HBOS Moneyback account new terms

fififoofoo

Probably yes - but I liked to keep track of my spends too, and using a current account was easier than putting everything on the credit card. I would have been tempted to go overboard on credit and not keeping track of what I'd spent. At least I can keep track on my current account at a cash point. At least I paid everything off monthly and didn't accrue any interest payments.
Thanks for the tip on the A&L - will look into it!

supersavor

Mikeyorks wrote: »

That's exactly what it is. From the OP :-



The moneyback account has been closed to new customers for a year now so it's total demise is surely not unexpected? But you're right .... the new account is an early Halifax response to 'reclaiming et al' ...... but the moneyback was clearly approaching the cliff edge in any event. So they've just harmonised it.

correct

this new account will be lauched on the 8th of feb but until then you colud redesignate to a hica standard or urca.

i work for halifax and the response so far has been less than impressive from customers. who think they are being punished by the loyalty ironically halifax have announce halifax exclusives which gives people who fund there bank account with 1grand a month or have an urca additional benefits throughout the year these offers will change every few months.

these at the minute can only be applied for at branch level or telephone

they include
the new guarantee saver reward
12 months interest free on a one card
and other discounts and benefits

sorry if that last part sounds like an advert :rotfl:

miniluke

supersavor wrote: »

correct

this new account will be lauched on the 8th of feb but until then you colud redesignate to a hica standard or urca.

i work for halifax and the response so far has been less than impressive from customers. who think they are being punished by the loyalty ironically halifax have announce halifax exclusives which gives people who fund there bank account with 1grand a month or have an urca additional benefits throughout the year these offers will change every few months.

these at the minute can only be applied for at branch level or telephone

they include
the new guarantee saver reward
12 months interest free on a one card
and other discounts and benefits

sorry if that last part sounds like an advert :rotfl:

Halifax have not got a clue. They should want to keep customers who conduct their accounts properly.

Supasavor, I don't understand your post. In what way is the change from the moneyback account to the reward account is an "improvement to the product and service"? I just want a simple account with the terms I have been used to for many years, with an overdraft with a reasonable rate. I don't want to pay a monthly fee, I don't want packaged benefits.

The changes proposed and the alternative accounts give me no option other than to leave Halifax after many years. I wonder why the customer reaction has been less than impressive?

DON79

eh... it is halifax extra's... not halifax exclusives.

it gives you extra 3 mths 0% int on top of your 9 month 0% deal on your cc

a discount on some mortgage rates worth about £500

a deal on home insurance and a better savings rate on the guaranteed saver reward.

supersavor

miniluke wrote: »

Halifax have not got a clue. They should want to keep customers who conduct their accounts properly.

Supasavor, I don't understand your post. In what way is the change from the moneyback account to the reward account is an "improvement to the product and service"? I just want a simple account with the terms I have been used to for many years, with an overdraft with a reasonable rate. I don't want to pay a monthly fee, I don't want packaged benefits.

The changes proposed and the alternative accounts give me no option other than to leave Halifax after many years. I wonder why the customer reaction has been less than impressive?

sorry about any confusion but i never mentioned the reward account as an improvement some will like it but as mentioned many more will dislike it . thats why i mention its worthwhile changing now to a hica

as corrected its halifax extras bos exclusives it was a though day today

though i still can see the other banks follow this way but only offering two types of accounts in his day of age where customers are less loyal baffles me

miniluke

supersavor wrote: »

sorry about any confusion but i never mentioned the reward account as an improvement some will like it but as mentioned many more will dislike it . thats why i mention its worthwhile changing now to a hica

as corrected its halifax extras bos exclusives it was a though day today

though i still can see the other banks follow this way but only offering two types of accounts in his day of age where customers are less loyal baffles me

The "improvement" is actually a direct quote from the letter today from Halifax.

supersavor

miniluke wrote: »

The "improvement" is actually a direct quote from the letter today from Halifax.

have never seen the letter and probably never will . so wouldn't have known that i just key the applications i though you were quoting me :rotfl: lol
sorry about the confusion

YorkshireBoy

Halifax are only giving customers what the OFT told them to give, namely:

• A clear and and transparent fees and charging structure. After all, who knows what EAR means and how it's calculated? And what about paid item/unpaid item/authorised/unauthorised/usage/etc/etc? It's ridiculous to expect the customer to get their head round those words!
• The removal of punitive 'penalty' fees. £1/day, £2/day, and £5/day is so much more easier to understand isn't it? In fact, you could even say the charges are now in 'plain and intelligible' language.

Obviously something, and somebody, has to pay for this. Wait...you didn't think the bank were going to stump up for it did you?

As has been said many times on here, be careful what you wish for...because the OFT might just go and get it for you!

And one final thought...does anyone think a great many other banks will not have followed Halifax's lead by the end of the year (for those thinking of jumping ship)?

Mikeyorks

supersavor wrote: »

i work for halifax and the response so far has been less than impressive from customers.

Which is primarily because customers are being slow to recognise the fairly draconian changes in rates that have happened over the last 5 weeks.And the first impacts are to moneyback customers ... who are understandably reluctant to let go of the slipping rope?

I have a High Interest Current Account which started out life at just over 6% ... so I found it convenient and 'interesting' to run it around £2.5k balance. Then Halifax reduced it to 5% ..... and I reduced my working balance to just over £1k - and moved most 'easy access' money to BM as the rates were better.

With the latest reduction to 2.5% .... the High Interest account is a bit of a mis-nomer .... and I've reduced my normal balance to a few £hundred. So it now makes sense for me to move immediately to the Reward account. As the £60 net (£5 monthly) that will pay me for a running balance of say £200 is the equivalent of 30% interest! Much better than the £5pa the HICA will pay me?

It comes at the cost of managing the account much more tightly to ensure I don't go into the agreed o/d. But as I had to do that of necessity for many years .... it's something I'll now have to go back to - but now out of choice. I'm afraid other customers are going to have to do similar evaluations. For some changing providers will be the right (or is that 'easy') way ... for others changing the way they manage accounts in tune with the emerging climate will be better?

There's a more fulsome thread on the Reward account here :

http://forums.moneysavingexpert.com/showthread.html?t=1351763

irish_eyes_r_smiling

YorkshireBoy wrote: »

And one final thought...does anyone think a great many other banks will not have followed Halifax's lead by the end of the year (for those thinking of jumping ship)?

this thought of yours scares me alot, can you stop thinking please YB;) !!

if all other banks do follow suit in the future, it won't leave alot of choice but to end up paying this extra £1 or £2 a day charge for those who regularly go into their overdraft :eek: