Halifax Reward current account

WillPS · 25 November 2024 at 12:39PM

s71hj said:

WillPS said:

where_are_we said:

My OH and I have 3 Halifax Reward Current accounts each. To get the £5 reward each month you need to choose that option, spend £500 each month using the debit card (we pay £500 into a savings account and then withdraw 2 days later once the debit card transaction has completed), pay in £1500 each month, and keep your account in credit (we keep a £1 balance). You get the £5 reward about the 12th of the following month. Easiest way is to pay in £1500 on the first Monday,Tuesday or Wednesday following the 12th (you do not want your debit card payments to be over a weekend because there will be a one or two day delay before you can retrieve your £500 from your savings account), immediately return £1005 to your main current account (the £5 reward will have been added from the previous month) leaving £501 in your Reward account to spend £500 using your debit card to go to your savings account. Then 2 days later move your £500 from your savings account to your best interest paying account.
Remember after one year you have to renew your reward selection - you will get an email warning you to do this.

I think you're overcomplicating it. There's no need to wait until the 12th.

If you have 3 accounts, you can transfer 2500 in to the first one, then transfer 2000 from there to the second one, then finally 1500 to the third. Then make 3 £500 debit card transactions, 1 with each of your debit cards.

We do it all on the 1st even if that falls on a non-working day, although typically we pay off our credit cards with most of it so the timing is less critical. If I need the money back sooner for whatever reason I use Revolut.

Job done. Check the tracker towards the end of the month to see if any need renewing, but don't be concerned if it says you're not on track - because it's completely unreliable.

What is Revolut?

It's an emoney provider which is becoming a bank. They're not an outfit I recommend dealing with but they do allow you to deposit funds with a debit card and then immediately transfer that money elsewhere.

Unfortunately Halifax have a habit of fraud-flagging Revolut transactions - but a quick call solves this.

pecunianonolet · 25 November 2024 at 4:04PM

Does Halifax hard search you for a second account or do they follow the same principle as all of LBG group? Anyone with recent info?

PloughmansLunch · 25 November 2024 at 4:18PM

pecunianonolet said:

Does Halifax hard search you for a second account or do they follow the same principle as all of LBG group? Anyone with recent info?

I have only ever had two initial hard searches from the group - one from Lloyds, and one from Halifax. Any of my subsequent accounts (inc. Bank of Scotland in the case of Halifax) / credit cards have been soft search only.

WillPS · 25 November 2024 at 10:56PM

pecunianonolet said:

Does Halifax hard search you for a second account or do they follow the same principle as all of LBG group? Anyone with recent info?

You get credit checked the first time you open an account with the brand, but *in general* you won't get credit checked again for taking another product with the same brand.

YMMV, and they always make you confirm that you submit to a full credit search (even though they don't always do them), so there's no cause for complaint if it does happen.