halifax £5 a month

[mollykins]

on the adverts it says you get £5 a month and they make a big deal about it.

BUT in the small print it says you have to pay about £15 a month to have your account set up to recieve it, isn't this illegal in some way?

[Sandy-Wroe]

I doubt if it's illegal. It just goes to show that you do need to read the small print.

[DoomPanda]

You have to pay £1000 in each month to get the £5 with the Reward account, £100 to go in when you set up the account...why would it be illegal? You don't pay Halifax anything so they aren't ripping you off. A fair share of people would get £1000+ for their monthly wages.

They charge approx. £12.50 a month for the Ultimate Reward account which gives you extras like travel insurance, money off their other products etc. I think thats what you might be thinking of.

[mollykins]

ahh, my mum was saying about it too my dad so i thought i'd AB it.

[mollykins]

she msut be a bit confused.

[humpy07]

The Ultimate Reward account is actually very useful. We have a joint account and get
- Worldwide travel insurance for the whole family
- Mobile phone insurance for 2 handsets (both up to £2000 per handset)
- AA cover
- Homeserve Emergency Cover
- Card cover
and many many more.

When you take off the £5 for paying in more than £1000, it's not a bad package for £7.50 pm

[dancecaller]

They used to do better for you than that by paying a decent rate of interest on the money in your account, but when the rates dropped so low we changed to the Reward account. Our salary still goes into that account to earn the £5 bonus, then hops out again into another account that needs £1000 paying in each month to get the high interest. How many accounts can you service with the same £1000 I wonder?
Watch out though, the Reward acc takes £1 off for every day you are overdrawn.

[dancecaller]

I mean an account with another bank

[sarah_louise]

You are wrong.
The Reward Account costs nothing.
You get £5.
You have to be in Credit at all times. You have to have £1000 a month paid in.
Do you want to apologise ?

[mollykins]

My mum said it so I thought i'd investigate. Turns out she's wrong.