Easy £5/month from Halifax - HotUKDeals
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Easy £5/month from Halifax

Disco_D Avatar
7y, 11m agoFound 7 years, 11 months ago
Halifax Reward current account gives you £5 a month free, as long as you credit it with £1000 a month.

The only condition is the £1000 you put in needs to stay there for at least 24 hours - so as long as you create some automatic standing orders to credit the account with £1000 and then move it elsewhere a day or 2 after, you'll make £5 a month from them for doing nothing.
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Disco_D Avatar
7y, 11m agoFound 7 years, 11 months ago
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#1
Yes, the only 'cost' of earning £5 seems to be the couple of days of lost interest of your £1000! Unless I'm missing something.
#2
You're not going to make more than £5 of interest in a day on a £1000 though are you?
#3
I agree, seems a lot of work and loss of interest for £5.
#4
...but don't go overdrawn as that's £1 day charge for even 1p over...£3/day if not authorised.
This used to be their cashback account with a low rate for overdrafts...obviously they were losing money.
#5
That is interesting as when I went into Halifax to get information about opening an account. I was told that the account had to have a balance of £1000 for the duration of the month to qualify for the £5 bonus. Seems like I was misinformed.
#6
equalityforall
Yes, the only 'cost' of earning £5 seems to be the couple of days of lost interest of your £1000! Unless I'm missing something.



Wots interest :cry:
#7
I wouldn't personally give that lot (HBOS, now part of Lloyds) a penny of my money given the mess they've gotten themselves in.
#8
megalomaniac
I wouldn't personally give that lot (HBOS, now part of Lloyds) a penny of my money given the mess they've gotten themselves in.


Agreed...useless lot.
#9
This isn't a new type of account, simply a change to the terms and conditions of the current (now redundant) cashback account.

So I now have one of these as a replacement to the cashback account, which suits me as I put in over £1000 a month and the £5 per month is more than I earned in cashback anyway. I tended to only get around £40 a year cashback but now I will get £60 automatically. :thumbsup:
#10
Here goes
You pay in your salery and get £5 for free each month, seems good to me £60 a year for nothing exept leaving your money in there for 24hrs.
Do people on here actually know what the halifax intrest rates are ?
I do and this is money fo free.
#11
s1rdg
I do and this is money fo free.


No such thing as money for nothing, particularly not in the current climate. What bothers me most about this is that there are no terms and conditions for this account listed on their site (at least not that I could find). Halifax are well known for drawing new customers in with big carrots then quickly changing things to their benefit and pointing to obscure get outs in the t's & c's when questioned. Knowing them there's probably a clause to say they don't have to pay out if the total you earn comes to more than half the Bank of England base rate or something equally evil. :whistling:
#12
Voted hot - but I agree that it is a bit odd that there are no details of interest rates etc for this account on their web-site (that I could see). Will look into it in a few weeks when more info is available.
#13
isn't there also an £12.50 per month service charge. I dont have this charge on my existing account with them, yet they want me to move and start paying this. Dream on
#14
If you had, say 3 such accounts (e,g, me, my wife, my brother, etc.), you could create stabding orders to transfer to each for 24 hours and then back your current account after 3-4 days to spend on your monthly outgoings. This may work if:
1. Create approproiate accounts
2. Plan the transfers properly
3. Ensure the T&Cs actually allow the 24 hours and not that it is one whole month that the money needs to stay in an ccount. I have not checked this and am assuming the 24 hours is correct (perhaps soemone could confirm that the period that the money needs to stay in the account is 24 hour and not a whoel month - please).
If you can do this then it will be a good thing and I cannot see any flaws - maybe people couldd check this and see if I am correct.
Bye
#15
I received a letter about this recently. Looks good to me, thought the details were slightly different though, will try to find the letter.

I believe they now pay no interest, this is the replacement?
#16
IIRC there is no interest on this account (welcome to the new world). Instead they give you £5 a month. I'll happily take this for letting them have the money for 24 hours before shunting it off to an account with decent interest. (or to another 2 accounts doing the same).

Faster Payments and all that...
#17
Lots of incorrect info here...

The £12.50 is the ultimate reward account (completly different product that gives Holiday, Mobile phone insurance and RAC breakdown cover)

The new reward account is what they offer to all new customers and you can easily move your existing Halifax current account over and keep the same a/c number and sort code (so no issues with SO's or DD's)

The overdraft thing is correct - £1 per day (!!!) so you need to be careful

It pays no interest whatsoever but that £5 per month is almost equivalent to keeping £5k in an account for the whole month it todays climate!

I was on the 'High Interest Current account' and earned just over £7 in november in interest as I had just over £2.5k in for the whole month (rare occasion!) - now the interest rate is awful so I swapped it over to the new one that seems a great deal!

My only gripe is they didn't write to me and tell me about it and offer to change it automatically as the 'High Interest' account was no longer High in my opinion (neither did I get a letter to tell me the rate had dropped so drastically!)

As above it's a great deal but you musn't go overdrawn and you also don't need to keep £1000 in all the time, just a monthly payment and you can run the account at a minimum balance if needed.

