Halifax Rewards to be scrapped

Money, investing, mutuals etc
planteria
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Re: Halifax Rewards to be scrapped

Post by planteria » Sat Jul 25, 2020 8:25 am

I have tended to keep some cash knocking around in Club Lloyds, and use that for my monthly round robin.. but it's not really worth it from October onwards.

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Re: Halifax Rewards to be scrapped

Post by Luke_PieStalker » Fri Aug 07, 2020 5:27 pm

Can anyone confirm if the new requirements now mean you dont need x2 active direct debits?

Just £1500 funding and £500 debit card spend?

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Re: Halifax Rewards to be scrapped

Post by Sarah » Fri Aug 07, 2020 5:49 pm

I agree that's how it appears (plus stay in credit). The DDs are no longer on the list of requirements under the new scheme, nor in the checklist when you view your progress (although that feature seems unreliable, so wouldn't entirely trust it). I do still have my DDs in place for my Halifax accounts right now, though... also still have 1 account stuck on the old scheme as it's Bank of Scotland branded and theirs remain unchanged, so that account will still need them!
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Re: Halifax Rewards to be scrapped

Post by parchedpeas » Fri Aug 07, 2020 10:25 pm

Fund with £1500 (this can be switched between HFX accounts)
Pay £500 to NS&I Savings and withdraw it a week later.

£5 for your trouble.
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Re: Halifax Rewards to be scrapped

Post by Sarah » Sat Aug 08, 2020 9:08 am

Does it really take a week to clear with NS&I?

If you use Post Office savings the deposits can be withdrawn the next day. They still send them BACS though, not Faster Payments, so that requires a couple of days.

planteria
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Re: Halifax Rewards to be scrapped

Post by planteria » Sat Aug 08, 2020 4:09 pm

parchedpeas wrote:
Fri Aug 07, 2020 10:25 pm
Fund with £1500 (this can be switched between HFX accounts)
Pay £500 to NS&I Savings and withdraw it a week later.
£5 for your trouble.
that's a decent little ruse parchie..
i think i've got a "Direct" account with NS&I lurking somewhere :think:

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Re: Halifax Rewards to be scrapped

Post by Luke_PieStalker » Sat Aug 08, 2020 4:32 pm

There must be an online saving account(s) that do same day transfers in & out?

Waiting a week for your £500 back is a bit of a B ache.

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Re: Halifax Rewards to be scrapped

Post by parchedpeas » Sat Aug 08, 2020 8:46 pm

Luke_PieStalker wrote:
Sat Aug 08, 2020 4:32 pm
There must be an online saving account(s) that do same day transfers in & out?

Waiting a week for your £500 back is a bit of a B ache.
NS&I Direct Saver is 1% interest anyway, which is not far off as good as it gets these days, so I'm not in a rush.

You can have 2 reward accounts plus a joint account. Some have got more than that. Not worked out how yet, possibly by signing up for Ultimate Rewards and then downgrading. There is £100 cashback for signing up for Ultimate Rewards and switching in at the moment, so might be looking into this in a few months.

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Re: Halifax Rewards to be scrapped

Post by planteria » Sat Aug 08, 2020 9:43 pm

i'm sat on 4 former HR accounts... when i saw your post pp i thought of trying to bag £20/m again. not sure if i'd be able to pull that off though.

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Re: Halifax Rewards to be scrapped

Post by Sarah » Sat Aug 08, 2020 11:42 pm

Just opt back into the rewards scheme and away you go... ;)

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