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Halifax Reward Current Account.

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Found 14th Mar 2013
Ok so I received a letter form Halifax that from 1May I'll no longer receive my £5 a month reward unless I set up 2 Direct Debits. I don't have any bills to pay so it's a bit tricky. Now I was thinking if I just set up standing order to my saving account and maybe on my credit card lets say min £10 a month but I'm not sure if this will be ok with them. Also not sure if standing order is the same thing like Direct Debit. What do you think??
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Standing order is for the same amount every month. If you wish to change the amount in a certain month they may charge you for the change and you have to tell the amount if it changes.

DD is ongoing and the person looking the money will instruct the bank how much each month, usually same date but may vary over hols etc.
Edited by: "IWOOTN" 14th Mar 2013
My Dad had this problem, he used to pay £1000 a month into the account just to get the reward and has another bank account for all his real banking. He was able to swap a couple of direct debits over so he still qualified for the reward, not that that's much help to you. A standing order is different and doesn't count. Lucky you that you don't have any bills to pay!
I do not think you can set up a direct debit yourself, you would set it up with the company you wish to pay who would pass on the details to the bank. A standing order is not the same as a direct debit. I believe that bank's charge business a small transaction fee for each direct debit they pay, which is how they are recuperating some of the £5 a month they are giving you.
Original Poster
so it means they will not accept my standing orders like direct debits?? hmm I have to say goodbye to my £5 reward
switch to one of the banks that will give you a cash reward for moving to them. They can even do a switching service for you.

I suggest you check out Martin Lewis MSE for advice and deals. As you uhave no Bills, D/D's switching should be a doddle / breeze.
Just find a couple of subscriptions for £1 a month each, you still end up winning.
You could probably set up 2 direct debits to charities. I don't know if there's a minimum you can donate, however.
Also, I know that AA Savings account sets up a direct debit, so you could use this transfer some cash into a savings account. Some other savings accounts may do this, too.
Also (again), you can set up a Direct Debit from your PayPal account, if you use that.
Original Poster
Thanks interesting ideas. Will try to figure something out.
Why aren't you paying by direct debit to your savings account and credit card? Set up one to send a small amount every month to your savings account, even if it's just as little as £10, and contact you credit card provider and tell them you'd like to set up a direct debit.
Edited by: "LemonHead" 15th Mar 2013
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