Changes to Reward and Ultimate Reward Accounts

YorkshireBoy · 15 December 2012 at 1:29PM

myth123 wrote: »

I'm just going to set up a DD to two of my lesser used credit cards and make sure I get lunch on them once a month!

I'm all for making a bit of money, but it has to be easy money!

I wouldn't faff around having to transfer enough in each month to cover what I'd spent.

If I can't do it with the savings account DDs (and I think I can), or charity DDs, then I'll be closing 3 of my 4 Reward accounts next July.

myth123 · 15 December 2012 at 1:54PM

YorkshireBoy wrote: »

I'm all for making a bit of money, but it has to be easy money!

I wouldn't faff around having to transfer enough in each month to cover what I'd spent.

If I can't do it with the savings account DDs (and I think I can), or charity DDs, then I'll be closing 3 of my 4 Reward accounts next July.

I totally agree I wouldn't want to ffaf too much, but since I have to transfer in £750 per month, I could just transfer out £745, so I'd be leaving £5 to cover the necessary DD's.

I've just switched one of my tesco savers over to the account, think I will set up some money out to macmillan by DD if they allow because on second thoughts my lunch Credit card spending might need a bit more monitoring/effort as my lunch spend can get a bit silly sometimes :rotfl:

I guess it's all down to individuals whether they can be bothered, I know some friends who couldn't even be bothered transferring in £1000 and then out once per month to get the £5 as it is now.

Gromitt · 15 December 2012 at 2:14PM

myth123 wrote: »

I totally agree I wouldn't want to ffaf too much, but since I have to transfer in £750 per month, I could just transfer out £745, so I'd be leaving £5 to cover the necessary DD's.

and leaving the £5 reward in the account? I'm just going to leave my 1K/1K out and setup 2 DDs for £2.50 each to my savings accounts. If they refuse them because they are not utility payments, I'll just close the account when its converted as its not worth the hassle.

Marcusp · 15 December 2012 at 5:27PM

its not worth the hassle.

Sad, isn't it, when £5 a month isn't worth the hassle?

I agree with you though, I will be closing mine as well.

jennifernil · 15 December 2012 at 8:15PM

Yep, I doubt we have enough DDs to satisfy the 6 Reward accounts we have, so looks like we will go down to one. I cannot be bothered with any hassle.

Oh well, it has been good while it lasted!

innovate · 15 December 2012 at 8:35PM

Keep your powder dry, folks. These new rules are just a slight nuisance, easily dealt with if you cba about earning an additional £60+ a year.

I know £60 a year doesn't sound a lot, but I see it as £60 here, £60 there, and a few £60s or so all over the place - adding up to a really nice sum every year for me.

Those that cba - fair enough, but please stop spreading doom and gloom when the sun's still shining bright!

http://forums.moneysavingexpert.com/showthread.php?t=4168667

Milarky · 15 December 2012 at 9:00PM

Credit card accounts one already holds (including dormant accounts outside their promo periods but not actually closed yet) would be a good source of new direct debits if not already set up?

Also noticed this (if anyone uses their overdraft 'intraday' currently):

Ensure that you do not have a debit balance (planned or unplanned) at the end
of any day during the calendar month.

Bad/unfortunate draftsmanship here though:

To have a Reward Current Account you must set up a minimum of two different
direct debit mandates on the account.

Special Conditions – Halifax Reward Current Account

(f) Reward Current Accounts must have at least two different direct debit mandates set up on the account.

(g) We may review your account from time to time and if you have not kept a minimum of two
different direct debit mandates on your account at all times, we may change your account

somewhat contradicts/is not enitrely consistent with:

The changes are detailed in the ‘Reward payments, interest and account fees’
leaflet. The new criteria is set out in the table overleaf.

• have a minimum of two different direct debit mandates paid from your Reward Current Account each calendar month

IJP20 · 15 December 2012 at 9:31PM

I think Halifax mean you need two direct debits set up to stop the account being downgraded but in addition they need to be actually paid to get the £5 reward in a particular month.

ffacoffipawb · 15 December 2012 at 9:40PM

Milarky wrote: »

Credit card accounts one already holds (including dormant accounts outside their promo periods but not actually closed yet) would be a good source of new direct debits if not already set up?

Also noticed this (if anyone uses their overdraft 'intraday' currently):

Bad/unfortunate draftsmanship here though:

somewhat contradicts/is not enitrely consistent with:

Perhaps .... 2 direct debits set up to be able to keep a reward account

2 direct debits PAID OUT to receive the fiver?

atlantis187 · 15 December 2012 at 9:56PM

this is an absolute joke.
Cant believe halifax are changing this.

Can someone remeber when the reward account actually launched?
I'm trying to work out how much money we have made from our 5 accounts.

Changes to Reward and Ultimate Reward Accounts

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