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Halifax Reward review: Best high street bank account?
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- Опубліковано 8 сер 2024
- If you're after a high street bank account that gives you perks, access to branches and also has a good app, then the Halifax Reward account could be the one for you. There's also the chance you'll be able to snap up a switching offer on top. Here's my review.
Switching offer details: becleverwithyourcash.com/the-...
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00:00 Avoiding the monthly fee
01:47 Which monthly Reward is best?
07:12 Saving vs Spending to get the reward
11:24 The app
16:41 Bank switching offer
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S U B S C R I B E / @becleverwithyourcash
N E W S L E T T E R - becleverwithyourcash.com/news...
(You'll also get a free Quidco bonus for signing up)
T W I T T E R - / andyclevercash
I N S T A G R A M - / andyclevercash
F A C E B O O K C O M M U N I T Y - / 2661970707423383
B L O G - becleverwithyourcash.com
A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.
Thanks for explaining this so simply 👍🏾
Congratulations on 30k subscribers sir!!!
Thanks!
Andy, if you had to only have one bank account to use for all your spending and saving which account would it be and why? Thanks… would it be this Halifax account?
Hi Andy, with spending 500 pounds a month to get the 5 pounds can I just have my mortgage payment come from that account to get the 5 pounds or do I physically need to use the debit card? Thank you.
Hey Andy! Could you do a video of the best Current Accounts for Under 18s? EG Santander 123 Mini, Nationwide Flex One etc. thanks!
Got it. Thank you 💟
You can also pay in to premium bonds with Halifax debit card. A bit less relevant now with chase interest rate at 1.5% but before that was a brilliant option.
Thanks Mark
Chase have never allowed that.
Hi Andy, thanks for this video, it was very helpful :). See the way you said that to meet the criteria of having £1500 enter your account and spending £500 a month. Can this money be transferred from another Halifax account or will it have to be an account that isn’t Halifax?
You can only choose one offer for the year and you can only pay in from an account outside Halifax.
I have just switched to Halifax reward account a few weeks ago, what is the best cash back credit card to get?
Chip/Allicia connect to your bank by debit card. Would this work too for the Halifax £500/month debit?
How do I best automate the £500 pcm spend requirement to be eligible for the rewards? Thank you!
I switched to Halifax when Barclays wrecked the Blue Rewards thing. 125 quid and I'm getting a fiver a month. One thing I might do to make the fiver a bit easier to get is to cancel my direct debit to Vanguard and just pay by card each month. I invest £460 a month into my SIPP so that's good.
Yeah that should work… you can track the progress in the Halifax app so if it doesn’t you’ve got time to try the Revolut/Monese trick instead
@@BeCleverWithYourCash thanks, Andy. Top channel.
How do I transfer £500 to my chase account using debit card instead of bank transfer?
Hi Andy, just a quick one, is it worth paying the £9.99 per month to freetrade to open up the better shares or could the £9.99 be best spent elsewhere? Cheers Andy
Hi Andrew, afraid I’m an index fund investor so not something I’ve looked inyo
I really like this account. The features and reward are great 👍...but I like the idea of ethical Banking more, so nationwide is still my main account.. for now.
You are just like me. I use this as my second account
Yes, with you there. Shame Nationwide’s app is lacking
@@BeCleverWithYourCash Though i find Nationwide's app and online very clean. Halifax's seems easy but hate the adverts in between the accounts
Andy you gave me a good idea to use my Barclaycard avios to pay off my AMEX card. So if I continue to use my AMEX I'll get cashback and then the AVIOS points when paying off the AMEX balance!
Thank you Andy.Could you please explain more how to add the £500 to your chase account from Halifax without transfer option to get the £5 reward? Thank you for helping us to save money🤑
Sadly not Chase, but Revolut and Monese
@@BeCleverWithYourCash thank you very much for your reply. Keep the great work. Best wishes🤑🤑🤑
Can you pls review more debit cards and the online banking
Yep! Any requests?
Hey, on your advice I converted my main Halifax current account into a Rewards account with the intention of using Revolut to make the £500 direct debit. It seems to make a payment to a Revolut account I need to use Google Pay and there is a unspecified daily limit on how much you can pay doing that, meaning I cannot make a payment of £500 or even two payments of £250 into my Revolut card. Any help as I can't seem to replicate your suggested method of teaching the direct debit?
Hi, so the key thing here is that it's a £500 debit card payment, not a direct debit. So in Revolut, go to "Add Money" then use the Halifax debit card to transfer funds across. Then once done you can move the money back or to any other account!
Can I pay £500 to my Monzo account with debit card?
