Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 2
    • digp
    • By digp 8th Feb 09, 4:09 PM
    • 1,964 Posts
    • 299 Thanks
    digp
    In the press release they stated their intention to migrate HICA to Reward over the year
    Originally posted by cifpower
    What a suprise............
    • rb10
    • By rb10 8th Feb 09, 4:21 PM
    • 6,304 Posts
    • 3,827 Thanks
    rb10
    'Andrew' didn't tell me anything about the account so I presume my debit cards + cheque books will be remaining the same?
    Originally posted by Kavanne
    Yes, you'll keep the same card, cheque book and account number.
    • YorkshireBoy
    • By YorkshireBoy 8th Feb 09, 4:28 PM
    • 31,015 Posts
    • 19,022 Thanks
    YorkshireBoy
    I can't remember the maximum number of accounts you can hold. Is it 3 or 4?
    Originally posted by Grade_A_Reject
    It's 3, and any combination of sole and joint accounts.

    I'm opening 3 this month, and then intend to convert my HICA next month in the hope that I can sneak in a 4th Reward account.

    240 a year for doing virtually nothing. Easy money!
    • Kavanne
    • By Kavanne 8th Feb 09, 4:31 PM
    • 5,014 Posts
    • 2,551 Thanks
    Kavanne
    Hmm, if I opened a 3rd that would mean I have a total of 6 current accounts at different places... would this be bad for credit score/credit report? Or do current accounts not matter really?

    Oh and also, with the 2 I've converted today, will the first payment be payable end of Feb/beginning of March or the end of March/beginning of April?

    EDIT: Just applied for a 3rd current account and it's been referred!!! Bloody typical.
    Last edited by Kavanne; 08-02-2009 at 5:03 PM.
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

    • rb10
    • By rb10 8th Feb 09, 4:43 PM
    • 6,304 Posts
    • 3,827 Thanks
    rb10
    Oh and also, with the 2 I've converted today, will the first payment be payable end of Feb/beginning of March or the end of March/beginning of April?
    Originally posted by Kavanne
    The first 5 will be paid on 2nd March (as the 1st is a Sunday), provided you credited the a/c with at least 1000 during February. (Even if you paid in the 1k, say, last week, before it was a Reward account, that still counts. It just has to be during Feb.)

    And from March onwards, they will always be paid on the first bank working day of the month, in respect of the previous month.
    • YorkshireBoy
    • By YorkshireBoy 8th Feb 09, 4:44 PM
    • 31,015 Posts
    • 19,022 Thanks
    YorkshireBoy
    Hmm, if I opened a 3rd that would mean I have a total of 6 current accounts at different places... would this be bad for credit score/credit report? Or do current accounts not matter really?
    Originally posted by Kavanne
    I have 8 (or 9 I can't remember ) and it doesn't seem to have affected my credit rating. Only a couple have (unused) overdraft facilities though.
    • Grade_A_Reject
    • By Grade_A_Reject 8th Feb 09, 5:36 PM
    • 764 Posts
    • 555 Thanks
    Grade_A_Reject
    It's 3, and any combination of sole and joint accounts.

    I'm opening 3 this month, and then intend to convert my HICA next month in the hope that I can sneak in a 4th Reward account.

    240 a year for doing virtually nothing. Easy money!
    Originally posted by YorkshireBoy
    I've now got 3 and my wife has opened 3 in her name today. I'm planning to withdraw 1000 from my Egg savings and bounce it between my First Direct account and the 6 Reward accounts each month.
    "A nation of plenty so concerned with gain" - Isley Brothers - Harvest for the World
  • firsttimestudent
    I'm a student who owns a Halifax Student Account with 2750 which I stooze with quite a lot!

    I'm thinking of applying for a Halifax Reward account, and then transfer 1000 into it each month - will that be advisable? Do you think it'll affect my student overdraft during the next review?
  • Calchas
    I've now got 3 and my wife has opened 3 in her name today. I'm planning to withdraw 1000 from my Egg savings and bounce it between my First Direct account and the 6 Reward accounts each month.
    Originally posted by Grade_A_Reject
    Talk about consumers revenge!

