Halifax Hi-Five Account

[paddyhasneeds]

Other than wanting to punch, and when my hands got sore kick, all of the annoying sods on the TV advert, I have a nagging question:

Would anyone actually go to the effort of moving their bank account based on being given a crispy fiver each month?

[Steamer]

I seriously hope not. I left halfway through the 'Howard' debarkle.

But you have to remember the vast majority of this nation still like eateries that show pictures of their food on the menu... simply because it saves them reading and / or using a slight bit of imagination.

I can only imagine that to those people this advert and the tempting '5 pund note' in their oversized, comfortable, elasticated waste, trouser back pocket causes a reaction comparable to that of a one eyed cat in tuna factory.

[v15ben]

I changed to the Halifax Reward Current Account over a year ago before the truly shocking adverts and now get a fiver a month for doing nothing more than using my bank account. Was easy enough to change and it buys me a couple of extra beers or a bit more petrol. Easy.

[mrmaggit]

v15ben said:

I changed to the Halifax Reward Current Account over a year ago before the truly shocking adverts and now get a fiver a month for doing nothing more than using my bank account. Was easy enough to change and it buys me a couple of extra beers or a bit more petrol. Easy.

And me, bugger going one higher and paying £12 a month for sod-all.

[v15ben]

That is exactly what I said to the bank manager and she didn't have an answer!

[mcflurry]

Don't they charge £1 a day for overdrafts?

[paddyhasneeds]

mcflurry said:

Don't they charge £1 a day for overdrafts?

I've no idea. If they do, and if people use overdrafts I guess it might make sense, I'm just struggling to see how anyone would be influenced by a crispy fiver each month as it's sod all APR.

[v15ben]

Pretty much any other current account will give you about 0.05p per month so might as well have the fiver and put the spare cash into a much better rate savings account.

[L2L]

I opened 3 of these accounts, don't use them as my main current account but transferring the same £1000 into each earns me £15 a month. That £15 then goes off into a savings account

[HereBeMonsters]

When I saw this advert I really hoped it was Halifax's last ditch attempt to get some customers through the door. Of all the banks in the all the World, they deserve to fail the most.

[v15ben]

L2L said:

I opened 3 of these accounts, don't use them as my main current account but transferring the same £1000 into each earns me £15 a month. That £15 then goes off into a savings account

Interesting! I was told you could only have one. Might have to open a couple more then

[Ribol]

L2L said:

I opened 3 of these accounts, don't use them as my main current account but transferring the same £1000 into each earns me £15 a month. That £15 then goes off into a savings account

3 current accounts in the same name in the same bank?

[L2L]

Ribol said:

L2L said:

I opened 3 of these accounts, don't use them as my main current account but transferring the same £1000 into each earns me £15 a month. That £15 then goes off into a savings account

3 current accounts in the same name in the same bank?

Indeed! I think they may have limited the number you can have since I signed up though.

[Ribol]

L2L said:

Ribol said:

L2L said:

I opened 3 of these accounts, don't use them as my main current account but transferring the same £1000 into each earns me £15 a month. That £15 then goes off into a savings account

3 current accounts in the same name in the same bank?

Indeed! I think they may have limited the number you can have since I signed up though.

Since the only reason they do it is to get people to move to their bank and take their account activity with them that makes no sense at all.

[ymwoods]

It's a free fiver though isnt it?

Ok, maybe it is JUST a fiver but five quid a month is a heck of a lot more than I recieve in interest each month.


It would be a pretty cool idea to set up some sort of circled back transfer with a few friends just automaticly setting transfers up to circle the same £1000 round the same accounts each month...they would put a stop to it pretty quickly I suspect.

[Broken Hero]

L2L said:

Ribol said:

L2L said:

I opened 3 of these accounts, don't use them as my main current account but transferring the same £1000 into each earns me £15 a month. That £15 then goes off into a savings account

3 current accounts in the same name in the same bank?

Indeed! I think they may have limited the number you can have since I signed up though.

if this is true why did you do only 3? why not 7? why not 250?

[gareth_r]

ymwoods said:

It's a free fiver though isn't it?

Is it? Free £3 or £4 for most people, surely?

Edited by gareth_r on Sunday 31st January 13:40

[rfisher]

I can guarantee that, in around 6 months' time they'll drop it to £1 for £1500 deposit pcm and then drop the 'free money' altogether a few months after that.

Oh and they'll up the OD fee to £2 per day as well.

It's all just a short term moneyspinner for them to reel in some new punters.

They're relying on most customers to forget to add £1000 or go overdrawn to get the £5 back.

[youngsyr]

Whether they change the terms later on or not, it's still £5 a month for setting up an account and two standing orders, one for £1,000 in, and one for £1,000 back out again a day later, isn't it?

If they change it to make it more hassle and/or less rewarding later then simply close the account.

[v15ben]

That is my view. I don't use my overdraft and don't mind 5 minutes effort moving money around to get £10 per month in my back pocket! £120 per year on a current account isn't a bad return for putting £12k in then spending it IMO

Edited by v15ben on Monday 1st February 12:15