement. No issues to receive the £5 with TSB every month on 2 current Spend & Save accounts. 

Sorry to appear pedantic, I'm sure it's just a typo but it could be confusing for others - you're conflating two completely different concepts here - Direct Debit is NOT the same as Debit Card Spend. 

Halifax Reward accounts require a Debit Card spend to qualify for the reward. There is no Direct Debit requirement. 

Yes, that's what I meant and post edited. Thanks for calling it out 

k_man

pecunianonolet said:

Fingerbobs said:

pecunianonolet said:

The ignorance of some people not accepting what they say is factually incorrect is astounding.

A transfer is a movement of cash from one account to another, usually fee free for sender and receiver (Transaction cost to maintain the service such as keeping and maintain the digital infrastructure applies)

A debit card transaction is usually free for the one initiating it (the debit card owner) but the receiver of the cash is having to pay a service fee for the ability of taking money from the account authorised by the debit card owner.

So the direct debit requirement is there because retailers, shops, etc. who let you pay by this method pay fees to Halifax. So if we assume a fee of 5% it means Halifax cashes in £25 out the £500 requirement and keeps the £20. (Precisely speaking there are tax implications as it is a bonus and therefore what we get paid is £5 net but Halifax settles a £1.25 / 20% tax on it directly to HMRC so payment is £6.25 gross. So if you are a higher rate tax payer and file a self assessment this technically needs to be reported as income and you would have to pay the additional few pennies on it). if you earn below the free allowance you can claim it back from HMRC Source

To satisfy the direct debit requirement you can use various ways. Some building societies allow you to top up a savings account this way e.g. YBS or I believe Skipton but they don't like abuse of this feature and might decide to send you awarning or make you an unwanted customer and terminate your account. Another solution is Paypal Friends & Family payments and that's what I will be using as they don't seem to care and I made thousands of £0.01 payments to fill up Natwest and RBS reg savers in a few weeks. Sending £500 from my account to the OH and she will send it back to me. Since you can have up to 3 reward accounts per person, makes it 3 monthly transactions for each of us per month for £30 bonus each month for a year totalling in £360 bonus on top of the switch bonus. 

The Paypal solution works fine with TSB as well, just that they have a 20 transaction requirement (20 debit card payments, which means I transfer the record sum of £0.20 with 20 x 0.01) and Halifax has a value requirement. No issues to receive the £5 with TSB every month on 2 current Spend & Save accounts. 

Sorry to appear pedantic, I'm sure it's just a typo but it could be confusing for others - you're conflating two completely different concepts here - Direct Debit is NOT the same as Debit Card Spend. 

Halifax Reward accounts require a Debit Card spend to qualify for the reward. There is no Direct Debit requirement. 

Yes, that's what I meant and post edited. Thanks for calling it out 

I think you have still missed a couple of direct debits in your edit.

Fingerbobs

pecunianonolet said:

Fingerbobs said:

pecunianonolet said:

The ignorance of some people not accepting what they say is factually incorrect is astounding.

A transfer is a movement of cash from one account to another, usually fee free for sender and receiver (Transaction cost to maintain the service such as keeping and maintain the digital infrastructure applies)

A debit card transaction is usually free for the one initiating it (the debit card owner) but the receiver of the cash is having to pay a service fee for the ability of taking money from the account authorised by the debit card owner.

So the direct debit requirement is there because retailers, shops, etc. who let you pay by this method pay fees to Halifax. So if we assume a fee of 5% it means Halifax cashes in £25 out the £500 requirement and keeps the £20. (Precisely speaking there are tax implications as it is a bonus and therefore what we get paid is £5 net but Halifax settles a £1.25 / 20% tax on it directly to HMRC so payment is £6.25 gross. So if you are a higher rate tax payer and file a self assessment this technically needs to be reported as income and you would have to pay the additional few pennies on it). if you earn below the free allowance you can claim it back from HMRC Source

To satisfy the direct debit requirement you can use various ways. Some building societies allow you to top up a savings account this way e.g. YBS or I believe Skipton but they don't like abuse of this feature and might decide to send you awarning or make you an unwanted customer and terminate your account. Another solution is Paypal Friends & Family payments and that's what I will be using as they don't seem to care and I made thousands of £0.01 payments to fill up Natwest and RBS reg savers in a few weeks. Sending £500 from my account to the OH and she will send it back to me. Since you can have up to 3 reward accounts per person, makes it 3 monthly transactions for each of us per month for £30 bonus each month for a year totalling in £360 bonus on top of the switch bonus. 

