£5 each month and £50 cashback exclusive from Moneysupermarket.com for Halifax Reward Current Account - HotUKDeals
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It's a Hot deal for the one who is looking for additional money and ready to switch thier bank account.

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+ £50 cashback exclusive only available at moneysupermarket.com
+ Based on paying in £1,000 each month you could earn £60 per year from this account + Receive £5 each month you pay in £1,000, whether in credit or overdrawn
+ 120 days fee-free overdraft when you switch
- Overdraft fee increases to £2 per day for debit balances over £2,500
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Isn't it time your bank thanked you properly for your custom?

We think so, too. The Reward Current Account replaces the usual interest payment with someting that's easy to understand - and potentially far more rewarding.

It works like this:

£5 each month you pay in £1,000, whether you're in credit or overdrawn Simple-to-understand overdraft fees - you'll pay daily overdraft fees rather than monthly interest, making it easy to manage your money


Plus all the standard features you'd expect from a current account, including:

A Halifax Visa debit card Use of cash machines to withdraw up to £300, get mini statements, check your balance and top up your mobile Access to all of our branches, as well as our 24-hour telephone and online banking service

Opening a Reward Current Account online is really easy and only takes a few minutes.
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All Comments

(20) Jump to unreadPost a comment
Comments/page:
#1
I'm with Halifax and if weren't for the £5 a month I'd have moved ages ago.
Example, local branch closes between 13:00 and 14:00 " In response to customer feedback ".
Right, we all want the bank to close at lunchtime just when we want to do business.
I work part time and the branch opens later on a Wednesday morning, 10:00 "Due to Staff training". The last two Wednesdays they were still closed at 10:15 because the computers wouldn't go online. The training isn't doing much good then is it?
They tried to cut the interest rate they were paying on an ISA I took out after talking to a phone adviser who said the rate was 3.75%. The document that came in the post quoted 3.5%. This was due to the rate changing between me agreeing to start the ISA and them processing it two days later. I stuck to my guns, told them to listen to the voice recording and eventually three weeks later I got the 3.75% but I was told the adviser should not have offered 3.75% even though that was the rate in force when I took out the ISA!
#2
Never had any issues with HBOS,. I have this same account and from when i was with Alliance & Leic to these peeps... IU know who i would rather be with.

No Complaints from me...
#3
inchbeag
I'm with Halifax and if weren't for the £5 a month I'd have moved ages ago.
Example, local branch closes between 13:00 and 14:00 " In response to customer feedback ".
Right, we all want the bank to close at lunchtime just when we want to do business.
I work part time and the branch opens later on a Wednesday morning, 10:00 "Due to Staff training". The last two Wednesdays they were still closed at 10:15 because the computers wouldn't go online. The training isn't doing much good then is it?
They tried to cut the interest rate they were paying on an ISA I took out after talking to a phone adviser who said the rate was 3.75%. The document that came in the post quoted 3.5%. This was due to the rate changing between me agreeing to start the ISA and them processing it two days later. I stuck to my guns, told them to listen to the voice recording and eventually three weeks later I got the 3.75% but I was told the adviser should not have offered 3.75% even though that was the rate in force when I took out the ISA!


You were probably lucky, I assume it's a variable rate?
#4
Personally I have to puke at the clowny Halifax adverts. They "proudly" (unashamedly) say that they will give (WOW) 5 pounds a month if you deposit over £1000. £5? You can't even buy a decent meal for that. £5 is worth nothing nowadays while they make more than that on interest on our money. Total morons.
#5
so £5 a month paying in £1000

I presume they are expecting money to go out of the account as well, so whats stopping one from using the same £1000 in and out each month?
Thus earning £60 a year on a £1000 - which is 6%.
And as this £60 is tax free, it does sound rather good.
#6
I'm with them currently but when I transferred my banking to them and my 1st months salary went into the account they just moved it somewhere into some hidden holding account. i.e. I saw the months pay go in but when I went to access it they had moved it and not notified me! The branch manager treated me like I was telling lies as their systems in branch had no record of it!. After tens of calls to Halifax head office I found out they had not yet completed the money laundering checks so decided to take the money out of my account with no notification or system records that the branch could access!. Like you say they are buying my loyalty at £5 a month currently else I'd be out the door.
#7
Hibron
Personally I have to puke at the clowny Halifax adverts. They "proudly" (unashamedly) say that they will give (WOW) 5 pounds a month if you deposit over £1000. £5? You can't even buy a decent meal for that. £5 is worth nothing nowadays while they make more than that on interest on our money. Total morons.


That's 6% a year based on using the same £1,000. You could even use less than that and move it about a bit. ie you could easily do this with £100 and the rate would then be 60%!

Fact is most people will be paying their wages into an account that pays 0.01% on the money that's kept in there, with this you could spend all your money as soon as you get it and you'd get far far more than most other banks would give you.
#8
alanino64
so £5 a month paying in £1000

I presume they are expecting money to go out of the account as well, so whats stopping one from using the same £1000 in and out each month?
Thus earning £60 a year on a £1000 - which is 6%.
And as this £60 is tax free, it does sound rather good.


No they expect the £1000 to be from wages, and so would expect it to be by wire transfer, from the same company, so if you get paid from work then the next few months your £1000 is suddendly paid from a natwest or the likes account and then u put it back into that account they will notice!
#9
£1 a day overdraft charges as seen on watchdog. So go £1 overdrawn for 20 days and you will be charged £20 in fees!

