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danlee74

Some Advice Required Please

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I currently have a Halifax Reward account (not the type you pay a monthly fee but the one you get £5 per month providing you "fund" the account with £1,000 per month) but have noticed that Santander are currently running quite an attractive account whereby you get £100 on opening (providing you use their "Account Switching Service" I believe) and 5% interest on balances up to £2,500. I am quite tempted by this (for the £100 and the credit interest) and am thinking of opening an account, but want to keep the monthly Reward from Halifax as to further complicate things I have an ISA with Halifax with which I get an extra 0.2% on as I have my current account with them.

What I was thinking of doing was to open the Santander account as per their requirements to get the £100, but set up a direct debit of £1,001 per month from my wages into the Halifax account to guarantee the 'Reward" whilst also keeping the increased ISA %age and getting 5% on an credit balance I leave in Santander.

Has anyone else done this and if so does it "work"? Can anyone see a flaw with this plan?

I think it is important to state that I do not work for any bank and have no vested interest in either organisation, just an individual trying to get the most from a banking system which is quick to extract the most they can from me!

Any advice offered will be taken in the manner of "caveat emptor" and I realise that at the end of the day I make my own choices and will live with the results!

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Has anyone else done this and if so does it "work"? Can anyone see a flaw with this plan?

No - too lazy, but I should do it to get the free travel insurance from Nationwide.

I can't see any flaw. And the Santander account is pretty good (I switched from RBS last month).

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I think it will work. I've just transferred to the Halifux to get their £50 joining reward, £5 a month and the extra 0.2% on the ISA. Part their conditions was you had to give them employer details to transfer your wages to them and a minimum of 2 direct debits. I assume Santander will have similar conditions.

Keep £1000 going into the Halifax and maybe a direct debit or 2 and there should be no reason not to keep the £5 a monht.

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I've always thought about doing this but could never be bothered with the hassle. What I had thought of was to set up a number of these incentivised accounts and just bounce the money along from one to the next and at the start of the new month bounce it from the last back to the first :lol:

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set up a direct debit of £1,001 per month from my wages into the Halifax account to guarantee the 'Reward" ....

Has anyone else done this and if so does it "work"? Can anyone see a flaw with this plan?

I asked Halifax about this, the manager said the computer is dumb, if the money goes in every month, you get the credit.

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I've always thought about doing this but could never be bothered with the hassle. What I had thought of was to set up a number of these incentivised accounts and just bounce the money along from one to the next and at the start of the new month bounce it from the last back to the first :lol:

With enough accounts and the faster payments system, you could print your own money faster than Mervyn King :)

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zebbeddee is martin lewis himself. heinous, pitiful and unadulterated bilge.

people will be tipping maxing out 0% interest rate credit cards and putting it on savings schemes offering 2% to "make money".

I weep for the HPC old days.

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Ive been doing this with the halifax and coop since last Nov it works money goes out 17th returns 21st and i still get me £5 go for it every little helps you also get a feeling of satisfaction knowing youve pulled one over the tw4ts I also opened a first direct account in Dec they said they wanted 1500 in each month for 3 months they would give me 100 quid paid 1501 in first month they added 100 quid within days i then withdrew 1601 and closed the account.

Anyway back to what HPC's all about.... were doomed, golds a bubble, were havin a revelution soon.. BS :lol:

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zebbeddee is martin lewis himself. heinous, pitiful and unadulterated bilge.

people will be tipping maxing out 0% interest rate credit cards and putting it on savings schemes offering 2% to "make money".

I weep for the HPC old days.

I hope you don't take this the wrong way but

....................../´¯/)

...................,/¯../

................../..../

............/´¯/'...'/´¯¯`·¸

........./'/.../..../......./¨¯\

.......('(...´...´.... ¯~/'...')

........\.................'.../

.........''...\.......... _.·´

...........\..............(

.............\.............\....

and now on ignore :rolleyes:

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sums up why this should be on MSE.

if you want to get a load of junk mail for a fiver then good for you.

lets all join bingo sites and play with the free £10, and send each other smileys to cheer ourselves up.

but this site is for economic doommongers, not scrimpers.

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Thanks to all those who offered constructive advice ... I am going to do it and hopefully there will be no problems - I'll post back once all is setup and working!

To those who felt offended by this post I can only offer the fact that a free £100 to open an account plus getting 5.0% interest on credit balances and getting other opinions as to the eligibility of such a scheme to me is worthwhile - perhaps you are positions where that kind of money is not useful, sadly for me it is and worth the effort. That I feel that I am getting one over the banksters is a bonus. Next time I recommend you don't read this type of post and don't waste your time and more importantly my time by spewing your bilge elsewhere. Cheers!

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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