Halifax High Interest Current Account

lenora

I signed up for this account about 6 months ago when the interest was 5.12%, I was happy with that rate and opted for it after doing all my research.

I just did a quick check and I note that the interest rate is not 2.50%, are they allowed to change the rates just like that without any notification, when I was with smile previously they used to send me an email every time there was a change in my rates for both my credit account, isa and current account.

Does this not happen everywhere, not necessarily an email but maybe a letter?

Thanks

derrick

lenora wrote: »

I signed up for this account about 6 months ago when the interest was 5.12%, I was happy with that rate and opted for it after doing all my research.

I just did a quick check and I note that the interest rate is not 2.50%, are they allowed to change the rates just like that without any notification, when I was with smile previously they used to send me an email every time there was a change in my rates for both my credit account, isa and current account.

Does this not happen everywhere, not necessarily an email but maybe a letter?

Thanks

Yes, it is a variable interest rate acc.

Not sure about the notification without going through there T&Cs, but it was more or less foregone conclusion as the BoE rate has dropped 3½% so they just followed suit.

YorkshireBoy

They'll either...

write to you within 30 days of the change

or

place a notice in at least 3 national daily newspapers and their branches within 3 working days of the change.

http://www.halifax.co.uk/HICA/pdf/halifaxtandc.pdf (condition 3.1)

lenora

Thanks Derrick, Looking around the site it looks like to get a non variable account I need to choose between Alliance and Leicester or Abbey. Not sure if I like the choice, will need to think about it. Thanks again.

M_Thomson

lenora wrote: »

Thanks Derrick, Looking around the site it looks like to get a non variable account I need to choose between Alliance and Leicester or Abbey. Not sure if I like the choice, will need to think about it. Thanks again.

Both of those are variable after 1 year as well. There are no banks that would offer you a non variable good interest rate on a current account.