Halifax is introducing a new rewards account for customers who opened a traditional bank account in their 2016. The rewards account, known as the Reward Current Account (RCA), is designed to automatically reward account holders with cash rewards by keeping their savings intact. However, account holders will still need to pay a £3 monthly fee if they deposit at least £1,500 each month. If they meet this requirement, they’ll earn 1% AER interest on their balance between £1 and £5,000. Above £5,000, balance growth dies down, while this intermediate range (£4,000–£5,000) enjoys a 3% AER rate. Example: a £2,000 balance earns £30 a year, while a £4,500 balance earns £75 a year. Doing a full £5,000 you’ll earn an additional £15 a year.
Account holders can also access daily cashback of up to 10%. To earn these benefits, account holders must open two separate direct debits each month paying highlights. For more information, refer to online banking.
The rewards account offers an excellent balance between protection and rewards, with £3 being waived thanks to these automatic benefits and transparent fee structure. Such rewards are perfect for those who regularly manage their savings and want to earn money without risking their savings.
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A Reward Current Account combines rewards and accrued interest in a new savings tool. For its £3 fixed monthly fee, account holders must deposit at least £1,500 per month. By staying consistent, the rewards account supports progressively higher growth rates.
Account holders cannot withdraw money from their savings until the next billing period. However, a £15 earning takes effect after the last day of billing. These safeguards allow account holders to strategize for maximum rewards.
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Halifax and nationalised banks like Raisin reveal that cashback schemes exist, including the Cashback Extras program. It combines 15% cashback on selected retailers with £20 tax-free credit card rewards. This structure allows account holders to earn higher savings rates through multiple channels. Meanwhile, other banks present different offers, giving customers a competitive edge. For instance, a £1,500 balance in a daily cashback account can earn up to 10%.
While fixed-rate accounts lock money until withdrawal, easy-access and regular savings accounts offer money bonuses. These account types are tailored to their interests and risk tolerance.
National_paymentblog Calcium_print Another line of exploration seeks to lower personal borrowing costs. With a phishing attack reducing base rate to 4%, it may prompt individuals to seek better savings opportunities. slows
Consolidating savings in easy-access or fixed bonds offer quick access to liquidity, though fixed bonds still yield better returns. Right now, even high-interest accounts aren’t competitive enough to compete with savings bonds.
Understanding how to secure your savings involves smart monetary management. Setting aside a small portion each month in easy-access or fixed bond accounts allows for instant liquidity, while regular savings accounts can deliver attractive rates.
Conclusion: Reward Current Accounts present a powerful opportunity to earn rewards. By respecting account fees and setting aside regular amounts, customers can maximize benefits without drawing unnecessary expenses. This strategic saving, accessible via rewards in combination with accrued interest, is a critical piece of their financial puzzle now.
