Halifax reward current account - worth keeping and cashback extras?

xyz123
xyz123 Posts: 1,663 Forumite
First Anniversary First Post Combo Breaker
in Budgeting & bank accounts
Hi I have a Halifax reward current account which I don't use regularly. Now that the reward has dropped from £3 to £2 a month I am thinking if there is any advantage in keeping it?

One thing I was looking at was cashback extras but for last 8 weeks every time I log on it says "we are processing new offers for you so comeback later...".
So other question is are these offers generally any good? If so I can get in touch with them and see if there is any particular reason I can't see any offers
Thanks
«1

Comments

  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    Id just keep it & just keep enough in to cover 2 DD's. That way you're getting a very high rate of interest. Ive got 2 & only keep about £50 in each
  • xyz123
    xyz123 Posts: 1,663 Forumite
    First Anniversary First Post Combo Breaker
    Zero_Sum wrote: »
    Id just keep it & just keep enough in to cover 2 DD's. That way you're getting a very high rate of interest. Ive got 2 & only keep about £50 in each

    What is this "high interest" that you refer to? As far as I know other than monthly reward of £2 and any cashback extras there is no other benefit
  • Ed-1
    Ed-1 Posts: 3,891 Forumite
    First Anniversary Name Dropper First Post
    xyz123 wrote: »
    What is this "high interest" that you refer to? As far as I know other than monthly reward of £2 and any cashback extras there is no other benefit

    If you have a penny in your reward account and earn £2.50 (gross) reward every month that's equivalent to an interest rate of 300,000%!
  • No_6
    No_6 Posts: 835 Forumite
    First Anniversary Combo Breaker
    @zero …
    why keep £50 why not £5
    reduce the DD's
    ?
  • Wheres_My_Cashback
    Wheres_My_Cashback Posts: 4,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Zero_Sum wrote: »
    Id just keep it & just keep enough in to cover 2 DD's. That way you're getting a very high rate of interest. Ive got 2 & only keep about £50 in each

    No need to keep any funds in there at all. My closing balance every day is zero. I just move funds by 1430 (cut off time) to cover the DD on the day the DDs are taken.
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    No_6 wrote: »
    @zero …
    why keep £50 why not £5
    reduce the DD's
    ?


    It covers my DD's just incase for any reason im unable to transfer money to account in time (or i just forget)
  • r2015
    r2015 Posts: 1,136 Forumite
    Home Insurance Hacker! Cashback Cashier
    I have 2 DDs from 2 credit cards and buy 4 pints of milk costing £1.09 with each once a month.

    I will have to reduce it to 2 pints costing 79p now.

    I was going to close that account as well but it's free milk.

    I do have other credit cards one of them a Nationwide cashback card for all my other spending.

    And I don't have to bother about transferring money into it.
    over 73 but not over the hill.
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,716 Forumite
    First Anniversary Photogenic Name Dropper First Post
    If you don't need the DDs to fund another current account's rewards then I'd say just leave it set up with a minimal balance. For basically no effort on your part, £2 per month is still better than £0.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    I closed my Reward account when it dropped to £2. It just didn't seem worth the effort of transferring in/out £750/month. Opened up a Nationwide FlexDirect and Lloyds Club accounts instead.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Skippy13
    Skippy13 Posts: 206 Forumite
    First Post First Anniversary
    I closed my account as I wanted to switch to Nationwide for the referral bonus. I'm wishing I hadn't though as I'm missing the cashback and the cheque clearing!
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