Found out last night that Halifax are going to be charging a £3 monthly fee for the reward current account unless £1,500 a month is paid in.
It used to be pay in £750 a month, pay two direct debits for a £2 monthly bonus.
But they will offer a £5 monthly bonus only if there is a balance of £5,000 or spend £500 a month on the card but people can more interest elsewhere on the 5k?
I wonder how many people will switch away due to this?
I’ve only kept the account open to pay in cheques but no longer have a need as Starling now offer this feature.
phildawson
(Sorry, I will have to escalate this.)
2
I would keep the legacy going but CASS Halifax to NatWest Reward and open the Starling separately as a second bank that you transfer over monthly spend to so it’s a clean separation of income/bills/savings and monthly spend.
Who’s eligible for offer: New and existing customers switching from a non-RBS Group account, as long as you’ve not had switching cash from NatWest, RBS or Ulster Bank since October 2017
With Starling it’s still a on cheque imaging but unlike a monzo it actually means in the next week or so, not the next year or so.
Depends how big your cheques are but all limited to £500 regardless of bank.
Is cheque imaging live for you yet? I keep checking (get it?) but still not there.
I don’t know why I’m so obsessed with this feature. I rarely receive cheques and I have no intention of banking my cheque for £0.01 that I received when I closed a Tesco Bank savings account.
If you have a Revolut account, transfer £500 to your Halifax account each month, and then top up your Revolut card with your Halifax card - and you’ll then satisfy the condition of using your card to spend £500 a month.
My mother had the same eletter and intends to let it just revert to a current account naturally. Rewards not achieved anyway as mom’s income is less than £750pm
How twitchy are Halifax with incoming/outgoing transfers? If I wanted to earn the £5 reward, could I transfer in 1.5k on the first of every month, pay off my CC, and transfer any residual monies into a third account (joint account for mortgage/bills)?
I wouldn’t want to send hares running by doing an in and out payment in relatively quick succession
Plenty in the MSE forum arena seem to do that method.
Me?
I simply send £375 in every Tuesday by standing order from Chase Savings account (1.50%), returned every Wednesday from Halifax to Chase Savings account. That covers the £1500pm pay in quite comfortably, and avoids most public holidays. So that part is automated.
Once a month I move £500 from Skipton (1.39% EA account) to Halifax, and then pay it back in to Skipton, by debit card, as soon as it hits my Halifax account. That covers the £500 debit card spend. This part is obviously manual.
Then sit back and wait for the £5 reward to appear in my current account the following month.
That £5 is then automatically transferred, the day after, via standing order, to another of my savings accounts.
Easy money x3 accounts
Each of my Halifax Reward accounts only carry a running balance of £10.
Barclays Blue rewards has also changed their pricing. Used to get £7 a month with a 3.50 charge for a min number of direct debits and income(not sure on the income).
Anyway, now the price has risen 2 times and rewards have fallen.
Now I get charged £5 and get £5 back!!! What a joke!
on cheque imaging but unlike a monzo 
).
