MSE News: Halifax and Lloyds to slash rewards and interest on flagship accounts

13

Comments

  • Anthorn
    Anthorn Posts: 4,362 Forumite
    First Post First Anniversary Combo Breaker
    Oh come on, banks need our support. Give them 20 quid a month and stop complaining about them all the time.
  • Mr_K
    Mr_K Posts: 1,171 Forumite
    First Post First Anniversary Combo Breaker Car Insurance Carver!
    will be closing Halifax reward, seemed a bit ridiculous to be transferring £750 back and for for a fiver, for £3 cba.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
    Name Dropper First Post First Anniversary
    Mr_K wrote: »
    will be closing Halifax reward, seemed a bit ridiculous to be transferring £750 back and for for a fiver, for £3 cba.
    If the transfers are automated standing orders then you don't have to do anything to get the money so I don't think I'll be closing mine just yet. The £3 pm is equivalent to earning around 3% pa on a balance of £1,200 which I don't keep in the account.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Consumerist wrote: »
    If the transfers are automated standing orders then you don't have to do anything to get the money so I don't think I'll be closing mine just yet. The £3 pm is equivalent to earning around 3% pa on a balance of £1,200 which I don't keep in the account.
    Mine are manual transfers. Reward 1 receives my salary, so on payday I bounce funds through Rewards 2, 3 & 4 and back again. Takes less than a minute a month. Reward payments are automatically withdrawn by the requisite DDs. £240 a year was a nice return, but £144 a year from next year is still worth having. Wish my day job paid £720 an hour!
  • Consumerist
    Consumerist Posts: 6,310 Forumite
    Name Dropper First Post First Anniversary
    YorkshireBoy wrote: »
    Mine are manual transfers. Reward 1 receives my salary, so on payday I bounce funds through Rewards 2, 3 & 4 and back again. Takes less than a minute a month. Reward payments are automatically withdrawn by the requisite DDs. £240 a year was a nice return, but £144 a year from next year is still worth having. Wish my day job paid £720 an hour!
    Now, that's the way to do it boys and girls. :T
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Consumerist wrote: »
    Now, that's the way to do it boys and girls. :T
    There is a better way, and one which is operated by another regular on here (won't name him but if he sees this he may comment), and that requires overdraft facilities on all accounts so internal SOs are still met with no/little funds in the accounts. Now that is a zero maintenance set up!
  • adindas
    adindas Posts: 6,813 Forumite
    First Anniversary Name Dropper First Post
    Mr_K wrote: »
    will be closing Halifax reward, seemed a bit ridiculous to be transferring £750 back and for for a fiver, for £3 cba.

    If you have Bank of Scotland Vantage accounts paying 3% interest, you could do it simultaneously by permutation of a manual transfer among all of your BOSs and Halifax Reward accounts on the same day. Either you open Halifax or BOS Internet banking, you will see all of this ac on the same screen.

    You will need to cream the interest of your BOS each month anyway.
  • Maximum_Saving
    Maximum_Saving Posts: 183 Forumite
    I have a Halifax Reward Account and I am disappointed it will have just a £3.00 reward each month. I also have a TSB Classic Plus Account and am sad it will go to 3% interest with a maximum amount of £1500. I will think carefully next year when these events happen.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
    Name Dropper First Post First Anniversary
    Maximum_Saving wrote: »
    . . . I will think carefully next year when these events happen.
    Or you could jump now into, say, Co-operative Bank and get a £150 switching bonus plus £4 pm for 4 direct debits and £800 pm deposits.

    Offers like this may not be around next year.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
    Name Dropper First Post First Anniversary
    Halifax's Reward and Ultimate Reward current accounts will pay £3/mth rather than £5/mth from next February
    My Reward account has only paid £3 reward this month for meeting the accounts requirements in January.

    If the Reward payment is reduced from February then, surely, the first £3 reward payment should not appear on accounts until March.

    Or is this yet another example of Halifax banking by smoke and mirrors?
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
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