Very HOT in today's financial climates!!!
#18
Can anyone definitely confirm the £1k only need to be in for 24hrs ? Seems like money for nothing, credit £1k one day, move it to an interest bearing account the next and £60 / year for your trouble. When something sounds to good to be true, it usually is. I can't find any detail on the account.
#19
Supercharged;4415660

My only gripe is they didn't write to me and tell me about it and offer to change it automatically as the 'High Interest' account was no longer High in my opinion (neither did I get a letter to tell me the rate had dropped so drastically!)


I had the "moneyback" current account. They wrote to me and swapped me over.
#20
pgotecha
If you had, say 3 such accounts (e,g, me, my wife, my brother, etc.), you could create stabding orders to transfer to each for 24 hours and then back your current account after 3-4 days to spend on your monthly outgoings. This may work if:
1. Create approproiate accounts
2. Plan the transfers properly
3. Ensure the T&Cs actually allow the 24 hours and not that it is one whole month that the money needs to stay in an ccount. I have not checked this and am assuming the 24 hours is correct (perhaps soemone could confirm that the period that the money needs to stay in the account is 24 hour and not a whoel month - please).
If you can do this then it will be a good thing and I cannot see any flaws - maybe people couldd check this and see if I am correct.
Bye


This only works when the standing order dates don't fall on weekends or bank holidays. You then lose out on charges for three accounts! Too much work for the sake of a few quid as you would have to check it every month.
#21
wizard5353
This only works when the standing order dates don't fall on weekends or bank holidays. You then lose out on charges for three accounts! Too much work for the sake of a few quid as you would have to check it every month.


Agreed, it takes a little work but for £120 tax free between a couple for just moving a little money around it's worth it for a lot of people.
#22
thepearce
I had the "moneyback" current account. They wrote to me and swapped me over.


That's what happened to me.

Yes they no longer pay interst on this account - it's only at 0.6% now anyway.

Yes they have stopped cashback - but like I said earlier it means I get more across the whole year than I got in cashback anyway.
1 Like #23
pgotecha
If you had, say 3 such accounts (e,g, me, my wife, my brother, etc.), you could create stabding orders to transfer to each for 24 hours and then back your current account after 3-4 days to spend on your monthly outgoings. This may work if:
1. Create approproiate accounts
2. Plan the transfers properly
3. Ensure the T&Cs actually allow the 24 hours and not that it is one whole month that the money needs to stay in an ccount. I have not checked this and am assuming the 24 hours is correct (perhaps soemone could confirm that the period that the money needs to stay in the account is 24 hour and not a whoel month - please).
If you can do this then it will be a good thing and I cannot see any flaws - maybe people couldd check this and see if I am correct.
Bye


I thought about this also. I currently have my own account that my pay goes into and I also have a joint account for me and the wife that we both put money into for the bills each month. Both of these accounts get more than £1K put in a month so in theory we get paid twice for the same money. :thumbsup:

With that in mind I suggested to the wife that we both set up another couple of accounts each and just move the money around all the accounts each month before putting it in the joint one. She didn't like that suggestion. :roll:

Oh and when the wife phoned to check the details she was told exactly the same as Supercharged - the money just has to be paid into the account each money, it does not have to remain in it for any minimum period of time (ie 24 hours) :thumbsup:
#24
I have a high interest account and applied for this account. It does kinda seem like free money, you just have to put a tiny bit of effort in and move money about. Im going to have my wages put into this account, and then have it moved back into my high interest account to try earn a few more pennies. It seems ridiculous that they would need you to keep £1000 in there at all times, people need to spend money. And it states that they will give you the £5 even if the account is overdrawn, as long as £1000 is put in each month. There is no such thing as free money, but this is close enough :P
#25
My wifes salary doesn't quite make the £1k. Do you think it would still qualify if I had to top up from another account ?
#26
Agreed, it's a great deal. Voted hot.
#27
mig
My wifes salary doesn't quite make the £1k. Do you think it would still qualify if I had to top up from another account ?


Your wife could transfer out enough to another account to transfer back in again and make up to £1k!
#28
last couple of years i recieved £120 cash back but now i will only get £60. poor:x
#29
pooka
last couple of years i recieved £120 cash back but now i will only get £60. poor:x


Hm, wish I could spend £30k through my current account each year, as that's what it took to earn £120!!! (1% on the first £10k and 0.1% thereafter)
#30
pattie-supper
Hm, wish I could spend £30k through my current account each year, as that's what it took to earn £120!!! (1% on the first £10k and 0.1% thereafter)


lol!!!

Why spend £30k on a debit card with no protection when you could get cashback on a credit card and get protection too!
#31
what i can see there are 2 different types of account the reward account which pays £5 a month with no interest and the ultimate reward account which you pay £12 a month which pays interest
#32
The moneyback debit card was a bonus for those transactions where using a credit card would attract extra fees.

Now I'll just use a cashback credit card (or a usual debit card) AND get £5month for a bit of forwarding money around.
#33
hot. easy money IMO
1 Like #34
pdf of T&C's
I've just changed my High Interest (cough) current account to this one
Rang them up, done within 24 hours
We shall see.......

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