i never knew you could have three Halifax reward accounts? would they not potentially flag it if you were to have 3 accounts just collecting the £5 reward each month as you wont technically be using the accounts?
Credit scores and the whole industry is misleading. It started as a way of identifying potential customers for selling financial products to. It developed in to a book of sales leads in banks. Next a company got involved to coordinate the records and traded the info. To keep it up to date, customers were told it was for their benefit and to prevent fraud. That's a lie. Companies pay banks and banks and finance companies will buy data sets from companies. Say for example they want to sell to all people that are badly in debt. They buy the details. Credit reference agencies are now duplicating info to gain money. If you live at Summer Avenue, they will put every variation of summer in the same postal area as another record for you. You end up with avenue, terrace, road, close etc. I had this happen. I apparently have 5 houses but not according to DVLA, HMRC or HMPO... the credit reference agencies refuse to delete incorrect details as they sell everything I do 5 times. They do this to a lot of people.
Got 775 from switches in 2023, first one due for 2024 in 10 days switch completed today. Thanks Andy in advance for advising us of any new ones that come about. Personally never bothered with the couple of pounds here and there rewards, just seem to much faff to me for the payoff. Might have to get a cashback Chase though to use for everyday spending instead of my main bank account. Also got free Disney thanks to Samsung last year and think I've had about 5 free trials for Apple+ over 2023, don't think anyone ever pays for it!
I followed your advice last year, made up, but got a letter from HMRC. They're now taking £80 extra from my wages after altering my tax code to get their cut of the interest I made. I feel really annoyed. The rest went in 2x ISA and premium bonds. Next year will be double this, so stuffing more in to ISA and premium bonds. So unfair what HMRC did. Banks inform on people. I also got money for switching 4 times.
What did you expect? You have to pay your share of tax. If you make anything over £1,000 then you owe tax. Next time claim it to HMRC yourself, to pay less.
@@deltaechomusicnh555you should only tell HMRC yourself if you need to do your own tax returns ie: you are self employed or if the interest you make is in excess of £10k. Otherwise it’s expected that the banks will inform HMRC on your behalf. Notifying them yourself is just causing you work
That is going to happen to me too, but I knew it was coming. My biggest worry on that count is if the HMRC get their sums wrong and change my tax code to a wrong number, I’d much rather they sent me a bill and stated what interest I had earned and what they wanted in tax back from me, because I am lazy and have quite a few interest bearing accounts.
I’m thinking of doing my first ever bank switch’s this year. My question. I have and old checking account which is about 3 years old. Which I’ve planned on switching out. Would I be better off making a dummy account and to keep that 3 year old one for my credit score up as hopefully I want to get a mortgage towards the end of the year or into 25. (My primary account is 18 years old and I’m only 28 so I’m keeping that to keep my score up)
So near to getting a mortgage, I would not make any changes that would require a hard credit check. I would forego a few quid for switching and keep my financial stability.
I got £1200 just for switching in 2023 following advice from this channel.
from where thanks
@@clivesmith8294 I'm upto £1350 since March 23.7 banks Inc 1 the very next day change.
Any potential issues with opening too many accounts? Just subscribed to the channel 😊
No!
poor credit score I would assume if you open multiple accounts within 6 months
This Channel is MONEY ❤
i never knew you could have three Halifax reward accounts? would they not potentially flag it if you were to have 3 accounts just collecting the £5 reward each month as you wont technically be using the accounts?
Yes they did to me
@@MDRashid0509what did they do? And what exactly did you do when it happened ?
@BeCleverWithYourCash is this a possibility?
Giving my data of all my accounts to some faceless company or “ government“ agency for a measly 50 quid doesn’t sound like a good idea. 😂😂
Most banks sell their customers’ data so you’re probably already giving away your data for free:)
If you have enough bank accounts you can max out the links with dummy accounts 😅
Revolut, 3x Halifax Rewards, etc. - all adds up!
