Funding of Current Accounts

I would like to open a current account with Halifax but as part of the accounts T&C's it states the account must be funded with €1,500 per month to avail of the 7% interst rate offered.

My question is does the account need to be funded externally (ie. from an account within another financial institution) or can it be done internally also (ie. from say a Halifax flexisaver account).

For example, if I open both a current & a flexi saver account, transferred €1,500 from the flexi saver account into the current account & then immediately transferred the €1,500 back into the flexi saver account, would this qualify as funding the account?

Dellboy,

I'm not familiar with Halifax's rates etc - is their flexi-saver account paying more than 7%? - if not why would you not want to leave the money in the account paying 7%?

Regards,

BM

Bank Manager said:

Dellboy,

I'm not familiar with Halifax's rates etc - is their flexi-saver account paying more than 7%? - if not why would you not want to leave the money in the account paying 7%?

Regards,

BM

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The Halifax current account pays 7.23% AER but only up to a maximum balance of €2K. So if I lodged €3K in the account I would only earn interest on the first €2k etc.

But in order to avail of the 7.23% interest rate the T&C's state that the account must be funded with €1,500 every month.

So what I'm asking is if I put €2K in the current account (which I will leave there permanently) & put €1,500 in the Flexi Saver account, can I fund the current account each month with the €1,500 in the Flexi Saver account & then transfer it back into the Flexi saver account the same day? Will this satisfy the T&C's?

Ah - that's clearer - probably not what Halifax had in mind but I'd suspect it would work - may have to delay transfer back by a day. Best to check with them though...

Regards,

BM

Funding it from the flexi saver works perfectly. You can transfer the money over and back almost instantly and you have complied with the t & c.

Artois said:

Funding it from the flexi saver works perfectly. You can transfer the money over and back almost instantly and you have complied with the t & c.

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Thanks Artois

That's what I wanted to hear

Stella(r) advice - (I'll get my coat)