Halifax Reward

heppy23

opinions4u wrote: »

Typical overdraft rates for Halifax are 15.9% and 19.5%.

If you are £5,000 overdrawn, you will pay just short of £800 or £1,000 a year in interest at the moment. £2 a day fee will cost £730 a year - some will be better off. If you re funding the account with £1000 a month, you can knock a further £60 off this.

For a £3k overdraft the interest will be up to £480 or £600 at the moment and will rise to £730 as a daily fee - assuming you are overdrawn every single day!

As with everything, there will be some winners and some losers.

My OD limit is £4000 and I get paid weekly. I am going to start paying it off £50 per week after Christmas.
So (apart from slowly digging my way out of the hole) I won't see any "benefit" on a month to month basis apart from it dropping down to £1 per day when I get it under £2500. Whereas now I can pay money in and see that less of my payments are swallowed by interest as the balance rises.

supersavor

the acount was only launched on friday saying it will start offering it in february.

Customers have already started enquring if they can open it now though :rotfl:

with regards to how many current accounts you can have maximum with the company i think its four .

if its like the hica you can only have one in single names and one in joint .

not sure how it will go as mentioned it will suit some and annoy others though im sure the other banks will follow if it is a success.

but for new customers from february a choice of two accounts it and the urca may not be too applealing

DeepSporran

heppy23 wrote: »

My OD limit is £4000 and I get paid weekly. I am going to start paying it off £50 per week after Christmas.
So (apart from slowly digging my way out of the hole) I won't see any "benefit" on a month to month basis apart from it dropping down to £1 per day when I get it under £2500. Whereas now I can pay money in and see that less of my payments are swallowed by interest as the balance rises.

after the new overdraft rules come in, if you are disciplined enough not to touch it, you'd be better paying that £50 per week into the highest paying instant access account you can find, until the balance in that account is enough to get your current account balance under £2500. At least that way you'll gain some interest - you won't be getting any on the current account.

emweaver

Just seen this and am a little annoyed, occasionally we will got about £10 overdrawn for a week which is going to cost us £7! previously it was a few pence! so will cost us more

we also have the moneyback account and earn about £140 a year which is going to drop now to £60 a year!

The only reason I have stayed with halifax is for the cashback but will be switching now as I wont be benefiting from it, as ill be on average £2 a mth worse off less £140 a year cashback!

Ive had no end of problems with cancelled chqs going through, payments gone onto my card not by me and them refusing to investiage it and the CS is the worse I have ever experienced!

emweaver

does anyone know if this is going to be for all their current accounts?

YorkshireBoy

emweaver wrote: »

does anyone know if this is going to be for all their current accounts?

Answered in the press release I linked to in reply to your post on the other thread.

In short, yes!

opinions4u

emweaver wrote: »

Just seen this and am a little annoyed, occasionally we will got about £10 overdrawn for a week which is going to cost us £7! previously it was a few pence! so will cost us more
Come on. Surely you can manage your finances in a way to avoid a £10 overdraft?

we also have the moneyback account and earn about £140 a year which is going to drop now to £60 a year!
But you could still earn the £60 a year and switch the Moneyback earnings to a cashback credit card. Simple. That £140 income means spending of £50k. You'd earn £250 on a 0.5% cashback credit card on top of the £60. This is an opportunity to make yourself better off.

The only reason I have stayed with halifax is for the cashback but will be switching now as I wont be benefiting from it, as ill be on average £2 a mth worse off less £140 a year cashback!
Only if you fail to make minor adjustments to your overdradt use. £10 !!!!!!? Manage it away!

Ive had no end of problems with cancelled chqs going through, payments gone onto my card not by me and them refusing to investiage it and the CS is the worse I have ever experienced!

If you have genuine complaints and they refuse to respond, take it to the ombudsman.

But you can't stop a guaranteed cheque.

emweaver

I know it wasnt a guranteed cheque, it was also a cheque dated almost a year ago aswell as being cancelled. I always thought cheques expired after 6 mths but apparently not. Either way the cheque had cleared despite being cancelled 10 months ago! Got charged a fee aswell

emweaver

on checking my account i go overdrawn on average for about 10 days a month by at most £20, get charged around 43p interest a month which is going to increase to a ridiculous £10!

YorkshireBoy

emweaver wrote: »

on checking my account i go overdrawn on average for about 10 days a month by at most £20, get charged around 43p interest a month which is going to increase to a ridiculous £10!

You've been lulled into operating this way by the very low debit interest rate.

I'm certain that, with a little planning*, you will be able to avoid the new fees.


*
Credit card would help (cashback type even better).
Shift your regular outgoings, ie DD's/SO's, back to the end of the (statement) month just before payday.
Tighten your belt for a couple of months and build up a credit buffer.