Exactly, they trade it with credit reference agencies.
If people keep jumping around on their current account and credit card, isn't it going to negatively impact your credit score?
Not if you keep your original account
Credit scores and the whole industry is misleading. It started as a way of identifying potential customers for selling financial products to. It developed in to a book of sales leads in banks. Next a company got involved to coordinate the records and traded the info. To keep it up to date, customers were told it was for their benefit and to prevent fraud. That's a lie. Companies pay banks and banks and finance companies will buy data sets from companies. Say for example they want to sell to all people that are badly in debt. They buy the details.
Credit reference agencies are now duplicating info to gain money. If you live at Summer Avenue, they will put every variation of summer in the same postal area as another record for you. You end up with avenue, terrace, road, close etc. I had this happen. I apparently have 5 houses but not according to DVLA, HMRC or HMPO... the credit reference agencies refuse to delete incorrect details as they sell everything I do 5 times. They do this to a lot of people.
Got 775 from switches in 2023, first one due for 2024 in 10 days switch completed today. Thanks Andy in advance for advising us of any new ones that come about.
Personally never bothered with the couple of pounds here and there rewards, just seem to much faff to me for the payoff. Might have to get a cashback Chase though to use for everyday spending instead of my main bank account.
Also got free Disney thanks to Samsung last year and think I've had about 5 free trials for Apple+ over 2023, don't think anyone ever pays for it!
I followed your advice last year, made up, but got a letter from HMRC. They're now taking £80 extra from my wages after altering my tax code to get their cut of the interest I made.
I feel really annoyed. The rest went in 2x ISA and premium bonds.
Next year will be double this, so stuffing more in to ISA and premium bonds.
So unfair what HMRC did. Banks inform on people.
I also got money for switching 4 times.
What did you expect? You have to pay your share of tax. If you make anything over £1,000 then you owe tax. Next time claim it to HMRC yourself, to pay less.
@@deltaechomusicnh555you should only tell HMRC yourself if you need to do your own tax returns ie: you are self employed or if the interest you make is in excess of £10k. Otherwise it’s expected that the banks will inform HMRC on your behalf. Notifying them yourself is just causing you work
That is going to happen to me too, but I knew it was coming. My biggest worry on that count is if the HMRC get their sums wrong and change my tax code to a wrong number, I’d much rather they sent me a bill and stated what interest I had earned and what they wanted in tax back from me, because I am lazy and have quite a few interest bearing accounts.
Be aware, if you do not use some current accounts or use the cards, they withdraw them
I’m thinking of doing my first ever bank switch’s this year. My question.
I have and old checking account which is about 3 years old. Which I’ve planned on switching out. Would I be better off making a dummy account and to keep that 3 year old one for my credit score up as hopefully I want to get a mortgage towards the end of the year or into 25.
(My primary account is 18 years old and I’m only 28 so I’m keeping that to keep my score up)
So near to getting a mortgage, I would not make any changes that would require a hard credit check. I would forego a few quid for switching and keep my financial stability.
If I open up a rewards account with Halifax would I still be eligible to swich from another bank to a Halifax after I already have a rewards account?
Can you get cashback from chase for bills or is it just santander
Legend 💪 subscribed
I wasn’t aware about the requirement to pay in £500 to the chase current account to get the cashback. Do you need to do this every month?
Yes. But the money only needs to get into your account. I move it out again, the next day.
Yes, they even send a reminder, so transfer £500 in, then before bed, transfer it back out. You get another message about qualifying for cashback.
Question - im not getting my code when trying to sign up. I've read lots of reviews of other people having the SAME issue. Anyone help?
What are you signing up for?
@@BeCleverWithYourCash sorry I wasn't clear. Yougov. Cheers
@BeCleverWithYourCash yougov. By the looks of it loads of people say there is an issue getting the code.
Is bank switch earnings taxable?
Yes