Changes to Reward and Ultimate Reward Accounts
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my halifax account has two debits set up to Orange and to Paypal, which I use to purchase off ebay.
Obviously Paypal doesn't come out every month...only if there is a balnce on there.
Does this still qualify?0 -
jonmcclelland wrote: »my halifax account has two debits set up to Orange and to Paypal, which I use to purchase off ebay.
Obviously Paypal doesn't come out every month...only if there is a balnce on there.
Does this still qualify?
From my reading of the new conditions, your account will remain as a Reward account (as it has two DDs set up on it), but you will only receive the £5 reward in months where both DDs were paid.0 -
I was told yesterday that the new conditions from next May include the condition that £750/month must be deposited into the account to get the £5/month, and that this deposit must be a "direct credit" such as my salary or other benefits and that a transfer from another Halifax account will not qualify.
Is this true, or are they telling me lies?0 -
Have not seen that in the T&Cs0
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I was told yesterday that the new conditions from next May include the condition that £750/month must be deposited into the account to get the £5/month, and that this deposit must be a "direct credit" such as my salary or other benefits and that a transfer from another Halifax account will not qualify.
Is this true, or are they telling me lies?
Who told you this?0 -
I see it says on the website: "agree to fund the account with your salary or other credits (minimum £750 per month)", but that doesn't say that transfers are not allowed. Maybe this is what the staff have been told?
Then again, its suspiciously similar wording to the £100 offer, so maybe they'll randomly check and if you are using transfers, degrade your account. Who knows what'll happen until May.0 -
Thats a shame there doing this. Me and my OH have 3 between us. Our main joint account and 1 account each we cycle £1000 through. I quite liked the extra £10 a month :rotfl:0
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I'm amazed its taken this long to happen - I'm going to miss my free fivers but probably wont go the effort of shuffling DDs or setting up new accounts to get them.0
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Can someone confirm the 5 (NET) equates to 6.25 gross
Therefore 1.25 x 12 is claimable via R40 from HMRC per year for say a student for example
Regarding DD I guess each external payment to the 2 outside accounts could be repeated on every reward account0 -
sabretoothtigger wrote: »Can someone confirm the 5 (NET) equates to 6.25 gross
Therefore 1.25 x 12 is claimable via R40 from HMRC per year for say a student for example
Regarding DD I guess each external payment to the 2 outside accounts could be repeated on every reward account
The bank deducts and pays the tax on the reward payment automatically and that rate is currently set at 20%. 20% of the gross amount (£6.25) is £1.25. Thus the £5 reward payment you receive has been tax deducted, as is interest paid to savings accounts (exception of cash ISAs). If you are a non-tax payer you can claim Gross Interest on savings by completing an "R85 Interest Without Tax Deducted" form however as the reward payment isn't interest and as stated is classed as a "Reward" you can claim it back via HMRC. The bank can issue you with a certificate to state you have paid tax on the reward as proof to HMRC for your claim.
As for the DDs, why not set up two charity DDs and donate £1 each to them and be happy with £3 per month.
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