Halifax Reward

YorkshireBoy

More2LifeThanMoneyWorries wrote: »

i will pay £1 a day so a month it will be £30 or £31 pound, is that right????

That's correct, yes, although if you pay in £1,000 per month you will reduce the monthly cost to £25-26. It's still 4 x what you're paying now though.

You fall into the last category I listed above in post #6, and are the classic example of why the new structure is not fair...for the bulk of current account customers.

Fedz

Oops! I have an Halifax Reward card with arranged £800 O/D facility :rolleyes:

I find this 'criminal' but, a good heads up to get those overdrafts paid off ASAP and stop them charging extortionate new upcoming charges

Strange coincidence they do this right at a time when people are going to find it the most difficult time to get their bank accounts into shape over the upcoming year.

More2LifeThanMoneyWorries

oh dear, looks like its time to ditch this account and use a basic cashcard my i have.

i've lived in overdraft for a while, wouldn't obviously of chosen to but circumstances change and income reduces and we now find ourselves relying on hard earned taxpayers money :T (which i contributed to for 10 years from leaving school up until recently) through social secruity payments to get by.

no way of clearing it in time so i'll be so probably be using up the rest of my overdraft now pay of some small debts, then get on a DMP or let them take me to court and see my income & expenditure and get £2 a week forever

LongTermLurker

Hm, interesting. Good for me, not good for anyone who goes into their agreed overdraft by more than 5 days a month (or more than 2 days if >£2500). And that raises a question, does the PR mean you pay £2/day only if you go overdrawn by £3000 in, say, a £5000 overdraft or if you go overdrawn by £2000 in the same overdraft? In other words, do you pay more for having or just using a higher overdraft?

It is intended that all Halifax accounts will move to a daily overdraft charging structure like this in 2009. In the interim existing customers will continue to use their accounts as normal. Customers in the Moneyback Current Account (an account which hasn't been available to new customers since January 2008) will be transferred across to this new account – maintaining an account that rewards customers for their business. Moneyback customers need do nothing – we will be writing to inform them of this change in January.

Be aware of the above; if you currently have a High Interest current account, you can convert it to a Reward Current Account and get a £5 credit per month, but I suspect if you do nothing, your account will be charged at £1/day (or £2/day) and you will get no credit. Whatever account you have, if you go outside of an arranged overdraft you will pay £5/day - wow!

opinions4u

LongTermLurker wrote: »

Hm, interesting. Good for me, not good for anyone who goes into their agreed overdraft by more than 5 days a month (or more than 2 days if >£2500).
Well, a £2,000 overdraft at 19% interest rate for a whole month would cost about the same! lol.

And that raises a question, does the PR mean you pay £2/day only if you go overdrawn by £3000 in, say, a £5000 overdraft or if you go overdrawn by £2000 in the same overdraft? In other words, do you pay more for having or just using a higher overdraft?
I read it that for days where you are under £2,500 overdrawn you pay £1. If you exceed this it's £2.

Be aware of the above; if you currently have a High Interest current account, you can convert it to a Reward Current Account and get a £5 credit per month, but I suspect if you do nothing, your account will be charged at £1/day (or £2/day) and you will get no credit.
While I agree with the point to be aware, I don't see them saying anywhere that they will charge differently to the current terms and conditions on these accounts. Customers should assess their situation individually and make a decision based on how they use their accounts (until they are given no choice).

Whatever account you have, if you go outside of an arranged overdraft you will pay £5/day - wow!
Well, this is better than a £28 unauthorised overdraft fee if it lasts less than 5 days! Or worse if it lasts longer!

I like the concept overall. Would be nice to have a charge free £20 buffer zone too!

LongTermLurker

Yeah, I wasn't considering existing charges was I?

scooby359

Ok, I've had a bit more clarification on this today. The range of accounts is changing from the 8th of Feb as follows.

New customers can apply for-

• An Ultimate Reward at £12.50 a month with various extra benefits, £300 int free overdraft and 2.5% credit int
• A Reward account - for customers paying in £1000 a month or more they get £5 (net) paid to them. If you pay in less than £1000 a month, you don't get £5. No credit or debit interest, and the £1 a day fee for being overdrawn, £2 if more than £2500 overdrawn, and £5 a day for using an unauthorised overdraft - no further fees or debit interest will apply.
• A student account - must be a degree level student to apply
• Easycash - basic Electron account, no interest paid, no overdraft, cheque book or branch service.

Anyone on the Moneyback account will go straight to the new Reward account on the 8th Feb, and any moneyback accrued will be paid mid Feb.

Anyone with a High Interest account will be unaffected for now, but changes will come later in the year. This type of account won't be available to new customers from 8th Feb.

Ultimate Reward no changes at the mo, but will probably come later.


I have a Moneyback account at the mo, usually spend half the month slightly overdrawn, so I'm going to have to look at other options or pay £15-£20 a month on overdraft fees

More2LifeThanMoneyWorries

wonder why they are transfering the 'moneyback' customers first, nothing to do with the low overdraft rate is it :rolleyes:

complete boll**cks, a bunch of greedy !!!!!!!s who i put in the same category as armed robbers:mad:

opinions4u

More2LifeThanMoneyWorries wrote: »

wonder why they are transfering the 'moneyback' customers first, nothing to do with the low overdraft rate is it :rolleyes:

complete boll**cks, a bunch of greedy !!!!!!!s who i put in the same category as armed robbers:mad:

Having been on the receiving end of 2 armed robberies, I can assure you that having your terms and conditions altered on your bank account is not in the same league.

Ridiculous post.

If you don't like the change in terms and conditions, shop around and take your business elsewhere.

More2LifeThanMoneyWorries

yeah thanks opinions4u will be doing that hopefully

seen as though i am also entitled to an opinion i'll say it again, it's complete boll*cks, they are a bunch of greedy !!!!!!!s who I put in the same category as armed ( in this case with the power to do whatever the hell they like, no matter how much they've been bailed-out themselves ) robbers!!!!