    There's some canny people around!
    Me? I just watch and learn. Thanks good people!!!
    • YorkshireBoy
    • By YorkshireBoy 8th Feb 09, 5:54 PM
    • 31,015 Posts
    • 19,022 Thanks
    YorkshireBoy
    I'm planning to withdraw 1000 from my Egg savings and bounce it between my First Direct account and the 6 Reward accounts each month.
    Originally posted by Grade_A_Reject
    I'm using my Tesco Internet Saver (4%) because it supports FPs (you'll be incurring a 3-day lag with Egg won't you?).

    1,000 in to No 1 and leave in over night.
    Next day bounce it straight back to Tesco (2 x 500 at the moment).
    Rinse and repeat with 2, 3 & (hopefully) 4.

    Just a thought...1,000 transfers in from other Halifax accounts still satisfied the funding requirements for my HICA. I wonder if the same is true of the Reward account?
  • maxsquared
    Just applied one myself too, instant decision, one thing though, it showed up as current account
    • Grade_A_Reject
    • By Grade_A_Reject 8th Feb 09, 6:03 PM
    • 764 Posts
    • 555 Thanks
    Grade_A_Reject
    Just applied one myself too, instant decision, one thing though, it showed up as current account
    Originally posted by maxsquared
    Mine did too. Although oddly the converted Moneyback account shows as a Reward Account.
    "A nation of plenty so concerned with gain" - Isley Brothers - Harvest for the World
  • maxsquared
    And I just noticed I can have overdraft with the new account, can you hold 2 overdraft from one bank?
  • Calchas
    Am I going nuts?

    Surely it is a current account?
    • Grade_A_Reject
    • By Grade_A_Reject 8th Feb 09, 6:08 PM
    • 764 Posts
    • 555 Thanks
    Grade_A_Reject
    I'm using my Tesco Internet Saver (4%) because it supports FPs (you'll be incurring a 3-day lag with Egg won't you?).
    Originally posted by YorkshireBoy
    I'm planning on keeping the money out of the Egg account permanently. The loss of interest is more than made up for by the gain from the Reward Accounts.

    I'll probably use FP but it would be nice to setup a series of cascading standing orders between the Halifax accounts to automate the process but as you say I'm not sure whether internal transfers will count as funding.
    "A nation of plenty so concerned with gain" - Isley Brothers - Harvest for the World
  • Calchas
    Rinse and repeat with 2, 3 & (hopefully) 4.
    Originally posted by YorkshireBoy
    Last edited by Calchas; 08-02-2009 at 6:13 PM.
    • Grade_A_Reject
    • By Grade_A_Reject 8th Feb 09, 6:09 PM
    • 764 Posts
    • 555 Thanks
    Grade_A_Reject
    And I just noticed I can have overdraft with the new account, can you hold 2 overdraft from one bank?
    Originally posted by maxsquared
    With the new charging structure why would you want to?
    "A nation of plenty so concerned with gain" - Isley Brothers - Harvest for the World
    • noh
    • By noh 8th Feb 09, 6:38 PM
    • 5,331 Posts
    • 3,642 Thanks
    noh
    With the new charging structure why would you want to?
    Originally posted by Grade_A_Reject
    Depends on the size of the overdraft. I currently have 10000 available overdraft on my HICA. If I converted it to a reward account the annual rate would be 6.7% on 10k. The current overdraft rate on the HICA is 15.9%
  • maxsquared
    But can you hold 2 overdraft account from 1 bank or is it a mistake?
    • YorkshireBoy
    • By YorkshireBoy 8th Feb 09, 6:45 PM
    • 31,015 Posts
    • 19,022 Thanks
    YorkshireBoy
    I have 2 current accounts with Yorkshire Bank and each has an overdraft facility.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,081Posts Today

8,013Users online

Martin's Twitter