The Paypal solution works fine with TSB as well, just that they have a 20 transaction requirement (20 debit card payments, which means I transfer the record sum of £0.20 with 20 x 0.01) and Halifax has a value requirement. No issues to receive the £5 with TSB every month on 2 current Spend & Save accounts. 

Sorry to appear pedantic, I'm sure it's just a typo but it could be confusing for others - you're conflating two completely different concepts here - Direct Debit is NOT the same as Debit Card Spend. 

Halifax Reward accounts require a Debit Card spend to qualify for the reward. There is no Direct Debit requirement. 

Yes, that's what I meant and post edited. Thanks for calling it out 

No worries, I wasn't being arsey, I could see it was just a mistake, but thought it may be confusing to some.

anna42hmr

just wondering can any one else remember what description halifax use when paying the switching bonus' i am wanting to double check i have not received one during the excluded period, but trying to remember how they describe it on statements?
(for example i know the transaction on Ulster/ RBS group is described as Switcher offer on the payment) just wondering how halifax / LBG group annotate theirs

flaneurs_lobster

anna42hmr said:

just wondering can any one else remember what description halifax use when paying the switching bonus' i am wanting to double check i have not received one during the excluded period, but trying to remember how they describe it on statements?
(for example i know the transaction on Ulster/ RBS group is described as Switcher offer on the payment) just wondering how halifax / LBG group annotate theirs

Halifax, Lloyd's = "INCENTIVE"

anna42hmr

flaneurs_lobster said:

anna42hmr said:

just wondering can any one else remember what description halifax use when paying the switching bonus' i am wanting to double check i have not received one during the excluded period, but trying to remember how they describe it on statements?
(for example i know the transaction on Ulster/ RBS group is described as Switcher offer on the payment) just wondering how halifax / LBG group annotate theirs

Halifax, Lloyd's = "INCENTIVE"

thats great thank you, will take a look and see if anything with that description.  

TaxH8Ter

I tried to switch last night and got rejected. Messaged Halifax today and I was told that I can't switch from a bank that doesn't do the current account switch guarantee, which Revoult isn't a member of.

PowerSavingMode

notquiteskint said:

Existing customer, just opened new account for the purpose of the bonus, switching a starling account that i never really use. 
If i decide to run this account is a £500 per month transfer to soneone else classed as a spend on your debit card to get the £5 monthly reward?

also is the account month from 1st to end of month or is from the date of opening to same date following month?

cheers

"What kind of spending counts towards the offer?

There are a few payments which don’t count for Reward Extras offers:

• When you take cash out of a cash machine, branch or Post Office counter.
• When you make a money transfer to another account.

Any payments being queried or disputed won't count towards the £500 or £5,000. And we’ll only count payments that leave your account by the last day of the month.

But all purchases on your card count. This includes purchases you make online, in-store and abroad.

You can also use digital wallets, like Apple Pay, Google Pay or similar schemes, as long as they’re linked to your registered debit card."

AND

"How long does the offer last?

All offers will last for at least 12 full calendar months from the day you choose to add it to your account. So if you added the offer on 10 July this year, it would end on 31 July next year. If you met the conditions for the £5 reward from 10 July to 31 July this year, then you'd still get £5 for July as well.

Once you’ve added a Reward Extras offer, you can’t switch to another offer until the 12 months have passed.

We’ll get in touch before your offer ends to let you know what will happen next."

More info:

https://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account.html 

AmityNeon

TaxH8Ter said:

I tried to switch last night and got rejected. Messaged Halifax today and I was told that I can't switch from a bank that doesn't do the current account switch guarantee, which Revoult isn't a member of.

No, they most certainly are not, and they're not even a bank.

adindas

TaxH8Ter said:

I tried to switch last night and got rejected. Messaged Halifax today and I was told that I can't switch from a bank that doesn't do the current account switch guarantee, which Revoult isn't a member of.

Learn the lesson. Next time you could check it which Banks Participate in CASS

https://www.currentaccountswitch.co.uk/banks-building-societies/