Thanks Andy 👍. It’s a decent reward and the App has been improved too in recent years. I like their new card design as well, but they’ve copied Starling with the minimalist design and card number on the reverse 🙄😂. The reward is only paid if you keep your balance at or above £0. Their overdraft fees are horrendous anyway. Not recommended for overseas spending (use Virgin, Starling or Hfx Clarity card instead, for example). Branches are friendly if you can find one. I keep the account because it’s now my oldest (from 2001), switched in to the reward option, and I agree with Andy - it’s well worth considering. I just wish there was one perfect account out there that served all my needs instead of having to use multiple accounts to get all the benefits…. Horses for courses!
Balance has to be above £5000 to get the reward
@@hedwigwendell-crumb91 Yes, but you can also choose to get the reward by spending £500 on your debit card within the month, in which case you must also keep your balance at or above £0. So there are two eligibility options: keep balance at/above £5k or spend £500 with your Reward debit card AND keep balance at/above £0, which Andy mentions in the video.
True! Though having more than one account has benefits, especially as a back up if something goes wrong with one (eg online banking down)
£2.7 million shut down from Halifax Cardiff Branch ….. To LLoyds ….. They can keep their PRONOUNS
£5000 is NOT worth keeping in the Halifax account for £5. That is 1.2%. I can get 5.2% with Metro Bank and earn 4-5 times MORE each month. £200 more.
For different savings pots you can open up to five everyday savings accounts. Interest is minimal.
I’ve been with Halifax for years. They don’t give you any reasons to leave as their service is great and their app is almost big free but I also find they give you no reason to stay as their savings accounts are pitiful.
Have you don’t a review of their cash back credit card?
The card is the same as the Lloyds one which I spoke about here ua-cam.com/video/blxxrZdPUK8/v-deo.html
Balance has to be £5000 or above every day of the month to get the reward
Unless you do the £500 a month on the debit card instead.
How about the "pronoun badge"....Andy? 😂
I just Halifax's adverts - it's not a people thing, it's a money thing, they're a bank after all! If they said Halifax - we just want your wonga, I'd bank with them because at least they'd be being honest - the banks don't care about you, they just want to make money
Andy could i transfer 500 halifax to chase and halifax to starling and still get the 5 pound bonus please
It has to be spending on your Halifax Reward debit card (e.g. to pay any bill including credit cards or shopping online or in stores) as opposed to transfers between bank accounts
Sadly not, as Chris says it has to be a debit card spend not bank transfer
You can not top up cards any more or pay credit cards off. Halifax changed the rules.
Halifax reward current account is not worth it for the £5 reward, it is best to grab the switching bonus before 5th September 2022 and switch out from them a.s.a.p.
I'm almost at the end of my 1yr on this reward account. I chose the £5k balance option at the time but now as per your video I'd rather do the £500 spend option going forward. How do I change this?? As I believe I cannot change it midway through the year. Will they ask me at the end of the 12 months how I want to earn the rewards for the next 12 months?
Yeah, you will get a notification in the app asking you to make a choice again.
Halifax should get in touch to give you the option to change the method and the reward close to the anniversary
@@BeCleverWithYourCash great. Thanks
I had an account in the early. 80 s. Where. Is it. ????? I’m now. An elderly. Person. ????? God bless.
Your money is worth less if you save it. Whilst Interest savings rates are less than inflation it is better to spend it rather than save it. Your money has less purchase power in 12 months time.
If you spend all of it then you have nothing left, unless you are making lots then it doesn't make sense. The idea is to reduce your risk to inflation as much as possible by getting the highest interest rate possible. Of course you can borrow money at low interest rate and invest at high return, but most people don't have the time or knowledge to do that.
Earning £22,000 and your taking home £1500 a month? Is that even possible, as I earn more and I don't take home more than £1500 each month. Would have to top up by other means if I wanted the Halifax reward account
They are doing £125 to switch - so even at £3 per month you are still quids in
Yeah, though if you have pension contributions, student loans etc that’ll reduce the take home. Salary calculator is great for working this out. www.thesalarycalculator.co.uk/salary.php
Also, you can pay in increments rather than the full £1,500. Eg £1,000 in, move £500 to another account, then pay it back to Halifax
SOD Halifax, as long as they go alone with trans and force me to , I will never bank here.
Is this the Andy that spurged out on twitter in support of halifax's psychosis?
Closed my account over the pronoun badges... not specifically the pronouns or the badges, but because of the banks attitude. Any time a provider of mine encourages it's customers to go elsewhere, that is exactly what I do.
Yeah - But their savings account rates are utter Sh*te.
Totally!
Halifax can shove it's pronouns, account closed.
One of the worst bank out there !
Halifax is trash..close your account!!!!
HALIFAX has modified my account statements 1 day ahead and deleted things from statement , i have withdraws from the 13 on the date of 12 ... THEY HAVE SOMEONE THAT ARE SCAMMING THE ACCOUNTS ! i will drop my phone to interpol today ;) !