Halifax £5 monthly reward

Growingold

Would be interesting to know from anyone who may keep at least £5,000 in their Halifax account to get the £5 reward monthly how it is shown on their statement when it is credited. Is it shown as Reward Extra or Reward Extra Nett maybe? Thank you.

Bridlington1

Why would you want to go for the "keep £5k" option? Even if you claim the £1.25 tax back it still works out to a mere 1.5% annual interest rate, you can get over double that in a traditional EA account. You'd be best off opting for the "spend £500" option and making a £500 deposit into a savings account by debit card once per month.

For a list of savings accounts that let you deposit by debit card see:
https://forums.moneysavingexpert.com/discussion/comment/80045720/#Comment_80045720

Robin9

Reward Extra

I keep the £5000 and also the required credit.

Had a account for 12 months - not sure if this is the best option 

phillw

Robin9 said:

Reward Extra

I keep the £5000 and also the required credit.

Had a account for 12 months - not sure if this is the best option 

It's not the best option, when you are up for renewal then change to £500 debit card spend and then look for ways to "spend" £500 on your debit card without actually spending any money.

However, even if you are stuck with it for a while then you can earn far more putting the money elsewhere. So move it regardless.

Robin9

I was thinking you can get 5% these days

Growingold

Bridlington1 said:

Why would you want to go for the "keep £5k" option? Even if you claim the £1.25 tax back it still works out to a mere 1.5% annual interest rate, you can get over double that in a traditional EA account. You'd be best off opting for the "spend £500" option and making a £500 deposit into a savings account by debit card once per month.

For a list of savings accounts that let you deposit by debit card see:
https://forums.moneysavingexpert.com/discussion/comment/80045720/#Comment_80045720

I don't want to go for the keep £5000 option to get the reward I just wanted to know if the reward for this option was shown differently when credited ie showing Reward Extra Nett compared to Reward Extra

allegro120

Growingold said:

Would be interesting to know from anyone who may keep at least £5,000 in their Halifax account to get the £5 reward monthly how it is shown on their statement when it is credited. Is it shown as Reward Extra or Reward Extra Nett maybe? Thank you.

My partner keeps £5k there, it is shown as Reward Extra.