From Martins Money:

Someone £10 overdrawn for a day would be charged £1, the equivalent of a 3650% annual interest rate

For someone who's overdrawn by an average £300 for 15 days of the month, they'd typically previously pay £30 a year overdraft fees, but under the new £1 a day system it'd be six times more at £180.
#10
s4rah11sarah
No they expect the £1000 to be from wages, and so would expect it to be by wire transfer, from the same company, so if you get paid from work then the next few months your £1000 is suddendly paid from a natwest or the likes account and then u put it back into that account they will notice!


So, ok - so is there a limit to how long the money must stay there?
Say I did have my wages paid directly to this Halifax account - then set up direct debit to send it to my account at Barlclays the next day - will I get £5 a month?
#11
alanino64
so £5 a month paying in £1000

I presume they are expecting money to go out of the account as well, so whats stopping one from using the same £1000 in and out each month?
Thus earning £60 a year on a £1000 - which is 6%.
And as this £60 is tax free, it does sound rather good.


I don't see how the £5 is tax free, as surely income is taxable?

Otherwise, have two accounts, such as for you and a partner, and pay the £1000 consecutively into each of them. You don't need to leave the £1000 in the account for the month of course, as long as it's deposited you earn the five quid. Then do what you want with the money, including paying it in elsewhere to earn even more money.

To those who say a fiver is nothing, it's an awful lot to many of us, and you don't have to spend it all at once - you could even donate it to your favourite charity via direct debit, thus never having to bother getting your hands on such a little amount.

This is potentially a good deal, as posted earlier, made even better by getting the extra bonus as the poster includes from moneysupermarket, or anywhere else where you may get a bonus. As others point out, many people get a fraction of 1 percent on the money in their bank account and even Nationwide stopped paying interest on their Flexaccounts some time back - which was a real pity, but base rates are so low, making it harder.

As they'll do a credit check on applications ensure that you're happy with this, as too many credit checks can lower your overall credit worthiness - as perceived by the institutions of course.
#12
Just to help you all out ... it is £5 tax free because the gross % is over 6% and the net is 5% giving you the £5. In response to other comments, it doesn't matter where and how the £1000 is made up or how long it stays there. My £1000 stays there less than 5 minutes. And unfortunately for you all you missed out on having 3 of these accounts! I earn £15 a month which is a rather impressive rate for just transferring money through the accounts once a month and been doing so for near on a year now making me £180 for not investing any money at all!!! Get these accounts while you can. All my relatives and close friends all have 3 of these accounts before the rules changed Oct/Nov last year to just the one account... Any questions feel free to ask.
#13
[QUOTE=equalityforall]I don't see how the £5 is tax free, as surely income is taxable?

It does say in their T&C's - that the £5 per month is paid net of tax - so I guess what I meant to say was that the £5 is net.
#14
Sorry - another question regarding the £50 from moneysupermerket. It says;
•You must complete the switching service in order to receive the switching incentive

As I really want this halifax account to bounce money in and out of - andnot use it as my regular current account, does this 'switchng service' mean you have to change all direct debits etc ???
#15
alanino64
Sorry - another question regarding the £50 from moneysupermerket. It says;
•You must complete the switching service in order to receive the switching incentive

As I really want this halifax account to bounce money in and out of - andnot use it as my regular current account, does this 'switchng service' mean you have to change all direct debits etc ???


You will have to change at least a couple of your direct debits over to halifax to get the £50 but after a month I reverted my direct debits back to original bank and to my delight they were offering £50 to have them swapped back. result! I would personally go into the local branch of halifax and see if they are offering the switchover incentive as you may find by going through money supermarket you may not get the option just to chose a few and then end up having all your direct debits switched over. Also check T&C's as with some companies you don't qualify unless you transfer all direct debits.

Hope this helps.
#16
Give it a miss. The overdraft charges are too high and you'll be lucky to get the £5 a month if your payments into the account vary. If you earn enough, go with First Direct. If you don't, go with A&L.
#17
I did this last night. I have had £150 off A&L and £75 off Nationwide.

I went through all the right links and selected the switching service- at the end it didn't say anything about the £50, anyone know how long it takes to get it?
#18
matedodgy
Give it a miss. The overdraft charges are too high and you'll be lucky to get the £5 a month if your payments into the account vary. If you earn enough, go with First Direct. If you don't, go with A&L.


To be fair yes the overdraft charges are very high but this isn't about having an overdraft facility its about making £5 for nothing!

So long as total payments into the account are £1,000 you will always get your £5 each month at the beginning of the month. It doesn't matter how you make up the £1,000 and how long it stays in. You can transfer £100 in and out 10 times.

I pay in cheques and cash and then transfer straight away back to my main current account. My other half drifts £1,000 from his savings elsewhere within 5 mins as its all using banks with faster payment facility and he always get his £5.

There is no other bank that offers you money for nothing and you don't even have to switch any direct debits but obviously £50 its attractive but they do sometimes offer more.

Anyone without one of these accounts must be crazy or unfortunate enough to not be able to get to the £1,000.
#19
The change in the overdraft fees suits me under the old system APR was 14% on a 10k overdraft now its down to 7% (£2 a day)
#20
does anyone know how long it takes this £50 to come through and is it halifax that gives me this money or moneysupermarket.com?

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