Halifax Changing Interest Rate Method To +BoE
molerat
Posts: 31,642
Forumite
in Credit cards
Not that it will affect me but .........
Just had a letter from Halifax stating that they are changing their charging method to linked to BoE rate. I now have a personal rate of 18.7% plus a BoE rate of 0.25%. Obviously no change to my current 18.95% but as interest rates are likely to head North in the near future will make a difference to some. A 0.25% rate rise is roughly 20p per £1000 per month.
Just had a letter from Halifax stating that they are changing their charging method to linked to BoE rate. I now have a personal rate of 18.7% plus a BoE rate of 0.25%. Obviously no change to my current 18.95% but as interest rates are likely to head North in the near future will make a difference to some. A 0.25% rate rise is roughly 20p per £1000 per month.
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Comments
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Halifax could raise their interest rate anyway, whether or not they link it to the base rate.0
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That's true, but it saves them having to send out a notice of variation.
You won't be able to opt of increases cause by the BoE rate changes, as it's effectively a variable rate.0 -
Thought they'd done this a few years back?0
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They've been doing it for around 4-5 years now. I'm surprised they're still working their way through the accounts.0
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My Clarity changed to this before the last BOE base rate cut, so it effectually benefited me (by 0.25%)
Not that I actually borrow with it either, other than a few pence for ATM usage abroad.0
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